AIASCoin seeks to disrupt the payment processing market using a high-speed, privacy-centric transaction model, designed to facilitate mainstream adoption of blockchain technology.
Blockchain technology has since its emergence been touted as a revolutionary innovation capable of replacing traditional systems. But in spite of its high disruptive potential, it has to a great extent been limited to being a vehicle for speculative investment and a peer-to-peer remittance framework. Among the issues standing in the way of mainstream adoption are ease of use, transaction processing speed and fungibility.
AIAScoin offers a viable solution for these problems, creating an efficient payment processing platform with inherent privacy, low cost, high security and near-instant confirmation. Built on a Proof-of-Stake consensus mechanism, the network makes use of masternodes to offer privacy and high transaction speeds. Its main objective is to facilitate widespread blockchain adoption by merchants worldwide.
Take a look at the technology behind the platform that makes this objective a reality:
Breaking Entry Barriers – Easy API Setup
Access to a majority of blockchain-based applications is limited to tech savvy individuals. AIAScoin seeks to address this by making it easy for e-commerce outlet to integrate the payment platform into their business models. Regardless of their level of technical knowledge, anyone can install the plug-and-play plugin on a website. The easy API setup aims to facilitate cryptocurrency payment processing on a global scale.
Moreover, cross-platform functionality means that the framework can be adapted to virtually any type of business. One distinguishing factor between AIAScoin and other masternode coins is that it does not require heavy hardware investment. Instead, it is installed on any existing e-commerce app. This further reduces the entry barrier for merchants looking for an efficient payment platform.
Fast Transaction Processing – SwiftTX
Privacy-centric crypto users at present have to contend with lower transaction speeds than those of their public alternatives. SwiftTX technology is implemented on the AIAScoin system to address this issue. Thanks to the use of masternodes and a PoS consensus mechanism, transactions on the network are near instant. This comes in particularly handy for point-of-sale situations where time is of the essence. Once a payment is sent, at least five independent confirmations take place in the span of less than a second. At the same time, the double spend risk associated with certain digital currencies is eliminated.
Transaction Privacy – Fungibility and Zerocoins
The AIAScoin network uses several approaches to address the privacy issues troubling a majority of cryptocurrencies. Due to their transparency, it is possible to trace the entire history of most coins. As a result, a coin that has been used for illicit activity such as money laundering is less valuable than others.
Fungibility means the possibility of exchanging one unit of a currency for another. Through masternode technology, the history of coins in the network is cleared to ensure that previous transactions are untraceable.
Zerocoin protocol takes the network’s privacy a notch higher. It facilitates the conversion of regular AIAS coins into untraceable and anonymous zAIAS coins. And when a user wishes to spend zAIAS, regular AIAS tokens appear in their wallet without any historical transaction information.
Robust Protocol – PIVX Fork
AIAScoin is a PIVX fork and PIVX is a fork of the DASH privacy coin which was created from Bitcoin core. Essentially, this means that AIAS has retained some of the robust features of Bitcoin core whose security has not been compromised. But at the same time, it seeks to address the weaknesses of Bitcoin for instance the lack of fungibility and high transaction speeds.
The fact that it is based on a PoS consensus system and not Proof-of-Work (PoW) like bitcoin means that the network does not require costly mining equipment for maintenance.
These refer to computer wallets within the network that keep a real-time record of the full blockchain. They are connected to the network round the clock and perform a variety of crucial functions. Some of their roles include governance, instant transaction confirmation and facilitating privacy.
In exchange for their services, they get block rewards and bonuses for PrivateSend and InstantSend.
Instead of carrying out a token sale, the network is selling Masternodes with a focus on developing and securing the blockchain.
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