AIAScoin: Fast, Secure, Anonymous, Low cost Payment Processor for E-commerce

5 min readJul 22, 2018

Today, innovation in cryptocurrency seeks to improve on some of the inherent infrastructural and technical limitations to using Bitcoin and a number of other cryptocurrencies for micro-payments. Metrics for blockchain performance are throughput, security and decentralization. Ease of use and fungibility are other important issues that also need to be considered. It is difficult to achieve all of the above depending on utility, and usually platforms have to make compromises. AIAScoin builds on Bitcoin core technology to create a robust solution for cryptocurrency payments and e-commerce.

What is AIAScoin?

AIAScoin is a PIVX fork whose goal is to drive business value by making it easier for merchants to integrate cryptocurrency payments in their business model. Merchants can easily install and register the AIAscoin plugin bar little technical knowledge enabling them to accept and issue AIAScoin as payment to other businesses. Unlike other masternode coins which require heavy hardware investment, the platform is installed on internet e-commerce apps removing barriers to entry for merchants who want to use a fast, low cost, private and secure payment platform. To protect identity of businesses who use the platform names and sensitive information are withheld when the transactions are added to the blockchain ensuring pseudonimity for both buyers and businesses.

In terms of technology, AIAScoin technology relies on POS 3.0 technology which improves security and efficiency and masternodes. Masternode private transactions eliminate the possibility of tracing the transaction history of a particular coin, thereby providing fungibility. Additionally, swiftX transactions(these are faster than ordinary transactions and are particularly useful when speed is important) can be quickly processed. Compatibility with the Zerocoin system will enable users to convert their AIAS coins into anonymous zCoins, and spend them as normal coins with the added advantage of no history. The fact that AIAScoin can be traced back to Bitcoin core, means it has some of the features of Bitcoin Core.

AIAScoin is an open source project with the community playing a very important role in the future development.

Ticker: AIAS

Algorithm: NEVAN

Masternode Collateral: 1000 AIAS

Block reward: 25 AIAS

Maturity: 3 hours

Transaction speed: 127 tx/s

Blocktime: 180 seconds

Pre-mine: 2, 500, 000 AIAS

Max coin supply: 25, 000, 000 AIAS

Block size: 2 MB

Proof-of-Stake

The transaction fees charged on all transactions on the network are used to reward stakers who validate transactions.

POS 2.0 wallet software will be used.

Users can stake and get rewarded commensurately.

Not susceptible to a 51% attack.

Masternodes

Some of the functions of a masternode in the AIAScoin network are creating private transactions(PrivateSend), instant transactions(InstantSend) and organizing voting systems

Requirements of running a masternode are: a dedicated IP address, minimum 1000 AIAScoin and VPS with Linux

Masternodes are entitled to 75% of the block reward

According to the AIAScoin mainnet explorer, the network has 236 masternodes currently. In total, 250 masternodes are available for sale. It is important to note however that because masternode owners can create other masternodes from the rewards they earn, the number 236 does not necessarily translate to the amount of money raised through the sale of masternodes. More masternodes are important for a stable chain. There is a possibility for more to be created later, after the purchase of AIAS coins from exchanges.

Seesaw Reward Balance System

Block rewards are calculated by the Seesaw Reward Balance System

10% of block rewards are dedicated to coin burns and development fees

The remaining 90% is automatically calculated ratio between masternodes and stakers and determines who gets rewarded

✅The value proposition of AIAS protocol over other cryptocurrencies are making it easy for businesses to process sales. Likewise, AIAScoin will promote merchants who use their platform increasing their customer reach. The ability of businesses to process sales autonomously in a fast, safe, risk-free manner is the outstanding value addition of AIAScoin. AIAScoin team already has strong links to ecommerce businesses, creating ready partnerships for the novel platform.

✅Buyers will be able to use the AIAScoin payment platform easily on their laptop or smartphone. In addition to reduced transaction fees, buyers are not susceptible to identity theft or money loss common with credit card transaction processes.

The adoption of AIAScoin will create gain for coin holders. Coinholders can also stake to earn from transaction fees.

Currently, over 1.3 billion downloads have been registered by the 5 of the top content management systems: Wordpress, Joomia, Drupal, Shopify and Magento. By targeting the above websites to easily integrate AIAScoin dapp will be available to at least 1.3 billion merchants. The exact number of targeted merchants will be updated once the masternode sale is complete.

Roadmap

The AIAS mainnet launched at the end of June this year

Web wallet, Windows and Linux wallets are available for download

Apple wallet is still in development

The mainnet explorer can be found here http://www.aiasexplorer.com/

Currently, the masternode sale is ongoing, and the focus is on building and securing the chain. Next on the technology end is launching the governance.

TOKEN SALE

AIAScoin raises money through a private sale and a tiered public sale of masternodes. During private sale, one masternode was 0.3 BTC.

AIAScoin Public Sale Pricing

Week 1 (4–10 June)
0.4 btc

Week 2 (11–17 June)
0.45 btc

Week 3 (18–24 June)
0.5 btc

Week 4 (25 June — 1 July)
0.55 btc

The dates given above have been updated and masternode sale is still ongoing (at the time of writing this article) and anyone can be able to purchase one by contacting the team directly.

The money in the token sale is used primarily for masternodes to secure the network. Anyone interested in buying AIAS tokens but not running a masternode can do so from exchanges. The first exchange on which AIAS will be listed on is Antriex.