'Hyper-deflationary' network launches mainnet amid rising inflation

AXIA, the team behind the novel message-to-earn approach of AXChat, announced the mainnet launch of its blockchain and native currency on Thursday. The new network is designed to provide a "hyper-deflationary" economic model in which the cryptocurrency becomes more and more scarce as its adoption grows. 

According to its website, the AXIA blockchain is a third-generation blockchain that attempts to address problems like the lack of interoperability, speed and accessibility.

The AXIA network uses a participatory hyper-deflationary system. This implies that all activity on the blockchain and within the ecosystem helps to ensure that AXIA Coin becomes scarce over time. An AXIA representative told Cointelegraph that the traditional financial and monetary system is ineffective, promotes inflation and exacerbates income disparity. 

As per the AXIA, its economic model differs from fiat currencies and other cryptocurrencies in that it features continuous value creation with a continuously decreasing supply of AXIA Coin.

"This model is built to provide long-term value, protection against speculative instruments and the loss of value we see with fiat currencies. The model itself is not only sustainable but will continue to evolve over time."

The mainnet launch follows two months after AXIA launched AXchat, a decentralized messaging platform. This blockchain-powered chatting platform allows users to chat with friends and family while earning digital currency rewards.

Related: Crypto seen as the ‘future of money’ in inflation-mired countries

AXIA claims that all AXChat messages are encrypted and that accounts are protected by multi-factor authentication (MFA) for enhanced protection. Traditional messaging platforms like Whatsapp and Facebook Messenger do not have these privacy features. According to a spokesperson for the AXIA network, the value they provide is derived from consumers and funneled back into for-profit and centralized interests.

Blockchain mainnet launch is a significant step for every project. This is because it is the moment when a project transitions from being an idea to actuality. This year a couple of blockchain mainnets were launched. Some of the most notable include RUNE, Mono X and Bitgert Chain.