PAX Coin — Cryptocurrency 2.0 for Real Economy

6 min readDec 2, 2018

INTRO

During the 2018 World Financial Forum offers selected six upcoming technology. It is a Blockchain, Nano Sensor and Nano Internet associated with Thing (IoT), next era battery, 2D material, unmanned (autonomous) vehicle. In specific, Blockchain technology is a truning point of the industrial revolution. Blockchain creates openness, fairness and decentralization in future where human can live more wealthy.

INTRODUCTION

Blockchain technology is growing quickly and several Cryptocurrency have surfaced. Organizations are testing with the program from 2017. Blockchain technology can be used to a broad a variety of industry in all industrial sectors. The most available implies of Blockchain technology is Cryptocurrency and the diffusion and usage of the Cryptocurrency will alter the way people live.

Since the initial Cryptocurrency Bitcoin using Blockchain technology in late 2008, a range of Cryptocurrencies have appeared. There are numerous sectors where Cryptocurrency can be used, and numerous protocols have appeared. A number of start up companies have concentrated on the technological advancement of Cryptocurrency, that has lead in considerable technological improvements.They have produced significant improvements in encryption technology, the speed of processing, security and more. However, these advancements are too much emphasis on technology and not much research is becoming done on payments and arrangement strategies which Cryptocurrency’s initial purpose. The technological improvement of the Cryptocurrency alone is very essential, however the apply of the Cryptocurrency in actual life is also very essential and should be followed by the growth of the technology.

Cryptocurrency 1.0 is the currency that works on on the technical improvement of the Cryptocurrency on its own and Cryptocurrency 2.0 can be used to set up the entire the program. Because of that it can be applied straight in actual life. Cryptocurrency 3.0 is a Cryptocurrency which changes in mixture using different industrial areas centered on Blockchain technology.

Through this specific variation, PAXCoin is best suited to the region of Cryptocurrency 2.0.

PAXCoin with Cryptocurrency 2.0

Cryptocurrency 2.0 looks for to develop an connected monetary system and ecosystem which can be applied as a indicates of arrangement and transaction in actual life.

PAXCoin provides the maximum degree of protection and steadiness, and via the establishment of a transaction and arrangement system, it is the ideal Cryptocurrency that can not need currency trade in dealings among person and person, organization and organization, nation and nation. Even though different systems have been applied for reasonable and trustworthy dealings in the past, they have several restrictions that existing economic methods cannot be remedied. The ideal approach to conquer this restriction is the Blockchain technology and the Cryptocurrency 2.0. Through applying Blockchain technology, you can report and reveal several kinds of details required for trade purchases in the distributed ledger, therefore the similar data is sent to relevant functions, and information can be straight seen or altered without an intermediary. Also, because the report stays in the Blockchain for the work of changes, it can be confirmed with earlier history also if there is any malfeasance. In addition, the introduction of Cryptocurrency with Blockchain has allowed stability, time and price savings in inter- personal, inter-company and worldwide purchases.

PAX Foundation

PAX is produced through the goddess of serenity of Roman mythology, Latin implies prosperity, success, peace. The PAX Foundation was started to construct the the basis of a Smart region where all humanity can eventually guide an wealthy life. Blockchain technology will be quite beneficial in companies such as Internet of Thing (IoT), transaction system, healthcare, finance, purchasing, gaming, power, social media, real estate, entertainment and it is predicted to lead to enhance the excellent of individual life Particularly in the situation of financially poor countries, it is predicted that it will bring about significantly to enhance the quality of life of the men and women by considerably increasing the unfavourable economic system. Blockchainstory Co., Ltd has set up the PAX Foundation to assist the growth of Blockchain industry in financially fragile nations.
The PAX Foundation has been operating with Blockchain professionals through all walks of life to help the improvement of Korea’s blockchain industry and to help the financially poor nations efficiently

PAXCoin development background and purpose

Cryptocurrency has a powerful energy and to develop its very own ecosystem, several members should be a part of and be capable to really make use of them in mining, investing and use it in real life. To be ready to do this, the Blockchain The system must be taken care of reliably, and several general individuals must be able to positively take part in exploration to get a beneficial Cryptocurrency at a reduced price.
PAXCoin has been created to be the most appropriate for the initial objective of encryption currency. PAXCoin is dependent on the most steady platform, Bitcoin, and has far better efficiency than Litecoin (LTC) or Vertcoin (VTC) etc. PAXCoin has removed the attention of Coin mining by huge mining products producers or multi-pool miners and has granted miners to be equitably mined. This will offer chances for all miners to contend relatively, letting more contributors to gain from mining. This will generate a healthy PAXCoin ecosystem and enable a lot more consumers to purchase and market items with PAXCoin, and producing PAXCoin also more valuable. In addition, the commissions generated through the transaction have been distributed equally among the mining participants around the globe, lounging the base for more individuals to get involved in mining.

Technical Description

PAXCoin was produced centered on the Bitcoin system, that is obtaining ideal security and protection, and by sustaining match ups with the Bitcoin API,it is simple to combine into current programs backed by Bitcoin. PAXCoin utilizes the verified Scrypt encryption technique in LiteCoin and Dogecoin. Additionally, in order to decrease the long block creation time, which is a issue of Bitcoin, it expanded the block size to 2 megabytes and applied the transaction time to fewer than 1 minute.

PC and Mobile Wallet (Naive Wallet)

PAXCoin’s digital wallet offers the Native Wallet that does not need administrator manage dependent on the guideline of “Do not allow the third party involvement”, the fundamental viewpoint of Cryptocurrency, and securely control your resources in any situation.

PAX Coin : mobile e-Wallet