About Paxos Standard

PAXOS Coin Review: Mining Guide, Price & Analysis PAXOS Cryptocurrency

The New York-based company Paxos announced the introduction and launch of a new altcoin form in the crypto market. This took place in the second week of September.

The outstanding features that set it higher than her counterparties are the inspection and regulation by financial institutions such as The New York State Department of Financial Services. Moreover, just three months after PAX Coin's release, it hit $5billion in transactions and currently ranks 63 globally. It possesses a market cap of $542,459,328,878.  These interesting traits lead us to develop an irresistible urge to make out the matrices that operate the Paxos Standard Coin.

What is Paxos Standard Token?

The PAX is an ERC-20 token disbursed on the Ethereum blockchain. It is a centralized, stablecoin blockchain Collateralized by the US dollar. Consequently, to the added stability of the US dollar, blockchain technologies seal it all up.

The products of combined forces result into;

• Global transactions are carried out instantaneously.
• Immutability
• 24/7 available transactions, unlike many which do a 24/5
• Lastly, decentralized accounting.

Every PAX token must get full back-up by an equivalent amount of US dollars. This implication signifies that the reverse is also true; one could redeem PAX tokens for USD. However, Paxos Standard may not have opted for a form of security.

PAX token was a brainchild resulting from the "Tether Controversy."The team behind PAX tries its level best to ensure that there is the maintenance of total transparency. It operates on an audited Smart contract, PAX Smart Contract. The company behind PAX Smart Contract's audition is Nomic Labs. The account reserves get audited by Withum, one of the top-dog auditing firms in the country.

What are Stablecoins and Smart contracts?

Stablecoins are altcoins designed to curb volatility, favourable backed up by some form of collateral. These types of cryptocurrencies get pegged to the US dollar or some form of fiat currency.

Moving onto Smart contracts, we define Smart contracts as command codes that are pre-configured and stored on a blockchain. Moreover, they execute commands after all prerequisite requirements are met. The software helps promote the evasion of involvement of third-parties.

The team behind Paxos

Among the top-officials behind Paxos is Charles Cascarilla. He is the CEO and Co-founder. Charles boasts of over one and a half decades of expertise in financial services. He also helped co-found Cedar Hill Asset Management. Some other companies that Charles has worked for include; Bank of America and Goldman Sachs.

Working hand in hand with Charles are; Andrew Chang, Rachel Nelson and Rajesh Nair. An outstanding feature of this team is its board of directors. Some keyboard members include; Sheila Nair and Bill Bradley, all of who are outstanding personnel in their respective fields.

The team foresees a future ruled by blockchain; in this progressive financial evolution. In short, the company aims at the establishment of an economic ecosystem by bringing to fruition seamless networks.

How to mine Paxos Standard

To mine this altcoin, we advise the use of ASICs. These are software designed for such activities that require massive computation power. This is done with the consultation of charts that detail the cost associated with electricity and energy.

On the charts, a user selects a required amount of hash power equivalent to a certain amount of US dollars. The hash rate aids statistics on profit generation.

The use of GPU might be appropriate for beginners. However, one should note that both mining difficulty and numbers of miners differ proportionally. That is, an increase in the number of miners makes the difficulty level advance.

The Proof-of-work protocol boasts as the main system in operation. The developers have to introduce new blocks into the blockchain for them to attain rewards.

How does PAX token work?

Paxos Standard Token aims at reducing crypto asset volatility. The PAX token tirelessly tries to streamline the blockchain experience.

Projections imply that the PAX token might soon begin adoption as a form of payment internationally. Countries suffering from unstable currencies may experience some form of leverage emanating from this.

Now, let us dive into the tokenization process. As stated earlier, the PAX token is open for tokenization and redeeming. For now, the tokenization process is briefly elaborated below;

• Sending of US dollars to the issuer's bank account by the user.
• Minting of an equivalent amount of PAX token value. PAX Smart Contracts play a huge role in ensuring the minting gets monitored.
• Lastly, the PAX token minted get delivered to the user, whereas the issuer retains the US dollars.

If one wishes to redeem PAX tokens, the procedural layout assimilates the tokenization one. However, notably, the minimal conversion amount lies at $100.

Outstanding features of the PAX token

As per the official website, the following features set aside the token from its rivals;

• Regulation by financial institutions such as the New York State Department of Financial Services.
• Assured cash deposits
• Audition of Paxos by top-notch auditing firms.
• Secure transactions
• Provision of 24/7 purchase and redemption platforms.
• No charges on tokenization and redemption.

Where to buy PAX token

Most popular exchange platforms approve the exchange of Paxos Standard Token with other altcoins. Some of the exchanges include; Binance, Bitfinex, Bittrex, Digifinex, OKEx, ZB.COM, UEX, Bitrue, Up it, FCoin and Bit-Z.

Our take on Paxos Standard Token

One of the intriguing recently launched stablecoins is the PAX token. From the analysis, we can say the following give us solid grounds for sound judgement formation;

• A standard price of $1.02
• A market cap of $394,646,790
• Trade volume of $58,428,129
• Hitting unprecedented milestones within fractions of time since conception
• Regulation by use of Smart Cards
• Involvement of financial institutions and auditing firms

Therefore, we affirm that crypto investments in PAX tokens are not dead-investments. Consequently, PAX meets the thresholds of a viable investment opportunity.

Advantages and Disadvantages of PAX token

Taking a brief at both sides of investment in PAX token, we come across the following positive outcomes;

• Increased security when transacting
• Evasion of volatility and price faults
• Guaranteed accreditation and monitoring by key financial and government institutions
• Easy tokenization and redemption; consequently, ease of use.
• On the flip side, investment in PAX token leads to;
• Limited use, especially, If the form of payment lies unacceptable.
• Stiff competition from other stablecoins such as USDC

PAX Token Wallets

Since Paxos Standard exists as an ERC-20 compatible altcoin, one may store it in any Ethereum supporting wallet.

These wallets range from hardware wallets (operate offline), desktop wallets(accessible by only one Personal Computer), mobile wallets, and online wallets. All wallets are viable for use; however, the most convenient ones are online wallets. Online wallets are accessible from any location as they operate from a common server.

Some of the best include; MyEtherWallet, Mint, MetaMask or JAXX. These wallets will offer great service due to advanced security features.

Precautions

Before carrying out any activity, ensure;

• Confirmation of mining application software and hardware to ensure amassment of reasonable returns.
• The wallet is Ethereum supported, mainly to avoid loss of funds into thin air.

Final Verdict

In a nutshell, as the race for cryptocurrency investment spikes, investors ought to be on the lookout for the best.

Momentarily, investors seem to have a propelled projection towards stablecoin investment. Consequently, as a form of this investment mode, Paxos Standard is up for grabs; wherever, and whenever.