By Future Blockchain
Summary
AIAScoin is an open source automated payment processing system created on the blockchain. It will allow users to perform instant e-commerce transactions whilst providing security, fungibility and transparency.
The team behind the project wants to create an easy to use system for merchants across the globe and by doing this to revolutionize the payment processing market. The platform will be easy to integrate on a website and will offer a plug and play API.
AIAScoin is also a privacy coin using the Proof of Stake (PoS) 3.0 consensus mechanism with masternode technology in place to guarantee full privacy and instant transactions.
What is a privacy coin?
Privacy and security are two of the main pillars of digital money since the very inception of Bitcoin back in 2008. The global financial crisis was the boiling point for the masses and their lack of trust in the government and the big banks resulted in a search for something that can bring more transparency, decentralization and freedom. This thing was blockchain and the cryptographic technology behind it.
Bitcoin, however, was far from private and anonymous. Something else was needed, so privacy coins were born. New ways of keeping money transfers private started to appear including stealth addresses, ring signatures, confidential transactions, zero-knowledge proofs and others.
One of the greatest achievements of privacy coins is the fact they are solving one of the main problems of digital money transfers — fungibility.
“Fungibility means all coins are worth the same value and are mutually interchangeable. They cannot be tracked back and blacklisted and their value does not decrease over time (same is not valid for Bitcoin let’s say where transactions are)”.
Main features
AIAScoin is a PIVX fork and very much like it provides fungbility and speed through the use of masternodes. Coins cannot be traced or blacklisted and transactions are all anonymous and added to the blockhain using pseudonyms. Thanks to the masternodes technology and PoS consensus mechanism, the SwiftTX transfers are validated and confirmed within seconds.
Some of the main features mentioned in the whitepaper are:
· Payment Processor
— Will enable merchants to accept payments using AlAScoin with ease and simplicity. Easy to integrate and will facilitate payment processing globally.
· Easy API set up
— Plug and play plugin for merchants websites
· Low Transaction Fees
— Low fees thanks to the P05 confirmation process. There is no need for miners to invest in expensive, resource demanding hardware.
· Cross-Platform Payments
— Cross-platform functionality that can be implemented on different platforms. This is done by creating multiple access points for wallets and accounts using a web platform through plugins.
· Safety of Transactions
— Transactions secured by the cryptographic nature of the AlAScoin. The coins are stored in wallets that are cryptographically secured regardless of the platform.
· Instant and Easy Payments
— Payments with AlAScoin are easy and near-instant thanks to the PoS consensus mechanism and masternodes.
· Transparency
— Full transparency thanks to the blockchain technology. The platform also provides anonymity for the users by adding transactions to the blockchain using pseudonyms to ensure that individual privacy is maintained throughout the ledger.
· Fungibility
— AIAScoin provides fungibility through masternode technology. The masternodes are used to ‘wash’ coins to ensure that they cannot be traced.
· Open Source
— Blockhain opened for the community to build and develop
· SwiftX
— Validated within seconds thanks to masternodes. These transactions are substantially faster than the ordinary transactions and are useful when providing faster transaction speeds.
· ZeroCoin
— Compatible with ZeroCoin system. ZeroCoin is a feature that allows users to convert their coins into anonymous zCoins. Once zCoins are spent, they appear as normal coins, without history of where they originated from, and are therefore completely anonymous.
The private nature of the coin, alongside the benefits of the blockchain will help merchants grow their business and sales. The plug and play API solution can significantly increase website visits and payments transactions. Sales can benefit from the instant, low-fee transfers.
On the other hand, buyers can benefit from the low AIAScoin payment processor fees and its transparency and mobility. Multiple devices can be connected at the same time and use the secured blockchain technology platform.
Coin holders will see their holdings value increased over time with the adoption of the AIAScoin payment solution. They can also use the PoS and masternode benefits to earn passive income.
Tokenomics
AIAScoin is based on the XEVAN algorithm with a block reward of 25 AIAS and total max supply of 25 000 000 coins. 10% of them will be pre-mined.
AIAS team have also prepared something for the Aidrop enthusiasts. There is a campaign ongoing in Twitter and Telegram. Users can earn 1 AIAS when you join the airdrop & 0.5 AIAS Coin for every referral. (1 AIAS = $3).
Link to the telegram AIAS airdrop bot: https://t.co/yWYHhv5M5J
AIAScoin does not have an ICO but a masternode sale (pre-sale now over with last price of 0.5 BTC for 1 a MN of 1000 coins). I expect more information on what is to come in terms of token (MN) sale.
What is known is that 30% of the sales distribution will go to project development, which is more than enough, since we also have 10% for research. I’m really happy to see that AIAScoin team plans to spend just 15% of the sales on the project advertisement. This is a very good sign and it shows they are willing to concentrate and work more on the actual service and not just hype the coin.
Wallet
AIAScoin released their own wallet (available for Linux, iOS and Windows). I tried it myself — it is easy to setup and use and can be installed on multiple devices to manage coin portfolio.
Link to the web wallet: http://aiaswallet.com/
Masternodes
Masternode is simply a cryptocurrency full node or computer wallet that keeps the full copy of the blockchain in real-time.
Masternodes are always connected to the network and perform special tasks that can vary:
Some of the special functions that these nodes perform are:
· Increasing privacy of transactions
· Doing instant transactions
· Participating in governance and voting
· Enable budgeting and treasury system in cryptos.
Hosting a masternodes for AIAS requires 1000 coins and just like any other masternode — a special server configuration that runs 24x7. There are rewards though. Investors are paid block rewards by the system and also additional rewards for executing special tasks like InstantSend and PrivateSend.
We can see 220+ masternodes online already
Team
I was not able to find any information related to the team behind AIAScoin and there is a good reason why. It has something to do with the privacy aspects of the whole project. A Bitcointalk post from the admin mentions the following:
“Team members of ASIAScoin are anonymous and they will likely remain anonymous, however, they said that if they reach their target maybe team members identity will reveal in future.”
They are quite active on the social media and especially on Bitcointalk, so I’m ok with the anonymity thing as long as the project moves forward.
Conclusion
AIAScoin mainnet is live now and the chain is running smoothly. There are more than 200 masternodes already live. I like the fact that AIAS is a PIVX fork — a successful privacy coin with great predecessors like Dash and Bitcoin core. It is always a pleasure to see a team willing to invest more in project development than in advertisement and although the people behind the project are hidden in the shadows, they still remain close to the community.
AIAScoin payment processing platform is full of great features, it’s easy to implement and user-friendly which is the fastest way to gain popularity. This, combined with the undeniable advantages of the masternode technology and privacy coins will guarantee success for this project.
I highly recommend to check the project on social media:
Social media accounts:
Twitter: https://twitter.com/AIAScoin_team
** Telegram: https://t.me/aiascoin**
Website: https://www.aiascoin.com/
Disclaimer: Part of the Article group