What is Paxos Standard Token?
Paxos Standard Token was launched on September 10, 2018, as the first of its kind. The token has the same value as the U.S. dollar, operating at 1:1.
Paxos is the brainwork of Paxos Trust Company, with the approval and regulation of the New York State Department of Financial Services.
The crypto asset is built on Ethereum and enjoys some of the attributes of crypto assets such as decentralized accounting and immutability. It can be moved around the world instantaneously.
More so, it offers its users a digital alternative to fiat currency. That makes it useful for transaction settlement anywhere in the world.
Digital asset adoption has been extremely slow. Two major problems that are responsible for the slow adoption are:
- Volatility: Assets and money always have volatility issues. This has proven to be one of the major reasons why many investors and financial experts worked towards a better alternative to these assets. Investors are scared of losing their valuable asset to depreciation and other related issues.
- Trust: Trust is another major impediment to smooth transaction that is also addressed by the digital currency. Most times, potential business partners or investors may be scared of going through with their plans if they are not convinced of the security of their investment. As a result, businesses are losing major sponsorship, a bad omen for business.
- Slow transaction speed: This is another problem that PAX is designed to eliminate. Slow transactions can be time-consuming and frustrating.
Paxos Token was designed to eliminate the volatility issue completely and provide people with an alternative asset with zero volatility issue. Thus, the users can rest assured that their asset won’t lose its value suddenly. Rather, the 1:1 collateralization with dollar offers you an asset that has the potential to improve the utility of your money, increasing its overall value.
Also, Paxos Token supports instantaneous payment and that makes the transaction easier as this token’s users won’t have issues with a fraudulent business partner since they will be in charge of their data and fund.
Paxos hasn’t benefited from any partnership as of the time of writing the article. This may change in the future as the token gains more popularity and patronage.
Behind this powerful altcoin are some features that are specially designed to support the project and help it to achieve its goals.
Some of these features are:
- Blockchain technology: It is no longer news that the blockchain technology has proven to be one of the best innovations in the 21st century. It is reassuring, then, that Paxos Token is built on this technology with its reputation for security and other attributes.
- Regulated Trust: You can move assets freely with the regulated trust feature. Hence, you are not restricted to making business transactions within a location but can transact with anyone anywhere in the world.
- Efficient settlement platform: It is more efficient than any other previous platform at ensuring prompt payment during transactions.
- Awesome transaction speed: Paxos promises to enable you to conduct your transactions “at the speed of the Internet.” That will be a deviation from the current system that works at snail speed.
- No fees: You won’t be charged any fee if you want to convert any currency to PAX. You won’t be charged any redemption or transaction fees as well.
You can visit the official website if you want to know more about the team members.
Paxos has taken its marketing campaign to the social media. It is available on Twitter and LinkedIn.
- Twitter: 1,642 followers.
- linkedIn: 1,705 followers.
Some of the major news you can find on their website are:
- Paxos Standard Quickly Achieves Global Adoption by Over 20 Top Crypto Exchanges and other OTC Desks
- Paxos Introduces Faster Processing for PAX
- Designing Paxos Standard’s Minimal Smart Contract
For up-to-date news about this token, visit their official website.
- Tether: Tether (USDT) is one of the most popular alternatives to PAX. It is equally one of the pioneer coins in the cryptocurrency market. With 24-hour trading volume in excess of $6 billion and a market cap of over $2 billion, it is a formidable competitor to PAX.
- TrueUSD (TUSD): TrueUSD is another major competitor to Paxos. The project was built as a platform where real-world assets with an estimated worth of $256 billion can be tokenized without issues.
PAX has the potential to alter how transactions and settlements are done in the future. At the moment, though, it is still relatively unknown and that may have a negative effect on its acceptance.
By Jamal Molla