What is currently stopping blockchain to reach mass adoption? Based on all its benefits: immutability, transparency, decentralization, privacy (in some), full ownership of your data as well as your money, smart contracts, voting mechanisms, global transactions and so many more opportunities that companies are able to create thanks to this technology. What is happening? Certainly there’s a problem, a few actually, like scalability, interoperability, flexibility and friendly interfaces to name a few. Today I will be talking about a project called Auxledger that addresses these issues.
What is Auxledger?
In simple words, Auxledger is a one of a kind blockchain infrastructure aiming to help enterprises and corporations to build their own customisable networks making them flexible, dynamic, scalable and capable to interact with other blockchains, maintaining data integrity as a priority.
The team already has a background developing blockchain systems and in fact, last year they collaborated with the Indian government to supply the country with a blockchain for various business purposes. They delivered their product and services to 53 million users thanks to this program. However they found these problems I mentioned before and thus, they were incentivized to create a solution to this.
To understand this a little bit more, we need to understand a little bit of the differences in current blockchain systems to see what Auxledger is bringing to the table. Bitcoin, being the first blockchain ever created, is basically a peer-to-peer network that serves as electronic cash to store value through a deflationary mechanism and with the help of the proof of work algorithm to issue new coins, record and secure transactions. Is a basic decentralized ledger.
With the introduction of Ethereum, the world was presented a second generation blockchain which introduced concepts like decentralized applications and smart contracts giving us an idea of a decentralized world computer. Ethereum has many more purposes than just transfer value but it has also inclined more into a private network concept with the projects being built on it, losing in a way, some of the core values of a public blockchain like Bitcoin.
Auxledger is presented as a third generation blockchain that allows businesses to enjoy the benefits of a private network while maintaining the benefits of a public one, thus, making it kind of like a hybrid network(s). This system will allow Auxledger to provide inter-chain operability and scale efficiently in multi-tier networks.
What are the benefits?
The flexibility the network will offer comes thanks to the microservices oriented protocol because it’s important to consider all the different needs a business can have, so it’s crucial to have a horizontal scalable solution that can fit most if not all the needs a business can come up with. The
Auxviom is the Auxledger virtual machine dedicated to execute smart contracts on the blockchain. You can read more in detail about it in the white paper but in essence is designed in a register-based manner instead of the stack-based manner from Ethereum virgual machine which gives it the benefits of unbounded number of registers and integers.
The Auxledger blockchain will have a completely unique scripting language that is design to have a defensive programming approach which helps in reducing the risk of failure of the smart contracts developed on top. This is a more efficient security system than the one Ethereum implements.
The way the project will achieve privacy of the information is by implementing a combination of two models, Enigma computation platform and the Hawk model. This is also detailed extensively in the white paper. The whitepaper also goes in detail in how the project will achieve the interoperability across chains regarding transactions and communications between them, the multi-tier network implementation, the consensus management, the role of nodes in the network, the ecosystem governance and much more. You can read the details in the white paper here https://auxledger.org/whitepapers/auxledger-introductory-paper-en.pdf
There’s a token economy built-in in the system and focuses in two main components: AuxChips and AuxGas. AuxChips are like the administrative rights in the ecosystem. There will be no more than 100 million AuxChips ever. Their functions include the participation in the block formation process through a staking protocol, the ability to deploy a tiered network and the ability to have voting rights. The AuxGas token will fuel the network pretty much how gas fuels Ethereum and NEO for example. AuxGas will be used to transact, pay computation costs, as well as interchain communication costs, and fees.
There’s two phases of the token sale which will consist in a private sale (20% of the tokens) and a public sale (40% of the tokens). The token sold will be AuxChips and in the future, once the mainnet is launched, each holder of Auxchips will receive 3 AuxGas tokens per AuxChips once the project migrates and ports from the Ethereum network where they are basing the token sale.
Auxledger vision is definitely an ambitious one that aims to interconnect everything in the internet in a decentralized manner to secure and trust data as well as value. I believe this project has a lot of success in the long run and has the potential to become one of the biggest players in the industry.
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Disclaimer: Keep in mind that I’m participating in the content creation bounty campaign. You can join any campaign you would like to participate here: https://bounty.auxledger.org/
Therefore, I’m not giving investing advice, this article is purely educational in regard to AuxLedger.