AXIS Unveils Layer 2 Blockchain for Enhancing Web3 Applications November 16, 2022 November 16, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 16, 2022 by Kelly Cromley

AXIS Unveils Layer 2 Blockchain for Enhancing Web3 Applications

AXIS Token International, a collaborator of LaneAxis Inc., the initial blockchain-driven Direct Freight Network in the sector, has just announced the debut of its Layer 2 (L2) blockchain, AXIS Chain. Using blockchain to secure and streamline data storage for regular companies is the next threshold of innovation. AXIS Chain provides a variety of real-world applications that enable businesses to exploit blockchain network and Web3. It is crucial that organizations transition from old and fragile one-point depository for data storage to the 3.0 technology, an immutable database.

The recently created AXIS Chain offers a sophisticated network that employs the Lachesis Consensus Algorithm (LCA) protocol for better safety and an L2 network for faster information storage and trades per second. The power efficient Proof-of-Stake protocol protects the network, allowing staking parties to transform into validators and contribute to the AXIS Chain’s control and safety. Data input into the AXIS Chain is saved in blocks, which are subsequently inserted into nodes and checked and connected to save data inside every block. The AXIS Chain adheres to industry-leading security standards and is a quick L2 offering, making blockchain and web 3.0 technologies affordable to organizations of all sizes and in a variety of sectors.

Elvis Rodriguez, director of engineering at LaneAxis, explains that the cooperation deal with ATI is a major leap towards achieving company’s objective to remove bottlenecks, reduce costs, and develop a technological basis for the 21st century. “Our success is dependent on the gathering and preservation of corporate and industry information.” The possibility to build large decentralized applications (dApps) on AXIS Chain is another significant advantage for programmers trying to create unique and beneficial applications.”

AXIS Chain’s decentralized network intends to deliver conventional databases redundant through the use of “oracles” that link up the L2 blockchain to external networks and other blockchains,offering crucial interoperability and allowing the AXIS Chain to implement smart contracts driven by real-world inputs. Primary applications for AXIS Chain concentrate on the $15 trillion worldwide distribution chain, the multi-trillion dollar insurers, and the physical and virtual art industry.

Document digitization is a quick and uncomplicated procedure. Once recognized and deployed, AXIS Chain’s immutable ledger and smart contract, which prohibit fraudulent and information tampering, become an essential solution for addressing security/privacy challenges.

AXIS Chain has various capabilities that enable customers to employ the blockchain for a range of applications:

  • -Security: Store information on the chain with validators securing all information on the chain.
  • -Scalability: A custom-made blockchain with vast capabilities to scale as the network usage and activity rises over time.
  • -Increased Transaction Throughput: Greatly increased transaction speeds (Transactions Per Second or “TPS”) with significantly lower transaction (gas) fees than a typical Layer 1 blockchain.
  • -Staking: Validators assist in increasing the security of the chain by staking the AXIS token, gaining staking rewards at the same time.
  • -NFTs: Mint NFTs for a variety of purposes, including validating Certificates of Insurance and elevating the finest artwork in the world into digital – and irreplaceable – masterpieces.
  • -Developer Experience: Build on AXIS Chain using your favorite tools and preferred developer language.
  • -Decentralized Data Storage: Store data on the AXIS Chain with significantly reduced environmental impact (utilizing energy efficient Proof-of-Stake consensus mechanism as opposed to energy wasting Proof-of-Work consensus mechanism.
  • -Compatibility: Built with the same coding language as Ethereum – AXIS is compatible with all existing Ethereum DEXs, projects and protocols.

Rodrigues continues, “AXIS Chain’s main objective is to offer the framework and foundation for enterprises to transition away from conventional database systems and into a decentralized network, with security and protection provided by the Proof-of-Stake consensus algorithms.” The more organizations that join the chain, the more reliable it will transform, and the safer the documents of users will indeed be.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.