While we have been hearing of Blockchain networks everywhere in this Cryptocurrency world, have we heard of Blockchain of Blockchains? Yes, AuxLedger is the Internet of Blockchain, a decentralized interconnected Internet to overcome the requirements of performance, customisability, and interoperability. To put it in simple terms, AuxLedger aims to,
- Communicate between Blockchain networks, it can connect two or more blockchain seamlessly and enable transactions between them securely and at real-time speed. It is a Multi-Tier Blockchain architecture where multiple networks are on a single network with full consensus and data integrity with no private information from one chain flowing into another.
- AuxLedger’s AuxNet can be customized to business & enterprise, allowing the designing of private or public Blockchain network adapting to different protocols.
- Distributed apps can be developed on these customized networks were sending information & transaction speed is in real time.
It is a tested platform where AuxLedger team has already on-boarded 53 Million users over the World’s largest enterprise Blockchain network for the State Government in India. It has already partnered with HPE, IBM, KPMG and NITI Aayog (the Think Tank of India) to build their solution.
Auxchips & Auxgas
AuxChips are the administrative tokens on the AuxNet network and are created as a one-time process limited in number which means no new AuxChips can be mined on the AuxNet.
The holders of AuxChips shall have:
- Ability to earn the right to mine New Blocks resulting into creation of AUXGAS, a fuel inside the AuxNet Network.
- Ability to deploy Multi-Tiered Network based on the number of AuxChips being held by the Network Owner and connects more nodes to the created Sub-Network.
- Ability to build Decentralized Applications (DApps) on the Network by staking the AuxChips.
- Ability to enjoy voting rights on key decision-making processes.
Key Aspects of Auxledger
Some of the Key aspects of AuxLedger are:
- Inter-chain Communication and Transaction.
- Access to Deploy DApps on AuxLedger Public Network.
- Deploy customizable Tiered Network on AuxNet.
- Flexible Blockchain Network where Blockchain Creation Activity can be configured while deploying A Private or Hybrid Network.
- Native tokens can be configured during the deployment and Custom Built Contract Assets.
- Implements a simple Smart Contract based network configuration file defining the protocols of the Network.
- Participation on Network Governance Voting.
- Ability to Mine AuxGas through Consensus model.
- Fee for Permission or ownership transfer.
- Ownership Transaction on Intra & Inter-Chain
- Mathematical Modelling of self-regulating economic Ecosystem to control Gas Supply based on Network’s demand.
- Proof of Authority eliminating Mining from Blockchain.
- Remittance using Blockchain.
- Identity Management Programs using Blockchain (already tested in India with 53 Million users on-boarded).
- And several other Blockchain uses, you name it and AuxLedger can provide a solution for it, be it remittance, Land Records, Bollywood, Football Leagues (Tokenization of Players), Agriculture, Various Government Schemes & processes, etc.
Auxledger and Government Use Cases
Auxledger is best-known for being the preferred blockchain of the government of India. The enterprise-grade blockchain is used for a number of crucial tasks across the country, including everything from a land registry to a benefit distribution system.
Here are some of the use cases for which Auxledger is currently being used, or is being explored for use:
Electronic Health Record:
Many blockchain companies are seeking to deploy blockchain for electronic health record (EHR) management. A good EHR blockchain could solve huge issues in the medical community. Auxledger’s website mentions the ability to display data from multiple databases, creating a reconciled community-wide directory of all information about citizens.
Benefit Distribution System:
Auxledger can be used to distribute government benefits in an immutable way, reducing fraud and improving efficiency throughout government services.
Official Registry for Government-Licensed Assets:
Auxledger can be used as an official registry for any assets registered with the government – from land records to firearms to intellectual property.
Auxledger could be used for voting, ensuring each person gets verified by the blockchain, then is allowed to issue one vote.
Ultimately, Auxledger could reduce fraud and error in multiple areas of the government, delivering big benefits in terms of efficiency and productivity.
Interoperability & Cross-chain Assets Swap
Interoperability in Auxledger ecosystem is defined as a trust-less method to exchange native assets of different subnets. This transaction can also be followed and resulted into execution of a smart contract in their specific networks, resulting the change of other states data. This function allows any connected blockchain networks to exchange assets, contracts and permissions. Further, team at Auxledger is also building bridges to communicate Auxledger based networks to other public Blockchain networks such as Ethereum, Ripple and Neo.
The supply of AuxChips is split into two, 60 Million made available to the public in the Crowd-Sale and 40 Million retained by the foundation of the Community Development making a total of 100 Million AuxChips which is limited.
300 Million Pre-Mined AuxGas, the fuel for the AuxNet which secures the integrity of the Network shall be made available and distributed proportionately to the AuxChips holders while launching the AuxLedger’s AuxNet Network. New AuxGas can be mined by the AuxChips holders through PoS (Proof of Stake) consensus model. AuxGas creations are dynamic unlike regular Blockchain models and shall be based on Demand – Supply; therefore an additional 2 Billion hard cap has been kept as the total number of AuxGas on the Network.
AuxGas shall be utilized for Native Assets Transactions, Cost of Computation, Interchain Computational Cost & Contract execution and as Fee for node / Ownership transfer on the AuxNet ecosystem.
AuxGas shall be available in the form of ERC-20 token after the platform launches in 2019 making AuxChips usable in the AuxNet Network. At this time 300 Million AuxGas will be released meaning 3 AuxGas shall be distributed to every single AuxChip holder.
The Economy model of AuxLedger is unique and with such a scale of Multi-Tier Blockchain Infrastructure, it needs to be made economically sustainable, providing high growth and incentivizing the Network which shall help in securing it. The Genesis implementation of AuxLedger, therefore, offers in return the Blockchain fuel “AuxChips” that powers the entire network for the early entrants acquiring administrative tokens, blockchain enthusiasts and community developers.
Who’s Behind Auxledger?
Auxledger is a proprietary blockchain platform created by India’s Auxesis Group, which was formed out of India’s first blockchain lab at the Indian Institute of Technology in Mumbai. Today, the company is working with BFSI, the Indian government, and corporations across India to deploy its blockchain infrastructure.
Auxesis Group is best known for Auxledger. However, the company’s other services and platforms include Darwinsurance (a smart contract based insurance platform), AuxCE (a high-frequency cryptocurrency exchange), and Auxy (an e-wallet for bitcoin and cryptocurrencies).
Overall, Auxledger has dozens of applications across different state governments in India. It enables organizations to quickly deploy a blockchain-based network and deploy their business logic on top of it.
In November 2017, Auxledger made headlines for partnering with Cashaa, a money transfer service going through a token sale from November to December.
Can you now imagine an infrastructure which can interconnect Blockchains seamlessly, securely without compromising its individual privacies & priorities, Yes, that is precisely what AuxLedger is all about and also revolutionizing the Blockchain itself. As quoted above, AuxLedger has already built its World’s largest enterprise Blockchain Platform on-boarding 53 Million users (for a State Government in India) and partnered with World’s Top Companies HPE, IBM, KPMG & India’s Think Tank “Niti Aayog” to provide solutions to their Multi-Tier Blockchain Needs. Be ready to Rock and be part of the revolution on the Internet of Blockchain – AuxLedger! The Pre-Sale shall begin in Oct-2018. Keep Watching & avoid the biggest FOMOs one would every ever see soon!
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