Auxilium first cryptocurrency with PoA, AID platform and smart contracts
Holders of SPRTS cryptocurrency have the opportunity to swap to AUX until 6th July (for holders on exchange) and until 11th of July (for holders old wallet). Don’t miss out!
We have once again evolved our plan, but with good reason and a fantastic final result that we’re very excited about!
While researching information on the PoW related 51% attacks, we’ve discovered these attacks are on the rise and new blockchains are especially vulnerable to such attacks. A number of well-known currencies have been inundated with 51% attacks recently and if we were to launch with PoW, we have every confidence we’d be exposing Auxilium to the same types of attack and damage.
The fact of the matter is that new currencies can be taken over with just a few dollars of hashing power and as we are serious about building Auxilium into a global hub for philanthropy, we have no intention of weakening the network by using an engine that makes a 51% attack, incredibly easy to perform and highly likely.
We’re over the moon with the solution we’ve put together and we think it is much better than both PoS and PoW. We will launch a truly unique product with customised Ethereum-code, PoA (Proof of Authority), smart contracts and the Auxilium Interest Distribution (AID) platform. In this publication you can read more on PoA, AID and other coin specifications. We think you’ll be surprised by the advantages PoA and an AID gives us!
PoA (Proof of Authority)
In PoA-based networks, transactions and blocks are validated by approved accounts known as validators or, authoritative nodes. Auxilium will maintain tight control over each of the authoritative nodes on our network which means the only way for a 51% attack to occur, is if someone hacks into at least 51% of our authoritative nodes. This is considerably more difficult to do than launching a 51% attack on a PoW blockchain as anyone can join the PoW network and throw a high hash-rate mining rig or pool at the network to perform such an attack. A major difference between PoW, PoS and Ethereum’s PoA engine, is that it does not issue rewards.
Auxilium Interest distribution (AID)
Although for instance, coins with Proof of Work and Proof of Stake claim to be decentralised, the reality is that both PoW and PoS tends to serve the people with the most resources or coins. The people with the most computing power or coins are more likely to win block rewards, and in the most extreme scenario, can take over the network and control the blockchain. To promote true equality in reward, we have built Auxilium Interest Distribution (AID), a fair, interest distribution platform that works within our network. People holding AUX in their wallets will be rewarded up to 8% interest per annum (while SPRTS is reducing the reward to at average 0.2% per annum), regardless of the amount of coins they hold. This implies that everyone holding AUX will get the same percentage of interest. The weight for interest earned is the same whether you hold one coin or one hundred million coins.
Furthermore, AUX holders do not have the obligation to mine or stake for rewards which is not only time efficient and user friendly, but also environmentally friendly. Unlike PoS and PoW, there is no need to leave your computer on in order to earn interest on your holdings. The AID platform will be launched, and added, after the swap period.
Hard cap total supply
The periodic interest will not increase the supply of AUX. We will use the pre mined reserve to pay the interest to people holding AUX. The amount of AUX after the swap will be a hard cap as long as the capped total supply of Auxilium does not limit Auxilium in future scalability.
Holders of SPRTS cryptocurrency have the opportunity to swap to AUX until 6th July (for holders on exchange) and until 11th of July (for holders old wallet). Don’t miss out!
Swap platform: swap.auxilium.global
Download AUX wallet: auxilium.global/downloads
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