Place/Date: Zug, Switzerland - September 7th, 2018 at 8:35 pm UTC · 3 min read
Contact: Jens Harig, Source: ARXUM
The PoC starts the execution of the ARXUM Production Protocol with an Ethereum smart contract, consuming the transaction cost through ARXUM’s ERC20 token AX. This process is important so the AX token is always utilized by the network – an indispensable requirement for any AX token holder.
While the transaction fee is paid through Ethereum, any other blockchain technology can be plugged into the mechanism to handle all production-related transactions. This has already been done with IOTA.
For ARXUM, it is important not to be bound to a single blockchain, but that it can be built on any available blockchain protocol that can run smart contracts.
Each blockchain technology has its own advantages and disadvantages, such as specific programming languages, consensus protocols, transaction costs and speeds, scalability, security, and features such as state channels. As ARXUM provides a digital supply chain infrastructure for industrial manufacturing companies, ARXUM will select the best technology for any supply chain application.
Some production processes create a high number of payment transactions over time and thus, state channels could be beneficial. Other production scenarios may have low transaction volumes but require elaborated smart contract templates.
Others may have a high number of participants interacting with a single manufacturing order over a long period of time. Several further scenarios could demonstrate ARXUM’s necessity for being agnostic to different types of blockchain protocols.
To maintain its claim of blockchain flexibility, ARXUM is currently conducting extensive research to implement proofs-of-concept for plugging in different blockchain base protocols. Therefore, they can be extended to potentially new, upcoming blockchain base protocol projects. Further research with other blockchain technologies is currently being conducted and will soon yield further announcements.
ARXUM is the new blockchain based solution to organize the cross-company production of mass-customized products. The ARXUM Production Protocol brings all production peers together in one single smart contract per production order and uses blockchain-inherent features to implement a multitude of functionalities required in a digital supply chain.
Through the token sale period, the public can join and support this paradigm shift in manufacturing. The ARXUM token, AX, are used across the ARXUM Production Network and allow investors to benefit from the use of IoT and blockchain within manufacturing. ARXUM has submitted a proposal to the financial authorities of Switzerland, FINMA, and is waiting for the final approval to conduct a token sale.
There is a total of 125,000,000 AX token. 80% of the tokens are for sale, 16% are for the team and 4% is for the Bounty Campaign. The funds will be used for Industry-specific adaptations to ARXUM’s Production Protocol and for the market penetration and worldwide roll-out.
Disclaimer: ARXUM is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.