Intro
For those of you that have been following the progression of the AXIA Network closely, July is a very exciting month! Last month Nick Agar penned his June Founder’s Update, which outlined the state of the network and the thought process behind some important technical upgrades the team had decided to make in order to set it up for a more sustainable level of long-term success moving into the future. Then, earlier this week the team shared a holistic update outlining the progression of those updates and what the community can expect throughout the remainder of July and beyond.
It’s important to take a wider lens when thinking about these updates and consider many of the factors that are impacting not only the blockchain and digital asset industries, but many others as well. The last several months have brought to the forefront something that has been stated and forewarned by many, which is that many of the instruments, cryptocurrencies and projects and companies behind them in this space are fuelled by nothing more than speculation and hype — they run simply based on supply and demand economics re: buy now with the only hope being that someone will buy from you for more later. When there is a shift in market sentiment, we see how quickly a reassessment of the market takes place. This is simply due to the fact that many of these projects don’t produce anything that provides real-world utility and there are ultimately not enough use cases associated with them that are serving a needed purpose in our lives.
In a sense, this chaotic period for the industry has only served to further validate that the approach AXIA is taking — developing a network and ecosystem that offers participants significant real-world utility alongside a sound economic model, all of which are sustainable over the long term — is the only way to go.
Funds and other projects that are focused on short-term thinking and greed-based outcomes that will only benefit the few will continue to be washed away as the market continues to come to grips with reality.
During this volatile period AXIA only keeps building.
This is not intended to rub salt on any wounds but rather point out that as an industry we need to evolve our thinking and begin to take much more of not only a long-term mindset but a renewed focus on the fundamentals that best serve the masses to help us all to achieve the revolutionary outcomes that we should all be pursuing — in due time.
Today’s blog post will be short and sweet, and will serve the primary purpose of relaying the current state of the network to a wider audience, and to those that may not be as active in the AXIA communities on a daily basis. For those of you that have already read through the network update via the project’s official channels there may be some repetition, but don’t worry — today’s blog will also provide some new details on the launch of AXswap, and not-yet-revealed updates on other components of the AXIA Ecosystem. Let’s get to it!
AXIA Network V2 update
As part of the AXIA Network V2 update, the development team has been working to significantly enhance the way that the blockchain functions in a number of different areas. Here is a detailed overview of the updates that have been taking place since Nick Agar’s Founder’s Update in June, and what impact they will have on the network moving forward:
Speed enhancements — Throughput and block processing will start by being a minimum of 3 times faster than the V1 version of the network, which will position AXIA amongst the market leaders.
More versatile transaction flow — AXIA Coin can now more easily and conveniently be utilized between all applications and platforms within the AXIA Ecosystem to significantly enhance its overall utility and the user experience associated with it.
Improved interoperability — Easier integration with EVM-based (Ethereum and other networks) smart contracts to function seamlessly within the AXIA Network to enhance interoperability.
Increased number of consensus participants — A greater number of Validators and Nominators will be able to connect and support the AXIA Network, making it that much more inclusive over the long term.
Expanded AXpay integration — Nomination will be able to be conducted via AXpay to make it even easier for participants to be part of consensus, enhancing decentralization.
These upgrades have now been completed and the V2 of the AXIA Network has now moved into testnet where the development team is conducting final testing, stability and security checks. The only remaining step following the testnet period will be an external security audit of the network by the project’s technical partner, PeckShield. The industry-leading blockchain security company will rigorously test the V2 version of the network to ensure it’s ready for its public unveiling, and can be used safely and securely by all as we move forward.
When will the network be launched to the public?
The testnet period should be concluded by the end of this weekend and the Genesis Block for the V2 version of the network will then go live. Then, the security audit will be the final step required to take place before the blockchain is opened up to the public and onboarding begins for Validators and Nominators. This is when the real fun begins! At that point, AXIA will begin to raise awareness of the network and all the strategic advantages it can offer developers and participants around the world. The AXIA community can look forward to announcements on new partners, the planning and go-live of global hackathons, and much more!
The AXIA team is aiming to publicly launch the network before the end of July. The exact date will be based on the length of time required for the security audit. These technical reviews can take anywhere from a few days to several weeks, it’s totally dependent on what PeckShield’s findings are and the work required to implement any suggested changes, if there are any. Should the audit be done early, then the network could be launched earlier. It’s unpredictable by nature but the team is confident that in a few weeks everything will be in place for the true public unveiling!
When will AXIA Coin be back on external exchanges?
First and foremost it should be noted that the completion of an external security audit is required for trading on any major global exchanges. AXIA Coin could not, even if the team wanted to, go public on exchanges prior to the completion of PeckShield’s audit.
Secondly, in light of a number of disappointing developments related to KuCoin and other global centralized exchanges such as rumors of insolvency, bans from trading in certain geographic regions and other troubling factors, the AXIA team is taking the time required to ensure it makes a sound decision that is in the best interest of the entire community prior to its next public listing.
As always, anybody in the AXIA Ecosystem can continue to access a wide range of services at AXIA Capital Bank during this transitional period.
The team is not yet prepared to announce a specific date for the resumption of exchange activities outside of AXIA Capital Bank. Everybody onboard recognizes that this update may disappoint some community members, but AXIA is ensuring that it is in the best position possible to make informed decisions as to what will best serve all participants prior to moving forward with this important next phase of the project.
More AXIA Ecosystem updates
Outside of the upgrades taking place on the AXIA Network, there are a number of exciting developments coming to the AXIA Ecosystem very soon! From some items that have been teased quite a bit in the community to others that are just being shared for the first time today, here are a couple big updates:
AXIA Capital Bank mobile app launch — The official digital bank for the AXIA community is going mobile! App testing is complete and the development team is undergoing a final review before pushing it to the App Store and Google Play. Bank members will be able to access their full range of services through the app, which will be available anywhere in the world!
AXIA Application Portal going live next week — As of next week, AXIA community members, participants and developers will be able to apply for a range of opportunities, including the AXIA Global Ambassador Program, positions as community mods, devs and strategic project partners.
Compound your rewards through AXpress — The third AXIA use-to-earn app is also launching imminently. Share photo and video content with friends, family and the world from this secure and private app that lets you generate daily AXIA Coin rewards. The more AXIA apps you use, the more rewards you’ll earn!
AXswap decentralized exchange development update — In light of all that is happening in the space and some of the major causes for concern with centralized exchanges highlighted earlier in this blog, AXIA is fast-tracking the launch of its decentralized exchange (DEX), AXswap.
The team has been working diligently to ensure that the platform has the most favorable conditions in the entire industry, and that AXswap’s design and UI is extremely user friendly. In order to accomplish all of these objectives, AXIA spent a significant amount of time conducting due diligence on both centralized exchanges and DEXs in the space so that it could ultimately deliver an alternative that offers participants and users an unparalleled experience. The team plans to unveil AXswap in the near term.
Conclusion
AXIA continues to focus on building. From blockchain (AXIA Network) to Web3 (use-to-earn apps), crypto (AXIA Coin), finance (AXIA Capital Bank) and decentralized telecommunications (AXIA Tel), AXIA is working around the clock to build a full-fledged digital ecosystem that is sustainable in every sense of the word. Now, that’s not always as flashy as the get-rich-quick schemes we see in many corners of the industry or as flamboyant as an ad promising life-changing results in the crypto space, but we are now seeing the results of these types of tactics being played out in real time and it is not pretty.
Amid some of the updates and announcements over the last few weeks, AXIA has begun to notice something that has been really inspiring: the community has stood behind the project team and its collective vision 100%. AXIANs understand that each step is always being taken with them in mind and are fully behind what AXIA is looking to accomplish, period.
The fact that so many community members share the same mindset and approach to building in this space is a huge part of what keeps the team going and everybody that is a part of it cannot thank you all enough for your ongoing dedication and support.
With the public unveiling of the network coming closer and closer and AXswap also inching towards its official go-live, two of the most exciting pieces of the future of the AXIA Ecosystem are nearly ready for launch. So, this weekend while you’re enjoying some downtime with those closest to you, the team hopes you’ll join them in taking a minute to reflect on the roots of where AXIA began to where it is today, and the potential of where it can go in the future in terms of providing a more rewarding future for all involved.
