What is Axion?
The revolutionary idea behind cryptocurrencies like Bitcoin is that they offer a real alternative to our current broken financial system by empowering individuals financially. Unfortunately Bitcoin is over 10 years old and as a technology has yet to do what it's promised. Fast forward to today and we have thousands of different cryptocurrencies and block-chains. Where do you start?
Decentralization essentially makes the end user their own bank by removing the middle man. But what does this mean exactly? In an age where it's rather challenging to manage day to day things like user names and passwords; should we really expect people to have custody of their own private keys? To use hardware wallets etc? As the cryptocurrency landscape continues to evolve a clear division is being made. In crypto there are two kinds of users; those who control their own private keys, and those who don't.
If you are here, reading this now then perhaps it is a sign from the universe that you do indeed have the capacity to understand what a private key is, why it's so powerful, and have accepted or will accept responsibility for managing it. So what is a private key? Think of it like the password to your wallet. A very, very complicated password. Private keys are sophisticated form of cryptography that allows a user to access their cryptocurrency. Instead of having to remember a complex series of letters and numbers, which would be almost impossible in this case; your private key can be converted into something called “seed words”.
Seed words are a set of 12 words which you can easily memorize or write down on a piece of paper in order to serve as a backup for your wallet. In order to get your seed words you first need to create your wallet. I recommend Metamask. Metamask is the most popular cryptocurrency wallet in use today. It is available for PC, Mac, Android and now iOS devices. It is a very easy to use application, that allows you to store, send and receive cryptocurrency, as well as interact with dapps.
Dapps are simply applications which run on a block-chain and Axion is one such dapp; a "DeFi" (decentralized finance) dapp at that. Up until now we haven't seen block-chain be used in a truly ethical way. That is to say, in a way that really empowers the people who use it. Normally it's only a select few individuals. It's natural for cryptocurrencies to evolve, but block-chain is a tool and as such, you can learn to use it to empower yourself or it may very well be used against you. Brand new emerging mechanisms like Axion afford the individual the ability to generate passive income using AI. Think about how revolutionary of a system this is; AI working to generate passive income for humans. Freeing up the most important asset in your day; time. And allowing you to focus on more important things like health, well being, friends and family. Axion is on the cutting edge of block-chain and smart contract technology.
Staking is the act of time locking your cryptocurrency into a smart contract. What this means is staking contributes value to the network. The value of any given network is always determined by it's participants. The beauty of Axion is that the participants (stakers) are the ones who are directly rewarded by utilizing the Axion smart contract due to the decentralized nature of it's mechanics.
You simply contribute your stake to the Axion network by time locking your tokens for X-amount of time and then begin earning interested proportionally based on the size of your stake, and depending how long you stake for. As long as there is activity on the Axion smart contract, stakers are rewarded in passive income. Additionally holders of the Axion token will benefit from it's price discovery, as the mechanism behind the reward distribution is also designed to simultaneously increase the value of the token. 80% of the ETH that is used to purchase Axion in the daily auctions is used to buy back Axion tokens from exchanges which are then distributed to stakers in proportion to their stakes and increasing the value of Axion for holders.
Empower yourself by learning how to mange your own private keys, how to use block-chain and AI powered smart contracts to generate passive income. Axion is a revolution in cryptocurrency and traditional finance. No overly complex game theory, just you, the block-chain and your stake.
Axion is the answer to a broken financial system.
Axion is a movement. Built by the community, for the community.