By Zooming in on the unique and innovative technology
Thousands of cryptocurrencies, but what do these coins and tokens actually do? How are they different from the existing cryptocurrencies? What is a good investment, and why? Questions many people on this relatively new market, the cryptocurrency market, have. The answer is quite simple: most cryptocurrencies do not offer any unique or innovative technology. However, some actually do and with a bit of luck, they also serve a meaningful and necessary purpose. Auxilium (AUX) launched in August 2018, the cryptocurrency of Auxilium Global, is such a cryptocurrency.
Introducing Auxilium (AUX)
Auxilium Global is a philanthropic cryptocurrency company with a goal to tackle the world’s ills. It’s a big ask, but with the power of a strong cryptocurrency and a caring community of coin holders, they are looking to make a difference.
With their use of capital gains to support philanthropic work around the globe, whether it’s planting trees to offset their carbon footprint, piloting a program to help disadvantaged people get enough to eat or helping to fund research for a breast cancer cure.
They differ from other currencies in that they’re the first to list on an exchange with their own POA blockchain.
Proof of Authority consensus
One of the biggest benefits of blockchain technology is it’s very hard to cheat. Everyone in the network has a copy of the blockchain on their computer, and each time a new transaction happens, or a new block is formed, the computers go through a process called consensus where they agree (or disagree) that the transaction is accurate.
There are three processes to achieve consensus. Proof of Work is used by Bitcoin, and it’s the most common. Computers of each coin holder are constantly “mining” or solving math equations to unlock new blocks which is necessary to sustain the blockchain. In return, coin holders receive rewards. Proof of Work is extremely processor-intensive. In fact, the Bitcoin network draws as much electricity as it takes to power Switzerland in one year. It’s also vulnerable to 51% attacks. If an individual has control over 51% of the computers mining for Bitcoin it’s possible to cheat the system. Same is obviously possible for smaller PoW cryptocurrencies and more easily than you might think!
Proof of Stake is the second-most-common form of consensus. It works by allowing coin holders to stake their coins as collateral. The more collateral you stake, the more likely you are to uncover new blocks and earn rewards. Although it uses less power than Proof of Work, coin holders still need to leave their computers on while staking their coins.
Auxilium uses Proof of Authority consensus in which we control the network of computers that create new blocks. There are only eight computers right now, which together use the energy equivalent of running one stovetop hotplate. Typically, this method of consensus doesn’t pay rewards, but Auxilium does.
Auxilium Interest Distribution (AID) platform
An incentive of mining and staking is that they pay rewards. Proof of Authority doesn’t pay rewards, so we’ve built the Auxilium Interest Distribution (AID) platform through which we pay all our coin holders 8% interest per annum just for holding coins. From that 8%, coin holders give back: 0.64% goes to our charity fund for philanthropic projects and 0.64% goes to Auxilium research and development.
There’s no need to leave your computer on either. Simply holding coins in your personal wallet* address is enough to earn the reward.
Interest distribution (AID) comes from a premine account of 80 Million AUX coins and these have been included in the total supply cap of 300 Million coins.
Interest distribution occurs on the 1st of each month and the calculation is based on the holdings you retain in your personal wallet across the month.
Our goal is to continue distributing interest indefinitely, through recycling profits.
* Personal wallet addresses do not include wallet addresses on an exchange.
Smart contracts
One of the reasons we based our blockchain on Ethereum’s code base was because we didn’t want to be limited to storing cryptocurrency transaction information. Our blockchain can also store smart contracts, tailored agreements that help ensure fair interactions between parties without a middle person.
For small operators and producers, smart contracts can help them take control of their business and ensure they’re paid fairly. The contract is programmed with specific parameters, and money is only sent once the counterparty has fulfilled their part of the deal.
Smart contracts can be used in fair trade applications. A coffee grower in Ethiopia could smart contract with a roaster in Australia to send their beans directly, cutting out distributors who might take advantage of the grower. A collective of garment makers in Bangladesh could smart contract with an English designer to directly provide textiles and clothing for a new collection.
As we grow, Auxilium will dedicate developers to custom-code smart contracts to help establish fair terms between parties all over the world.
What sets Auxilium PoA apart from many?
There are many advantages of Auxilium PoA over PoW, PoS or PoW/PoS hybrids.
First of all, AUX is the only cryptocurrency with Proof of Authority on an independent blockchain and network. On top of that, they added the AID platform which is one of a kind. The majority of cryptocurrencies that come to the market are dependent tokens or coins that are an exact copy of an existing coin. Auxilium is clearly unique and innovative.
Second, Auxilium PoA knows less risk of a 51% takeover, thus more secure. The majority of cryptocurrencies, especially those based on Proof of Work, are more vulnerable to a takeover. This opens the doors to all doom scenarios, including people losing their coins/token.
Third, Auxilium is one of, if not the most environmentally friendly cryptocurrency and network. Auxilium’s unique technology uses a fraction of the power used by traditional blockchain mining technology, but as a company and as individuals, they’re still using power. Each year, they offset their carbon footprint by partnering with One Tree Planted to plant trees around the world. AUX already planted trees in India, Indonesia, Vietnam, Brazil, Bolivia, Ghana, Tanzania, Kenya, Ethiopia and Rwanda possibly making Auxilium Global the only cryptocurrency company with a zero carbon footprint.
Also, fast transaction times are a fact due to the PoA architecture and a small number of sealing nodes. People who have experience with traditional cryptocurrencies like Bitcoin know it can take a long while for a transaction to come through. An example of the speed of Auxilium: it only takes 30 seconds to transfer AUX from the desktop wallet to the Mercatox exchange wallet.
Furthermore, AUX offers an interest distribution via their AID platform of 8% per annum, calculated and paid out on the first of each month. Interest distribution is weighted evenly whether you hold 1 AUX or 1 Million AUX. All holders of Auxilium are treated equally. There are no (dis)advantages based on knowledge, resources or wealth of a holder.
Less complexity is another advantage. No need to leave your computer on to earn interest, holding coins on a personal address is enough. No need to learn about mining or staking. Auxilium Global built a platform which is easy for all users, thus more likely to be ready for mass adoption as it requires less knowledge and resources than tradition cryptocurrencies.
Auxilium Global has started a meaningful and necessary movement as a philanthropic cryptocurrency company with a goal to tackle the world’s ills. Focussing on humanity, animal life, environment, education, fair-trade, and more … all directly influencing everyone’s everyday life and the lives of future generations.
Check out their website: https://auxilium.global
Join the movement. Invest. Earn. Share.
Auxilium (AUX) is at the time of writing traded on Mercatox and BiteBTC.
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