Axia is a cryptocurrency-oriented company led by Nick Agar. The organisation is building a digital ecosystem around the world’s first hyper-deflationary digital currency called the AXIA Coin (AXC).
The cryptocurrency world is witnessing a new model in tokenomics. With the increase in demand for certain cryptocurrency projects, more and more projects are introducing a form of deflationary token mechanism to incentivize their holders to still hold on to their tokens by creating value in a scarce commodity.
In an exclusive interview with Nairametrics, Nick Agar, the founder of Axia, gave us insight into the world of Axia and how hyper-deflationary tokens work.
The Axia Coin (AXC) follows the model of a deflationary token but in a more accelerated manner. Axia coin is designed to have a constantly decreasing total supply with all transaction fees automatically burned, while the pool of supporting assets in the AXIA Reserve can increase simultaneously. This way, the coin has an ever decreasing circulating supply, making the coin more valuable over time.
Nick Agar, Axia’s founder has over 15 years experience in the financial industry, where he started his career in investment banking.
“I started my career in investment banking because I had both an education in technology and finance. After this, I went on to develop my own software company and this is when I started working on an open and more inclusive financial system.
“I then started looking into blockchain and cryptocurrency and I began to see a lot of deficiencies that currently exist in the industry such as lack of utility and lack of real value being distributed to its holders and users. These deficiencies ended up being the starting point of Axia, which began almost 5 years ago,” Nick told Nairametrics.
When asked about Axia’s vision, Nick explained that the main goal is to provide a more inclusive and fair financial system for the world at large.
“We want everyone to participate within Axia, removing barriers to entry, where we can advance the lives of the people by creating new opportunities within the ecosystem, using this hyper-deflationary economic model at the centre of it,” he said.
Axia currently offers a number of services which includes AXIA Capital Bank, AXchat, AXemble, AXconnect, AXpress, AXbox and AXdepot. They also have other products launching soon. Speaking about these business heads, Nick told Nairametrics that Axia has an all-encompassing, constantly expanding ecosystem which includes a number of businesses, platforms and applications. With the network constantly offering new value through its various business heads, it ultimately brings more utility and value to the Axia Coin.
“For example, we just released our browser, which is more private and secure and when it is used by customers, they get all kinds of rewards.
“Asides from this, we just acquired a company called UBDI which stands for Universal Basic Data Income, where we are also giving people not just value for their money but also for their time and attention.
“This is because they now own their data and get actual rewards for their data in a way that was not previously possible,” he expounded.
The Hyper-Deflationary Digital Currency Model
We asked Nick to give us a run-through of what ‘hyper-deflationary’ means.
“When you look at current monetary systems, we are losing purchasing power and things become more and more expensive because they are inflationary. When we look at Bitcoin or Gold, there is deflation because of their finite supply and due to this finite supply, they are hyper-deflationary because it is not a limited supply that is static but a supply that is constantly reducing,” he answered.
He further explained that any activity or any form of participation in the Axia ecosystem helps to reduce the supply, thereby making the coin increasingly scarce and thus, creating value for everyone who is a part of the Axia community.
The Dual Blockchain
Axia coin is a distributed application built on a public blockchain network that interacts with Axia’s Reserve Blockchain. The dual blockchain design according to Axia, “allows for the provision of public transparency by delivering visibility on all network activity, along with the real-time reporting of AXIA Reserve holdings.”
When asked about this, Nick Agar stated, “What we have is also an asset-supporting structure for Axia. Everything that is going on in the ecosystem is tracked on a blockchain which provides complete visibility and total transparency which is very important to us.”
He further explained that there is also the network for the utility of the Axia Coin itself, which also provides transparency and the ability to use the tokens as money. These two blockchains interact together as a way of providing all supporting structure and the usage of the currency itself.”
The Ethereum gas fees crisis
Axia is built on the Ethereum Blockchain and although the Ethereum blockchain is the pioneer for smart contract applications, the network is plagued with high transaction fees (gas fees), which had led many to look at other Ethereum competitors like the Binance smart chain, Solana blockchain, Cardano blockchain and so on.
When asked if there are concerns about the gas fees, Nick said, “of course, 100%.” He further explained that Ethereum has a number of different problems, citing the network’s congestion and outlandish fees.
“Axia is actually developing its own network and we are actually going to be releasing it soon and this, again, will be an advancement on what is currently available in the marketplace today.
“This is something that we are very excited to be announcing in the very near future. We are taking blockchain to the next level where there will be no congestion issues, more stable fees and a more inclusive blockchain that is far more energy-efficient as well.” Nick said, adding that the blockchain will be a dramatic move forward for the industry.
Axia’s competitive edge
According to Nick, Axia’s competitive edge is the fact that the organization is a non-profit organization. He stated, “This is not about creating a system for corporate interest. All the value is always going to the user and those participating in the network in any shape or form.
“Because we have created so many ways to participate on the network, it has now become something where everyone can build on top of Axia. I mentioned the network itself, the application and businesses, which is really about Axia, through this constant evolution, staying ahead of the curve.
“Where Axia is today, is not where it will be in future. It is going to be a constantly growing process in terms of providing more and more value to its users and participants and we are excited about this because there is so much to come in the near future.”
Nick Agar concluded by giving us his thoughts on cryptocurrency regulations and his top 5 cryptocurrencies. To watch the entire interview, click here. AXC is trading at $1.48 as of the time of this writing.