Axia is a cryptocurrency-focused organization led by its founder, Nick Agar. Axia is an organization building a digital ecosystem around the world’s first hyper-deflationary digital currency called the AXIA Coin (AXC).
The Axia Coin, AXC, follows the model of a deflationary token but in a more accelerated manner. Axia coin is designed to have a constantly decreasing total supply with all transaction fees automatically burned, while the pool of supporting assets in the AXIA Reserve can increase simultaneously. This way, the coin has an ever decreasing 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 very own layer 1 blockchain which he touts to be the most inclusive, innovative blockchain ever seen. The blockchain is set to be released in the first quarter of 2022. Agar explains that AXIA Network will mark the beginning of the project’s move into the mainstream and greatly support its goal of bringing blockchain to the masses.
Agar explains that AXIA Network was specifically built to solve many of the deficiencies with earlier 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 via 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 Participation (PoP) consensus mechanism. According to DECBC, a PoP consensus equally distributes decision power and rewards amongst every node contributing to a blockchain’s operation. This approach removes the link between decision power and resources, leads to better decentralization and fair rewards distributions.
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 the Proof-of-Stake (PoS) consensus mechanisms because of a number of reasons, one being that Block creators are randomly chosen based on their participation score. Another point is rewards. In the PoP, rewards are distributed among nodes participating in the network. Another reason why this is also better is due to how strong the security of the blockchain is. With a PoP, an attacker will need to have far more than half of the registered nodes in the network and since AXIA Network is adopting mobile staking, this becomes next to impossible.
Agar explains, “We are about to release our layer 1 blockchain out to the market. This is something that we really think can create a new standard for the entire industry. We can bring a blockchain network that is far more inclusive, with superior economics that is also eco-friendly and is based off the first hyper-deflationary network to come to market.
“We have developed a PoP consensus where, being the first hyper-deflationary mechanism in the system, means it adds more value through coin burning. So there is going to be this constant reduction of supply which creates scarcity for AXIA Coin, which ultimately creates value for all of its users. Its users can gain access to this blockchain more easily because we have initiated something called mobile staking.
“This means our blockchain is moving away from those energy-intensive consensus mechanisms. Now we will be using these electronic devices, which are called nominators in the system. So, these nominators will connect to validators in the system to run through the consensus. Now, with any device, be it a phone, computer or electric car, you can connect to the blockchain easily. This makes it easy for speculators to get involved in the space and value be giving to them being that it is a hyper-deflationary token.”
Agar explains that anyone with a smartphone that can download the application can participate in the mobile staking. When asked if it was truly energy-efficient, he stated, “Well of course. Even the validators in the system can be running on solely renewable energy. This is a good starting point.
“However, because we are not adding any other machinery as it would be with other systems with their mining protocol, we are utilizing devices that we already own and can participate in the next work at no added cost. This ultimately brings minimum energy requirements in terms of the application it uses to be part of the consensus. This makes it far more energy-efficient and far more inclusive in terms of participation by anyone.”
AXIA Network touts itself to be a very interoperable blockchain. Blockchain interoperability is defined as the process of operations between two or more blockchains. Interoperability enables blockchain to share and access their data and interoperate with one another. This means the blockchain has the ability to connect, share and communicate with other blockchains like Ethereum and Solana.
On AXIA’s interoperability, Nick had this to say: “This is achieved through the core chain. The core chain will act as its base or primary chain. There will also be all these individual blockchains that can run independently in the system. This is how we will remove the network congestion that we usually see in other blockchain networks where they are running but connected through bridges.
“Essentially, data can travel now in this more interoperable way without actually slowing down the network in any which way and ensuring that now the fee system can remain stable, low and favourable for its users. There is even going to be the means for other networks in terms of even other code bases to come into the AXIA network without them needing to change their code base. This gives us a true test of interoperability which takes the entire industry to the next level with all these favourable aspects we are able to offer with the AXIA Network.
Agar explains that the blockchain will be launching its testnet very soon along with the movement to mainnet which will also happen within the first quarter of 2022. Agar also spoke about other things AXIA has in the works which covers AXIA’s ‘Use-to-earn’ reward applications, the AXIA smartphone launch, how the platform is trying to bring real-time reporting and many more. Click here to watch the full interview.