AXIA, the team behind the first-ever hyper-deflationary token announced the mainnet launch of its blockchain, the AXIA Network. The new network is designed to provide a “hyper-deflationary” economic model in which the cryptocurrency becomes more and more scarce as its adoption grows.
Nick Agar, the founder of the platform, in an earlier interview with Nairametrics, had teased the launch of the AXIA Network, which he described to be a layer 1 blockchain. He further went on to tout that the blockchain was built to be the most inclusive, innovative blockchain ever seen.
The AXIA blockchain is a third-generation blockchain that attempts to address problems like the lack of interoperability, speed and accessibility. The AXIA network uses a participatory hyper-deflationary system. This implies that all activity on the blockchain and within the ecosystem helps to ensure that AXIA Coin becomes scarce over time.
What you should know
- Agar explained 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.
- As per the AXIA token, its economic model differs from fiat currencies and other cryptocurrencies in that it features continuous value creation with a continuously decreasing supply of AXIA Coin.
- The mainnet launch follows two months after AXIA launched AXchat, a decentralized messaging platform. This blockchain-powered chatting platform allows users to chat with friends and family while earning digital currency rewards.
- AXchat is unique because the messages on the platform are encrypted and accounts are protected by multi-factor authentication (MFA) for enhanced protection, a feature traditional messaging platforms like Whatsapp and Facebook Messenger lack.
- 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.
- Agar also explained that anyone with a smartphone that can download the application can participate in the mobile staking. When Agar was 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. With this, this is a good starting point.”
Blockchain mainnet launch is a significant step for every project. This is because it is the moment when a project transitions from being an idea to actuality. This year a couple of blockchain mainnets were launched. Some of the most notable include RUNE, Mono X and Bitgert Chain.