AXIA, the organization building a digital ecosystem around the hyper-deflationary digital currency AXIA Coin, announced the official launch of testnet for the network that has been in development for multiple years. The AXIA Network is a next generation blockchain designed to be more secure, inclusive, energy efficient, faster, and with a far better economic design than current alternatives.
The testnet period will enable the AXIA team and certain third-party partners to oversee the refinement of the AXIA Network, which will soon be widely accessible to both individuals and developers worldwide.
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“Blockchain was a revolutionary discovery, but many of the early networks are rife with issues such as energy inefficiency, congestion, wealth concentration, lack of utility, and many can be deemed to be completely speculative in terms of their overall long-term value,” said Nick Agar, the founder of AXIA. “The AXIA Network was specifically engineered to be a solution to the deficiencies that exist in the industry today. It will bring to market a new standard through its superior economic design, interoperability, inclusiveness and greater level of decentralization to truly bring blockchain technology to the mainstream.”
The network will employ a brand new consensus model known as “Proof-of-Participation” that will provide all participants with the opportunity to partake in the governance of the network. The AXIA Network will foster an ecosystem of interoperable blockchains (AllyChains) that operate in unison with its primary chain (CoreChain). This will make the network highly developer-friendly and open it up for global incubation and usage.
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One of the features that is most important to the AXIA Network is the economic design underpinning it, which provides significant ongoing value to all participants. The network’s native currency, AXIA Coin, has a limited supply that reduces over time while the asset-supporting structure in the AXIA Treasury grows simultaneously—all directly as a result of network activity and participation. An aggressive coin burning mechanism is employed that makes AXIA Coin continually more scarce as a result of simple activity like staking, exchange and transactions. AXIA is also a non-profit, so if any parameters are met for coin burning on the network, the currency will become more scarce, distributing value to all holders rather than profit going to a centralized organization.
The AXIA Network has the potential to foster inclusiveness in the blockchain space in a way that hasn’t been seen before. The blockchain can accomplish this through the introduction of “mobile staking” to the masses; all anyone will need to begin staking AXIA Coin on the network is a mobile device or a computer. Then, regardless of their tech-savviness or crypto knowledge, users and participants anywhere can start staking (earning AXIA Coin passively) through a simple app on their device. This has not been done before in this way, as it opens up the blockchain industry immediately to billions of people around the world.
Through this launch, any and all participants will become stakeholders in the entire network and create value for every other user through their decentralized activity. Ongoing value will continually be distributed amongst all involved. The mainnet of the AXIA Network will go live once the testnet period has concluded.
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