On monday this week we held a Telegram AMA session with co-founder and director of Auxilium Global MSc. Anton Donker. Some interesting questions were asked (thanks for that!) and of course answered.
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Q: Why did your name the project Auxilium?
A: Auxilium is the latin word for support, help, and similar words explaining aid. It fits our goals.
Q: What was Auxilium created to solve?
A: Auxilium (ticker: AUX) offers many advantages by creating a superior user experience while using blockchain technology to support philanthropic causes around the world, thus building public faith in the social good of digital currency systems. Auxilium is the coin and platform of philanthropic cryptocurrency company Auxilium Global. Auxilium‘s POA is more secure, faster, fairer, and more cost-effective, environmentally friendly, and user-friendly than most POW and POS cryptocurrencies. With the AID platform, AUX holders can receive up to 8% interest (6.72% holder, 0.64% charity and 0.64% research and development) per annum without the need for mining or staking. Further, Auxilium is a platform that offers smart contracts, decentralised applications (dapp) and token creation. In addition to boasting many technological advantages to facilitate digital payments, a core tenant of Auxilium is to use blockchain technology to contribute to solving global problems, reducing inequality, supporting fair trade and other philanthropic causes. Users can create utility tokens to fund any social cause they choose, and Auxilium Global uses capital gains to fund philanthropic work globally — from planting trees to reduce greenhouse gases, to piloting food security programs in developing countries, to funding breast cancer research.
Q: What is the business model of the project?
A: Through building an ecosystem around and on the independent Auxilium blockchain and network we hope to achieve great things. Auxilium also tackles socio-economic challenges, by: building for-profit businesses, building not-for-profit businesses, and provide funding, resources and mentoring to like-minded people interested in helping others through a business, co-op or as an individual. Profits are fed back into Auxilium Global to help people and animals.
- Auxilium is also a platform on which tokens can be created. Just like Ethereum, Tron, Cardano, etc.
Q: What are your plans to move towards a more decentralized and trustless solution?
A: At the moment we’re working on stability and security of the network. We think that is the number one focus. As you might know cryptocurrencies have shown weakness in security in the past. Lately even the IOTA wallet/network got hacked. Bitcoin Gold had a very big 51% attack which lost them and their community millions of USD.
It’s possible to add more ‘signer nodes’ (we sign nodes, and don’t mine or stake) in the future, plus it’s possible to have other host such nodes. This is a possibility for a more decentralized solution without having to be dependent on mining or staking for block creating, thus not being dependent on community for keeping the network live (and thus not as vulnerable for 51% attacks)
In short: a more decentralized approach is idealistic, but comes with risks that we don’t want to take because we don’t want our community to fall victim to a hack, or similar. We aware there are options for us to expand the network with more third-party nodes. But at this moment in time it’s not necessary and/or logical to do.
Trust is also in the eye of the beholder. Do you trust random stakers or miners more than a philanthropic cryptocurrency company for instance? It’s a question we all need to ask ourselves.
Q: For future you need fund for further development of project. How will you convince big institute and company to invest in your project?
A: Like stated in our updates we’re in talks with investors. There is a serious investor out there. It’s taking some time as they are preparing documentation, having to deal with money coming in from a different country, etc. We feel it’s a serious investor and we can hopefully within the next few weeks reach an agreement.
The first big investment we’re looking at is a top tier cryptocurrency exchange listing fee (most ideal with an IEO to raise more funds)
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Make sure to be there at the next AMA!
Next Telegram AMA session: 9th March 16:00–17:00 CET