Crypto and the blockchain apps have seen significant growth in recent years. Right now, some of the biggest companies on earth are working on new blockchain-based projects. Experts have said that the blockchain could forever change some of the industries in the world forever. Right now, the blockchain is mostly utilized in crypto as a store of wealth. At the height of its market valuation, crypto had hit above $800 billion.
Despite its drop from that high, all experts agree that blockchain technology has real-world applications in the fintech world and other areas. The blockchain brings efficiency where inefficiency was caused by centralization.
The Current Problem
Satoshi Nakamoto, the creator of the first blockchain, was to integrate the blockchain with daily aspects of life. Before this vision came to fruition, it was realized that the blockchain has some issues. One of the major issues is fungibility. This refers to the ability to exchange one unit of currency for another one. A good example is to exchange one US Dollar for another Dollar. However, the Bitcoin, ETH, and other are not fungible.
This lack of fungibility is caused by the transparency of the blockchain. The transaction history of a coin can be traced. As a result, if Bitcoin is used in money laundering, it becomes less valuable than Bitcoin stored by the original owner.
The solution is to create a privacy coin. However, because of the slower transaction speeds, the settlement of transactions can take quite long. In some cases, it can take hours to complete a transaction. This is not good for fast payment processing needed in the world of commerce. The main hindrance to speed for privacy coins is proof of work (PoW).
It relies on hardware to make complex calculations and validate a transaction. This leads to a high cost of mining. The result is that the speed gradually falls as blocks grow. Thus, a solution that offers fungibility without compromising speed is required.
Another issue is the limited adoption of the blockchain by both offline and online merchants. The liquidity and ease of use need to be addressed if the blockchain is to be adopted by the masses. Most crypto requires merchants to buy costly equipment and open wallets to receive payments. This is too complex for ordinary businessmen.
The crypto market is worth billions of dollars. At the fore of this industry will be privacy coins, which offer the benefits of crypto. However, they will maintain fungibility of crypto. As the number of cyber-attacks grows, more people will turn to the blockchain for security. The future of the crypto market is bright if the issues highlighted are addressed.
To solve the issues, AIAScoin is a PIVX fork. It will rely on PoS and the consensus mechanism. To achieve its goals, it will utilize masternodes for privacy purposes. This will ensure that the AIAScoin platform can execute transactions globally in an instant.
About the Coin
- Algorithm: XEVAN
- Mining: Proof-of-Stake
- Block Time: 180 Seconds
- Transactions: 127tx/s
- Total Tokens: 25,000,000 AIAS
- Pre-Mine: 2,500,000 AIAS
- MN Collateral: 1000 AIAS
- Date: TBA