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What You Need To Know About Paxos Standard

15 August 2019 11:43, UTC
What You Need To Know About Paxos Standard
By Thomas Glare

The PAX cryptocurrency was created on the basis of the technical solutions of the other popular cryptocurrency project Ethereum, which allowed the creators to achieve full-fledged crypto-network decentralization, as well as to increase the indicators of the cryptocurrency stability. Paxos Standard Token cryptocurrency was introduced as a new digital payment platform that can be fully integrated into any structure. The prospect of this token, as well as the possibility of using it as an investment tool, forces users to search for information on how to extract it, as well as how to mine PAX on Nvidia.

A Bit Of History

It should be noted right away that the Paxos project has been known to Internet users for a long time as a family of software protocols created specifically for solving problems of reaching a consensus within networks of unreliable computers. At the same time, the trust investment platform of the same name has no actual direct relation to these program protocols, as well as Paxos island.

In 2012, the Paxos Trust Company appeared on the market, and its appearance immediately preceded the development of the PAX cryptocurrency platform.

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In 2018, the management of Paxos Trust Company, in the wave of hype around cryptocurrency technologies, decided to enter the blockchain market with its own project based on Ethereum software solutions. In this case, the main feature of their new currency will be its securing by real US dollars.

Features And Specifications

The Paxos Standard is the world's first digital asset created by a private company and differing in providing its own exchange rate with US dollars. The authors of the crypto project position their offspring as a unique platform that has a number of distinctive characteristics and significant advantages like hotels in Paxos over other similar projects based on the blockchain.

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The rate of PAX is strictly tied to the US dollar. For this reason, the value of one PAX will always be equal to one US dollar. At the same time, it is impossible to say exactly how truthful the information about such anchoring of PAX quotes to the dollar is, especially given the relative youth of the site and the lack of comprehensive information about its technical component.

At its core, this cryptocurrency is a classic token standard ERC-20. The PAX coin first appeared on the market on the small and unpopular itBit exchange platform.

The Paxos cryptocurrency development team highlights the following features and characteristics of the coin:
  • the absence of commissions and additional fees when conducting operations for converting a crypt into fiat money;
  • volatility within US dollar exchange rate fluctuations;
  • fast conversion of crypto active assets around the clock;
  • all digital coins PAX are secured by US dollars stored in special bank accounts.
Basically, the PAX has minimal differences from other similar digital currencies based on blockchain technology that is used even in online casinos like svenska casinon. At the same time, the token is very similar to the Tether crypto coins, which belongs to the category of stablecoins, whose rate is rigidly tied to fiat money, which minimizes the volatility of the crypto-money and makes its course more stable. It should be noted that the PAX token was mainly created to work within the framework of the Paxos platform, and not to carry out operations on the stock exchanges, although the holders of PAX still have this opportunity, as well as know-how to get to Paxos.

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With regards to the possibility of PAX mining, it is impossible due to its limited emission and its binding to fiat money. The same applies to the possibility of mining the coin through the Paxos Standard Token mining cryptocurrency pool.

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Benefits

The prospects for the Paxos Standard Token in 2019 depend not only on external factors and the general direction of the blockchain market but also on its advantages and disadvantages.

The main positive sides of the Paxos Standard Token include:
  • Availability of support and well-established partnerships with representatives of the blockchain community, as well as with investors. The team of developers includes specialists with extensive experience in the field of finance and the creation of advanced digital trading platforms. All this forms a trusting attitude towards the platform from ordinary users and investors, which ultimately has a positive effect on the growth rate of crypt popularization;
  • Quick and successful start of the crypto site. A month after the official launch of the token to the crypt market, it began to be actively sold on many cryptocurrency exchanges, which is indirect evidence of its need among investors and stock market players. In addition, work with this asset is supported not only by exchange platforms but also by online exchangers;
  • The asset has been officially recognized as a valuable payment and investment instrument by many participants in the traditional financial market. This fact is particularly important given the fact that government regulators, as well as most financial institutions, are still cautious and skeptical about crypto assets and their prospects;
  • An experienced and highly professional team of programmers were involved in the creation of the software component of the crypto platform. The management of Paxos has extensive experience in the financial sector and also understands cryptocurrency technologies, as evidenced by the fact that the company owns the itBit exchange. All this indicates that the steps made by the creators of Paxos Greece should have a positive impact on the future prospects of the token;
  • High level of demand for technologies offered by the project on the market. Now the market is full of various stablecoins, although no one has been able to offer users access to a truly stable coin so far. For this reason, PAX’s creators have the opportunity to achieve such a status.
These factors have a particularly positive impact on the development of the project and its popularization among users.

About the Author

Thomas Glare, an independent journalist and financial analyst, has been studying the appearance, development, and application of the variety of cryptocurrency since the introduction of the earliest crypto coins like Ethereum. Trying to provide its readers with the newest available information, he is always sincere in his articles presenting information not only from his point of view but using the knowledge of other reliable and experienced professionals working with blockchain markets in practice.

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