There was a huge global economic crisis in the 2000s back when the American financial and housing markets collapsed. As the damage from the crisis spread, it began to have worldwide repercussions. Consumers suddenly started to lose confidence in any country’s financial system as a result. After the crash of 2008, Bitcoin was created. Now it is a world-famous and powerful currency. At the time, Bitcoin creators wanted to replace global currency with a stateless one.
Bitcoin has been hailed as the future of money, but it’s not there yet. Although Bitcoin has made people around the world billionaires overnight, it’s not always a suitable replacement for fiat since its limitations make it unsuitable as a day-to-day type of currency. A lot of cryptocurrencies stemmed from Bitcoin and each cryptocurrency comes with its own vision.
It seems digital assets are really catching on lately. You can see this by the number of people who are interested in blockchain ecosystems. They offer a way to exchange, store and conduct transactions with cryptocurrency tokens that are tailored for different needs. One thing to keep in mind is that crypto tokens are not often designed with the intention of providing a regular stream of income. Many were skeptical about Hex until they saw the returns it provided. But, crypto enthusiasts have called it a scam They believe its founder is using it to generate massive gains for himself.
Still, the idea of creating a Bitcoin-based certificate of deposit proved intriguing enough to continue the search. Now, a group has come together to build a newer version of Hex called Axion. Here’s a guide on how it works, what makes it different from Hex, and how you can get involved.
What is Axion AXN?
Axion is a new cryptocurrency that was designed with the aspect of stability in mind. It has a lower-risk profile and offers steady profits. Axion is the latest addition to the crypto world that’s choosing to do things a bit differently. Axion takes a different approach to this; its value will increase as the number of trades increases. This means that 8% of its annual inflation will be distributed amongst those who stake and, tangibly, it flips the models of traditional cryptocurrencies on their head. It does this by paying a large reward for the holder’s agreement not to sell their currency – instead of paying out mining rewards like other cryptocurrencies.
This will have the ripple effect of stabilizing the price of the currency because it’ll stop all the volatility that comes with unpredictable sales. In this way, the founders of Axion are able to pay investors’ dividends at a much higher annual inflation rate. What’s more, they also get a cut from auctions where people purchase Axion tokens. Tokens are often auctioned with penalties paid for an early withdrawal or with swaps where people forget to make their claim in time. 80% of Ethereum deposits are used to purchase Axion tokens, increasing the token price.
About Axion Network
The Axion Network plans to disrupt the world of cryptocurrency investment by providing an alternative for investors who are looking for continual income. Intelligent contracts generate a steady stream of profits for your investments. This kind of innovation is just what you need. This token is on a daily auction for buy-back purposes. The value of the token is also increased due to this program, which creates more security and reliable inflation for those who hold the tokens.
How do I stake?
Axion puts you in control of how your tokens are locked up via their flexible staking system. You can choose to either stake your Axion (locking it up) or de-stake (release) it at any point, letting it make passive income for you by holding/staking longer periods of time, or by timing the market to maximize passive income. Give your money more options by investing in 100 separate accounts that mature at different times of the year. Done! Axion is constructed using the tried-and-true certificate of deposit method that has been around for decades in traditional banking.
Users of the platform must pay a small fee to interact on the network, which goes towards paying for network security and reducing spam. For every stake you make, there will be a gas cost charged.
How does Axion improve on Hex?
Axion is different from other ICOs since the founder doesn’t hold any tokens – this should set it apart. One of the big worries about Hex was that the founder could use Axion as a pump and dump scheme, but with no personal stake, this is not possible. However, this is not the only difference. Inflation is a common thing in the world of cryptocurrencies and it’s not surprising that staking is a big focus. The currency also has a daily auction where the stakes are paid out to whoever lost currency as punishment. Holders of the currency reap the benefits of holding on long-term. This doesn’t leave room for any attempts to manipulate prices on the outside. The additional budget for new auctions also puts buyers in a really good position to buy back stocks. This goes to show the long-term benefits of investing.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.