What does everyone, or most people, know about digital currencies? That they are possible investment opportunities and a way through which remittance can be made. Aside from that, there is not really much that is out there. This is however expected. Cryptocurrencies still have a long way before they can reach their peak performance. Their growth stage is positive with more people accepting the fact that virtual monies are here to stay and can provide a great alternative to the fiat system that the world is used to. More opportunities are there for virtual currencies to exploit, however, there is the need to deal with the current issues that are hindering even greater growth in the blockchain sphere. Some of the major challenges that have hindered blockchain growth include inadequate transaction speeds, fungibility and ease of use. These are the major factors, however, other smaller and easier to solve problems also exist. AIAScoin wants to rid blockchain off all these problems through their platform making crypto convenient, easy to use and more appealing to the mainstream public.
Source of major hindrances
At the heart of blockchain’s and virtual monies issues are the technical aspects of these platforms. Features such as the Proof of Work system have been in use for quite sometime and their usefulness is long overdue. Before virtual currencies became known around the world, only a few enthusiasts used to operate with them. They understood the drawbacks of using virtual money thus they were not frustrated when they arose during exchanges. The Proof of Work consensus mechanism that has been employed by most protocols and platforms hinders the scalability hence transaction speeds. For digital currencies, especially now that more people are more people are using them for agreements almost daily, transaction speeds are of utmost importance. Take Bitcoin for example, it maxes out at less that 10TPS, yet the contract demands that come daily are way beyond what Bitcoin’s tech can handle. Some transactions take up to two weeks before they are completed. This is the bitter-sweet tale of a progressive form of payment where it gives secure, private and safe negotiations but parties have to wait a while before their agreements are completed.
The use of virtual coins is also not well understood especially by those just entering the market. Most platforms have noticed this and they are striving to provide easy to use services and even giving step by step guides especially for those participating in exchanges and other major cryptocurrency trading platforms. AIAScoin however believes they can continue to revolutionize this space through their platform.
Fungibility is another great hurdle that digital coins have to overcome. Bitcoin is arguably the most widely known virtual currency, however, Litecoin and Ethereum are also examples among a host of cryptocurrencies. While trading, reconciling value between one virtual asset and the other may become tedious if not done through an exchange. Blockchain and cryptocurrencies aim to reach at a level where trading is streamlined without any hassle. This will require sure fungibility in the digital currency space.
These hindrances are to be addressed through the AIAScoin platform which offers working solution geared towards a crypto future.
Shifting gears
AIAScoin will deviate from the PoW mechanism that is normally used to a PoS algorithm.
Proof of Stake
AIAScoin is a DIVX fork which means that it relies heavily on PoS.
As previously mentioned, speed of transaction is a major problem facing virtual currencies which is caused by the inefficiencies in the selection of technical aspects of the blockchain. Now, AIAScoin counters the inadequacy in transaction speeds by using the Proof of Stake mechanism which is far more effective in achieving consensus. The mechanism in which the Proof of Stake (POS) works is by miners giving evidence of the number of coins they have (stake) in a platform so that they can be allowed to generate blocks. The threshold changes regularly, with blocks being developed regularly as well. This is a step up in many ways from Proof of Work (POW). The first major way is in the devices used. POS requires far less computation power compared to POW. Less energy is spent compared to POW which requires miners to solve complex mathematical problems. This usually takes a lot of time leading to delays in facilitating negotiation requests.
AIAScoin’s POS will be no different in terms of the terms of operation as miners will be required to stake their coins with rewards being determined based on the number of coins they will have staked. Security is also a key factor addressed in this platform with PoS 3.0 being the PoS mechanism of choice. It offers both great efficiency and security. For the wallet software, PoS 2.0 will be used.
Masternodes.
In a bid to increase transaction speeds, AIAScoin will also feature masternodes. Masternodes are just nodes with specialized functions. AIAScoin will use masternodes to provide services that will help increase the speed and efficiency in transaction through its platform. AIAScoin will have services such as InstantSend which will rely on the ability of masternodes to create instant transactions. Creation of private transaction and organizing voting systems are also tasks that will be done by the masternodes hence masternodes also increase the privacy of AIAScoin platform.
Becoming a masternode in the AIAScoin platform requires nodes to meet certain qualifications which include holding a set number of AIAS coins and having a dedicated IP address among other requirements.
Rewarding of masternodes for the work they do will be based on Seesaw Reward Balance System which determines the sharing of rewards between masternodes and stakers in the platform.
AIAScoin features
There are a number of great features tat AIAScoin is set to have as a result of the technical approach they used for their platform. Some of these features include the following,
• Cross-platform payments. Payments across different platforms will be made possible through AIAScoin’s creation of multiple access points through plugins in various platforms such as Windows and Linux for cryptowallets and accounts. Smartphone support is also there as iOS and Android platforms will also have their own access methods.
• Payment processing. AIAScoin will have their own coin that will facilitate easy payment solutions through their platform. The payment processing feature is created to serve both buyers and merchants operating in AIAScoin. Its design allows for users to be from any walk of life, even those without any proper tech knowledge. The set-up process is simple and easy to follow. Once integrated, making payment globally through AIAScoin will be as simple as a few taps on a screen.
• Easy and instant payments. Masternodes and the PoS system increases the overall efficiency of the AIAScoin. The transactions made are almost instant making AIAScoin a suitable candidate for online platforms dealing with virtual currencies.
• Security and safety of transactions. Cryptography in AIAScoin secures all transactions that are made using the platform ensuring that users have no worries about any of the transactions they make. Cryptographically secured wallets are also featured in AIAScoin which protects coin from any platform they are on.
• Low transaction costs. AIAScoin will have considerably lower convenience costs even when compared to other decentralized platforms due to the use of the PoS consensus algorithms. Miners are exempted from having to buy expensive devices to solve complex problems thereby making it cheaper for them to facilitate agreements. They also get better rewards when compared to the work done against PoW. The lower operational costs ultimately, reduces the transaction fee required by AIAScoin to keep its platform running.
• Anonymity.
This is a feature that is preferred by a great number of clients in the cryptoworld. Anonymity is viewed as an extra security layer since trust is already guaranteed through blockchain. Sensitive information is protected in the AIAScoin platform. Transactions are done through pseudonyms to maintain privacy even in the ledger records kept.
• Fungibility. Masternode technology is heavily relied on for fungibility. Intractability of coins is made possible through fungibility. Their origins cannot be traced unlike in other platforms. PIVX used this method to provide fungibility and since AIAScoin is a fork of PIVX, its no surprise that it takes the same approach.
• Open source. AIAScoin is not planning to be owned by a central entity or a group of entities but the platform plans to have its community members owning the platform. The future of AIAScoin will depend on the decision that will be made by AIAScoin community.
Conclusion
AIAScoin is in a great position to help both merchants and buyers. Its platform will provide an easy to use option when it comes to making payments which may be adopted by merchants thus attracting buyers who find the process convenient, secure and safe. Its anonymous and transparent transactions are also likely to attract even more users to their platform. The fact that it is open source and community driven also increases its credibility. Most of all, AIAScoin is solving a real-world problem, that is, adoption of cryptocurrency into the mainstream market.
In a Nutshell, these diagrams will help you understand this great Project and their achievements, the give aways and how to help make it a successful project.
WHAT IS AIAS PROJECT?
GIVE AWAYS, REFFERALS AND BOUNTY.
AIRDROP BOT: @AIASAirdropbot
EXCHANGES;
For more detailed informations on all the above goodies or the whole project as an asset just follow the below links. This is one project that needs a look at and good understanding so feel free to read their detailed white paper.
AIAS Website
AIAS WhitePaper
AIAS Telegram
AIAS Facebook Page
Follow on Twitter
AIAS Medium
AIAS ANN Thread
AIAS Bounty Thread
AIRDROP BOT: @AIASAirdropbot (Telegram Bot)
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