How AXIA is building the most inclusive blockchain network – Founder, Nick Agar
Axia is a cryptocurrency-focused organization led by its founder, Nick Agar. Axia is an organization that is building a digital ecosystem around the world’s first hyper-deflationary digital currency called AXIA Coin (AXC).
The Axia Coin, AXC, follows the pattern of a deflationary token but in a more accelerated way. The Axia coin is designed to have an ever-decreasing total supply with all transaction fees automatically burned, while the supporting asset pool in the AXIA reserve can increase simultaneously. This way, the coin has a lower and lower circulating supply, making the coin more valuable over time.
In an interview with Agar, he revealed that AXIA is set to launch AXIA Network, AXIA’s own Layer 1 blockchain which he claims is the most inclusive and innovative blockchain ever. The blockchain is expected to be released in the first quarter of 2022. Agar explains that AXIA Network will mark the start of the project’s entry into the mainstream and greatly support its goal of bringing blockchain to the masses.
Agar explains that AXIA Network was specifically designed to address many of the shortcomings of previously built blockchains and will truly bring blockchain to the masses for the first time through a unique feature called mobile staking, which can be easily done through an app on your mobile device. . Several DeFi platforms will also be launched on the network, including an NFT platform.
Agar explained that the AXIA network is built on a proof-of-stake (PoP) consensus mechanism. According to DECBC, a consensus PoP distributes decision-making power and rewards evenly among each node contributing to the operation of a blockchain. This approach removes the link between decision-making power and resources, leads to better decentralization and an equitable distribution of rewards.
PoP takes advantage of a federated consensus algorithm. Many have argued that it is a more decentralized system than the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms for a number of reasons, one being that block creators are randomly selected based on their participation rating. Another point concerns the rewards. In the PoP, the rewards are distributed among the nodes participating in the network. Another reason why this is also better is the strength of blockchain security. With a PoP, an attacker will need to have well over half of the registered nodes in the network and since AXIA Network is embracing mobile staking this becomes nearly impossible.
Hagar explains, “We are about to launch our layer 1 blockchain in the market. We really think this is something that can create a new standard for the whole industry. We can bring a much more inclusive blockchain network, with superior economics that is also environmentally friendly and based on the first hyper-deflationary network to hit the market.
“We have developed a PoP consensus where being the first hyper-deflationary mechanism in the system means that it adds more value through the burning of coins. So there’s going to be this constant reduction in supply that creates scarcity for AXIA Coin, which ultimately creates value for all of its users. Its users can access this blockchain more easily because we have launched what is called mobile staking.
“This means that our blockchain is moving away from these energy-intensive consensus mechanisms. We will now use these electronic devices, called nominators in the system. Thus, these nominators will connect to validators in the system to browse the consensus. Now with any device, be it a phone, computer or electric car, you can easily connect to the blockchain. This makes it easy for speculators to get involved in the space and value given to them given that it is a hyper-deflationary token.
Agar explains that anyone with a smartphone that can download the app can participate in mobile staking. When asked if he was really energy efficient, he said: “Yes of course. Even the validators in the system can run on renewable energy only. This is a good starting point.
“However, since we are not adding any other machinery as would be the case with other systems with their mining protocol, we are using devices we already own and can participate in future work at no additional cost. This ultimately brings minimum energy requirements in terms of the application that it uses to be part of the consensus.This makes it much more energy efficient and much more inclusive in terms of everyone’s participation.
AXIA Network presents itself as a highly interoperable blockchain. Blockchain interoperability is defined as the process of operations between two or more blockchains. Interoperability allows the blockchain to share and access their data and interact with each other. This means that the blockchain has the ability to connect, share and communicate with other blockchains like Ethereum and Solana.
On AXIA interoperability, Nick had this to say: “It goes through the main chain. The main chain will act as its base or primary chain. There will also be all those individual blockchains that can operate independently in the system. This is how we will remove network congestion that we usually see in other blockchain networks where they are running but connected via bridges.
“Essentially, data can now travel in this more interoperable way without actually slowing down the network in any way and ensuring that the fee system can now remain stable, low and favorable for its users. There will even be ways for other networks, even in terms of other code bases, to enter the AXIA network without them needing to change their code base. It gives us a true test of interoperability that takes the whole industry to the next level with all these favorable aspects that we are able to offer with the AXIA network.
Agar explains that the blockchain will be launching its testnet very soon with the move to mainnet also happening in the first quarter of 2022. Agar also talked about other things AXIA has in the works which covers the “Use-to -earn” from AXIA reward apps, the launch of the AXIA smartphone, how the platform is trying to bring real-time reporting and many more. Click here to watch the full interview.