Bitcoin was invented in 2008 as an attempt to create a decentralized Peer-to-Peer Electronic Cash System. This goal was achieved, and since then many improvements were made. Despite all this, cryptocurrencies remain technological curiosities incapable of competing against the established fiat currencies. The reason for this is that cryptocurrencies have fundamental problems. First, money is a financial obligation that represents an outstanding debt. This is why cryptocurrencies like Bitcoin are not money. Second, because cryptocurrencies strive to be decentralized, there is no one that is legally responsible for them and therefore they cannot be registered as a security or can provide for a legal recourse. These and other problems prevent the use of cryptocurrencies in business, relegating their use to enthusiasts and speculators.
The Axio was designed to address these issues so it would function as money, and to solve major flaws in the current monetary system, enabling it to compete against the established currencies. To accomplish this, Axio had to become a monetary system, meaning it had to incorporate all the major components of a monetary system. At a minimum, this system had to provide means for maintaining accounts, performing transactions, resolving disputes, as well as making and servicing loans. While the Axio was to provide the means for implementing this system. Within this system the Axio became an asset-backed cryptocurrency, with every Axio in circulation being recorded and accounted for. This system had to be able to expand and contract based on the demand for the Axio while remaining stable. It had to prevent the exponential growth of debt. It had to provide a legal framework, free transactions to both consumers and retailers, and to pay interest.
This opened endless possibilities for the Axio. For instance, because the Axio is not a national currency it will not be bound by borders allowing it to be used everywhere, and anyone would be able to open an Axio denominated account irrespective of their local currency. Such an account would permit transactions in Axio and other currencies while avoiding problems associated with some local currencies. For example, businesses in China would be able to offer their goods in any currency while maintaining their account in Axio instead of Yuan. And because transactions in Axio will be free, businesses would prefer payments in Axio over other currencies. Free transactions would eliminate the expanse of the existing monetary system, allowing Axio to compete against all other currencies.
And that is just some of Axio's advantages. The possibilities are endless...
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