The Axio is an asset-backed cryptocurrency that will be issued by the Axios Foundation and will be held in accounts managed by the Foundation. All axios will be issued as loans. The outstanding loans will represent all axios in circulation. As a loan principal is paid, axios comprising that payment will be extinguished. The Foundation will record all loan activity in a blockchain. This blockchain will be published as a record, enabling daily end-of-day audits of all operations. In every reporting period, an independent auditor will be able to use this information to certify that, at the time of the audit, the total amount of outstanding loans is equal to the total amount of axios in circulation. This arrangement will account for all axios and for the way they were issued, without disclosing any information relating to the Axios Foundation members’ accounts. Combining blockchain technology with standard accounting will allow the Foundation to offer the best features of both worlds without sacrificing anything.
The Axio is a variation on a traditional cryptocurrency. As such, it is a digital asset designed to work as a medium of exchange that uses cryptography to control the creation of additional monetary units, and to secure the transfer of assets.
From the outset, the Axio was designed to be more than an incremental improvement of the current monetary system. It is a revolutionary change, the aim of which is to surpass the current system by delivering previously untenable benefits to individuals and businesses. Here are some of the Axio’s features:
The Axio is a novel asset-backed cryptocurrency modeled on an asset-backed security (ABS). A traditional ABS is a financial security collateralized by assets such as loans. While an ABS is linked to a specified pool of underlying assets priced in a fiat currency, assets issued by the Axios Foundation will be denominated in axios. As a result, unlike an ABS, each Axio, as a security, doesn’t have to be linked to an underlying asset in order to determine its value. And unlike an ABS issued for a pool of underlying assets, the Foundation will issue a number of axios for a single asset corresponding to its face value. The market value of the Axio in terms of fiat currencies will depend on the portfolio of assets held by the Foundation, and a securities market will determine this value by trading the Axio vs. fiat currencies.
The Axios Foundation will grant loans and collect interest on them. Thus, the Axio will be backed by the intrinsic value of borrowers’ efforts to pay off their loans. That is, the Axio will be directly backed by the intrinsic value of work that represents the real value rather than a by-product of work such as gold. And unlike commodity-backed cryptocurrencies that have a fractional reserve value, the Axio will be fully backed by the full faith and credit of the borrowers.
The Foundation will disburse profits from its operations as interest payments to all Axio accounts. The interest payments will be paid on a regular basis, providing an incentive to invest in axios, and keeping them on deposit with the Foundation.
The Axio is backed by the value of loan interest payments that represent a certain amount of work. Since the value of work is a stable commodity, the intrinsic value of the Axio will be stable.
The Axios Foundation will support a variety of payment methods that will allow axios to be used seamlessly, just like any other currency. Among these are the mobile payments that will allow the Foundation to bypass the existing payment infrastructure, and the very high fees associated with it. Additionally, all transactions that do not require a currency conversion will be free for both consumers and retailers.
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