A blockchain is a decentralized, public digital ledger that tracks transactions across many computers. So the record cannot be altered retroactively without all subsequent blocks changing. A blockchain database isn’t stored in any single location. Meaning the records aren’t easily accessed or hacked.
A blockchain’s distributed nature allows individuals to verify and audit transactions instantly rather than relying on a central authority to validate them. Every node (i.e., a computer connected to the network) gets a copy of the blockchain. Which means that there are thousands, or in the case of Bitcoin, millions of copies of the same blockchain. The fact that there are so many copies keeps users honest. If they try anything nefarious, everyone will know. From Ethereum to AXIA. There are a number of organizations working within the space to change the way that blockchain is being utilized.
Why Is It Important?
The blockchain can provide unprecedented economic advantages by reducing transaction costs, increasing transparency, and eliminating fraud through data immutability and decentralization. The decentralized nature of blockchain technology allows for complete transparency and trust. Without central control or oversight from any third parties or regulators. This is the power of cryptocurrencies such as Bitcoin, Ethereum or AXIA, and other applications like smart contracts. Those applications can be executed on top of these networks. Without having to rely on intermediaries like banks or governments to validate them.
Blockchains have three basic characteristics:
- Immutability – Transactions are written into permanent records that can’t be altered or deleted by any one party.
- Decentralization – No one party controls the information in the ledger.
- Consensus – Each block must be confirmed by consensus before it can be added to the chain.
Who Is Working in This Space?
AXIA is an up-and-coming player in the space employing a first-of-its-kind hyper-deflationary model for its blockchain. The AXIA Network, and its native currency, AXIA Coin. The total supply of this currency is constantly reducing through any form of participation or activity. Which creates ongoing scarcity. Meanwhile, more utility and use cases are always being added to the network via new products, platforms, and developments.
The AXIA ecosystem is made up of several parts, including:
- AXIA Blockchain Network – This is the backbone of AXIA. It operates based on a proprietary Proof-of-Participation (PoP) consensus model.
- AXpay – AXpay is a mobile application that allows users to send and receive AXIA Coin anywhere in the world in milliseconds. The app features instantaneous settlement can be easily integrated with businesses (both digital and physical), and will become a portal to the AXIA Network. Where participants can take part in staking by becoming a Validator or Nominator.
- The AXIA hyper– deflationary blockchain network was designed to be scalable, secure, fast and reliable. So that businesses, developers and other participants can use it for small and large-scale transactions and applications.
- The ecosystem also consists of a digital bank, several use-to-earn mobile applications, and AXIA Tel (encrypted and decentralized telecommunications). their platforms are also in development and slated for launch in the near future. Including an NFT Platform and decentralized exchange.
The decentralized nature of this network that’s delivered through its PoP consensus can bring significant value to all participants. Decentralization ultimately heightens privacy and security on any blockchain.
Blockchain technology also provides a number of other benefits:
- Data Integrity: Blockchain technology ensures that no one can tamper with information because it is stored in multiple locations across the network simultaneously. So, if someone tries to alter one copy of your data. All other copies will remain intact. They are being updated at the same time by different people using various computers connected to the network.
- Transparency: Blockchain networks are transparent because anyone can see what’s happening on them at any time. As long as they have access. Records can always be viewed for each transaction.
- Interoperability: Networks like AXIA allow for high levels of interoperability. Enabling developers to work across several platforms with ease.
Blockchains and ecosystems like AXIA are helping move the industry forward by creating more favorable conditions for all who choose to participate. With so many options available, it’s important to choose community-first projects. That prioritize the interests of their participants above all else. Consider checking out the ways that AXIA is innovating the blockchain space and finding new ways to help its participants pursue a more rewarding future.