Auxilium’s blockchain and network are one of a kind
Auxilium (ticker: AUX) is the coin of philanthropic cryptocurrency company Auxilium Global. Auxilium is an independent blockchain and network which MainNet went live back in June 2018 (without conducting an ICO). It’s an Ethereum fork which means it offers the same functionality as Ethereum (i.e. smart contract, dApp and token creation). Customizations 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. AUX is more secure, fast, cost-efficient, easily scalable, user- and environmentally friendly (CO2-neutral) than many other coins and tokens. Additionally it’s the only cryptocurrency that offers its holders fair monthly rewards while at the same time contributing to charities.
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.
There are three processes to achieve consensus. Proof of Work is used by Bitcoin, and it’s the most common. Computers of each coinholder are constantly “mining” or solving math equations to unlock new blocks which is necessary to sustain the block chain. In return, coinholders receive rewards. Proof of Work is extremely processor-intensive. In fact, the Bitcoin network draws as much electricity as it takes to power Switzerland in one year. It’s also vulnerable to 51% attacks. If an individual has control over 51% of the computers mining for Bitcoin, it’s possible to cheat the system.
Proof of Stake is the second-most-common form of consensus. It works by allowing coinholders to stake their coins as collateral. The more collateral you stake, the more likely you are to uncover new blocks and earn rewards. Although it uses less power than Proof of Work, coinholders still need to leave their computers on while staking their coins.
Auxilium uses Proof of Authority consensus in which we control the network of computers that create new blocks. There are only eight computers right now, which together use the energy equivalent of running one stovetop hotplate. Typically, this method of consensus doesn’t pay rewards, but Auxilium does pay rewards.
Auxilium Interest Distribution Platform
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.
There’s no need to leave your computer on either. Simply holding coins in your personal wallet (non-exchange) address is enough to earn the reward.
Interest distribution (AID) comes from a premine account of 80 Million AUX coins and these have been included in the total supply cap of 300 million coins.
Interest distribution occurs on the 1st of each month and the calculation is based on the holdings you retain in your personal wallet across the month.
Our goal is to continue distributing interest indefinitely, through recycling profits.
AUX reward calculator
One of the reasons we based our blockchain on Ethereum’s code base was because we didn’t want to be limited to storing cryptocurrency transaction information. Our blockchain can also store smart contracts, tailored agreements that help ensure fair interactions between parties without a middle person.
For small operators and producers, smart contracts can help them take control of their business and ensure they’re paid fairly. The contract is programmed with specific parameters, and money is only sent once the counterparty has fulfilled their part of the deal.
Smart contracts can be used in fair trade applications. A coffee grower in Ethiopia could smart contract with a roaster in Australia to send their beans directly, cutting out distributors who might take advantage of the grower. A collective of garment makers in Bangladesh could smart contract with an English designer to directly provide textiles and clothing for a new collection.
As we grow, Auxilium will dedicate developers to custom-code smart contracts to help establish fair terms between parties all over the world.
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.