Paxos Cryptocurrency Research
Here is some research I did as a blockchain intern
Written: 01/14/2020
Website of project: https://www.paxos.com
Table of Contents
History (The history of the chain to show activity of its development team)
Summary (Summary of each of the chains areas)
Overview (Problem)
What is the project?
Paxos is a regulated financial institution building infrastructure to enable movement between physical and digital assets
What is the problem the project is solving?
Paxos is working to build the infrastructure required for financial institutions to adopt blockchain technology. They have built a number of products that are designed to aid in different areas of financial necessity.
Products:
Paxos Standard (PAX)
Use our digital dollar to move money anywhere, anytime
itBit
Whether you are a financial institution or active trader, our exchange has you covered
Paxos Gold (PAXG)
Own and trade gold, like bitcoin
Binance USD (BUSD)
A new stablecoin, issued in partnership with Binance
Settlement Service
Settle U.S. equities with delivery-vs-payment
Post-Trade
Automation for the commodities and FX markets
Does having a blockchain fix the problem being solved?
Bitcoin was the first use of a blockchain and it was a proof of concept that blockchain has a huge use case in the financial sphere. Paxos has a number of platforms that allow for more secure and fungible transactions from both an institution or customers perspective using a blockchain.
Specifications (Authority)
Who are the founders?
Charles Cascarilla is the CEO and co-founder of Paxos, a financial technology company delivering blockchain solutions for global financial institutions.
What are the motives and goals of the founders?
With over 15 years of experience in financial services, Charles has a unique perspective on integrating blockchain technology with traditional systems.
REGARDING THE PAX STANDARD TOKEN
Is the blockchain decentralized?
No, Paxos has the vision of a centralized blockchain currency that can be used alongside the cryptocurrencies like Binance
Is the blockchain permissioned?
Yes, not everybody has the ability to use blockchain with our first registering since their whole platform is KYC
Does the project have a governance model? If so, explain what it is.
The Paxos Standard is an ERC-20 Token so by extension uses the Ethereum Implementation proposal (EIP) Governance model
What is the consensus mechanism being used?
Likely the same consensus mechanism as Ethereum since it is an ERC-20 token
Token and Chain Notes (Token)
Is there a token for the project?
PAX
Is it a stable coin?
Yes
What do the economics look like?
The Paxos Standard tokens (PAX) are issued as ERC-20 tokens on the Ethereum blockchain and are collateralized 1:1 by USD held in Paxos-owned US bank accounts
Is it a fungible or non-fungible token?
It is fungible
Was there an ICO for the initial distribution? If not, how did the tokens get into the people’s hands, maybe an airdrop?
No it is a stable coin
How liquid is the token, meaning, is the token listed on the top exchanges? (Coinbase, binance, kraken, bittrex, bitfinex)
Show a chart of the past year for the token.Is the project available to US residents?
Not very liquid, only Paxos can convert PAX into USD
History (The history of the chain to show activity of its development team)
- Start of project: Paxos Trust Company, the successor to itBit Trust Company, was licensed on September 10, 2018 by the New York State Department of Financial Services (NYDFS)
- Whitepaper published: September 9, 2018
- First Code commit: N/A
- Current state of the project: Operationally usable
Summary (Summary of each of the chains areas)
Paxos is platform of products that aim to create a centralized blockchain ecosystem for banking and finance scenarios alike using stable coins and other tools for both customers and institutions to utilize.
Links
https://www.crunchbase.com/person/charles-cascarilla
Thank you again for reading and enjoying this journey with me!
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