Auxilium (ticker: AUX) is a cryptocurrency coin and independent blockchain which MainNet went live back in June 2018 (without conducting an ICO). We’ve customized the code-base of top ranked blockchain Ethereum. We kept functionality like smart contract, dApp and token creation. Customizations (read: improvements!) include the AUX Proof of Authority (PoA) consensus and Auxilium Interest Distribution (AID) platform. These customizations give AUX exceptional advantages over traditional Proof of Work (PoW) and Proof of Stake (PoS) cryptocurrencies.
How does it work?
Auxilium has the same solidity programming language and functionality as Ethereum (i.e. smart contract, dApp and token creation). Unlike most cryptocurrencies, Auxilium’s unique block validation system makes it highly unlikely to fall victim to 51% attacks.
Because Auxilium doesn’t mine or stake it uses very little energy making it most environmentally friendly. Fast and low-fee transactions (as low as 0.000000018 AUX/tx) are possible because of the low blocktime (9.6 s) and cost-effective independent network. This also increases ease of scalability.
As an incentive Auxilium coinholders receive 8% interest every year through the AID platform. To be precise, it’s 6.72%. The extra 1.28% is split between charity and not-for-profit research and development evenly.
Holding AUX in your personal wallet address – also when offline and having no knowledge of blockchain – is enough to earn interest on the 1st of each month. The goal is to continue distributing interest indefinitely, through recycling profits, without the need of increasing the maximum supply.
One of the biggest benefits of blockchain technology is it’s very hard to cheat. Everyone in the network has a copy of the blockchain on their computer, and each time a new transaction happens, or a new block is formed, the computers go through a process called consensus where they agree (or disagree) that the transaction is accurate.
Auxilium uses Proof of Authority consensus in which we don’t rely on third party computers to create new blocks. Our servers use the energy equivalent of running one stovetop hotplate. Other types are Proof of Work and Proof of Stake which respectively rely on coin holders computers to constantly “mine” (i.e. solving math equations) and “stake” (i.e. using coins as collateral) to unlock new blocks to sustain the blockchain.
An incentive of mining and staking is that they pay rewards. Proof of Authority doesn’t pay rewards, so we’ve built the Auxilium Interest Distribution (AID) platform through which we pay all our coinholders up to 8% interest per annum just for holding coins. From that 8%, coinholders give back: 0.64% goes to our charity fund for philanthropic projects and 0.64% goes to Auxilium research and development for for-profit use case development.
Our blockchain can also store smart contracts, tailored agreements that help ensure fair interactions between parties without a middle person. The contract is programmed with specific parameters, and money is only sent once the counter party has fulfilled their part of the deal.
As we grow, Auxilium will dedicate developers to custom-code smart contracts to help establish fair terms between parties all over the world. It’s an ideal tool for fair trade applications.
Token & DApp platform
Auxilium Global, individuals and businesses are able to create tokens on the Auxilium blockchain. Tokens don’t have their own blockchain but depend or exist on an existing blockchain of a cryptocurrency, like AUX.
As creation of a coin is much more complex, a token is a great alternative for many companies. Our unique network and blockchain also allow for DApps (decentralised applications) to be created.