Review of the Paxos Standard Token cryptocurrency and its prospects for 2022

PAX cryptocurrency was created on the basis of technical solutions from another popular cryptocurrency project, Ethereum, which allowed the authors of this coin to achieve full decentralization of the crypto network, as well as increase the stability of the crypto coin. The Paxos Standard Token cryptocurrency was created as a new digital payment platform that has the ability to be fully integrated into any structure. The promise of this token, as well as the possibility of using it as an investment instrument, forces users to look for information on how to mine it, as well as how to mine PAX on Nvidia.

A little history

It is worth immediately noting that the Paxos project has been known to Internet users for quite some time as a family of software protocols created specifically to solve problems of achieving consensus within networks of unreliable computers. At the same time, the trust investment platform of the same name has no actual direct relationship to these software protocols.

PAXUSD chart courtesy of TradingView

In 2012, the trust company Paxos Trust Company appeared on the market, whose appearance immediately preceded the development of the PAX cryptocurrency platform.

PAXUSD chart courtesy of TradingView

In 2022, the management of Paxos Trust Company, in the wake of the hype around cryptocurrency technologies, decided to enter the blockchain market with its own project based on Ethereum software solutions. At the same time, the main feature of their new currency will be the presence of real backing in American dollars.

Charts

Bitcoin cash course to ontology

Dynamics of paxos standard token exchange rate relative to tokenpay, for 1 PAX:

• day
• a week
• month
• quarter

• * graph illustrates exchange rate changes during the day.
  min: 21.5888 max: 24.3969 per day:

  23.3011

  date	Well	+/-
  26.04 20:03	23.3011	-0.0782
  26.04 18:03	23.3793	-0.089
  26.04 16:03	23.4683	+1.8795
  26.04 14:03	21.5888	-0.599
  26.04 12:03	22.1878	+0.4372
  26.04 10:03	21.7506	-0.0744
  26.04 08:03	21.825	-1.3705
  26.04 06:03	23.1955	-0.5705
  26.04 04:03	23.766	+0.015
  26.04 02:03	23.751	-0.6459
  26.04 00:03	24.3969	+0.0787
  25.04 22:03	24.3182

• *graph illustrates hourly rate changes over the past seven days.
  min: 21.5888 max: 24.3969 per week:

  23.3011

• * the chart shows the daily daily rate of paxos standard token over the past 30 days. Table of price changes for paxos standard token: show
  

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• * the chart shows the daily daily rate of paxos standard token over the past 3 months. Table of price changes for paxos standard token: show
  

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Features and Specifications

The Paxos Standard cryptocurrency coin is the world's first digital asset created by a private company and is distinguished by its own exchange rate in American dollars. The authors of the crypto project position their brainchild as a unique platform, which has a number of distinctive characteristics and significant advantages over other similar projects operating on the basis of blockchain.

The PAX exchange rate is strictly pegged to the US dollar. For this reason, the value of one PAKs coin will always be equal to one US dollar. At the same time, it is impossible to say exactly how true the information about such a link between PAKs quotes and the dollar is, especially taking into account the relative youth of the site and the lack of comprehensive information about its technical component.

At its core, cryptocurrency is a classic token of the ERC-20 standard. The PAX coin first appeared on the market on the small and unpopular exchange platform itBit.

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The Paxos cryptocurrency development team highlights the following properties and characteristics among the main features of the coin:

• no commission or additional fees when conducting operations to convert crypto into fiat money;
• volatility within the exchange rate fluctuations of the US dollar;
• fast conversion of crypto assets around the clock;
• all PAKs digital coins are backed by American dollars stored in special bank accounts.

Where to store PAX tokens?

Since the stablecoin is built on the ERC-20 standard developed for Ethereum, all wallets suitable for the second most important cryptocurrency are also used for PAX:

• MyEtherWallet is the most popular browser-based wallet with a high level of security and ease of use.
• Mist – despite all its reliability, this storage is still not fully improved, but it copes well with smart contracts.
• EthereumWallet is an analogue of the first wallet in the list, using the same JavaScript. Suitable for stablecoin, but there are complaints about bugs.
• Jaxx is a convenient multi-currency storage facility. Available in desktop version for Windows, Linux and Mac, Android and iOs. There are extensions for Chrome and FireFox browsers.
• Geth is a system for using, creating and sending smart contracts. More suitable for programmers and advanced users.

We must not forget about hardware wallets. For many users, this storage option is more convenient. Among the popular ones: Ledger Nano S, Trezor.

Advantages

The prospects for the Paxos Standard Token cryptocurrency in 2022 depend not only on external influence factors and the general direction of development of the cryptocurrency market, but also on the inherent advantages and disadvantages of cryptocurrency.

The main positive aspects of the Paxos Standard Token cryptocurrency include:

• availability of support and well-established partnerships with representatives of the cryptocurrency community, as well as with investors. The platform development team includes specialists with extensive experience in finance and creating advanced digital trading platforms. All this forms a trusting attitude towards the platform on the part of ordinary users and investors, which ultimately has a positive effect on the growth of the rate of popularization of cryptocurrencies;
• quick and successful start of the crypto platform. A month after the official release of the token onto the crypto market, it began to be actively sold on many cryptocurrency exchanges, which is indirect evidence of the demand for the coin among investors and exchange players. In addition, working with this asset is supported not only by exchange platforms, but also by online exchangers;
• the asset was officially recognized as a full-fledged payment and investment instrument by many participants in the traditional financial market. This fact is especially important given the fact that government regulators, as well as most financial institutions, are still wary and skeptical about cryptocurrency assets and their prospects;
• an experienced and highly professional team of programmers working on creating the software component of the crypto platform. The management of Paxos has extensive experience in the financial sector and also understands cryptocurrency technologies, which is confirmed by the fact that the company owns the itBit cryptocurrency exchange. All this indicates that the steps taken by the authors of the coin should have a positive impact on the future prospects of the token;
• high level of demand for technologies offered by the project on the market. Now the market is overflowing with various stablecoins, however, no one has yet managed to offer users access to a truly stable coin. For this reason, PAX authors have the opportunity to achieve this status.

Paxos project team

Before the platform was introduced to the cryptocurrency world, the Paxos Trust Company was born in 2012. The project itself was created quite recently, in 2022. And the trust company operates under the supervision of the US Securities and Exchange Commission (SEC). Project team:

1. Charles Cascarilla is the CEO and co-founder. 15 years of experience in the financial sector. Was involved in the integration of blockchain technology into traditional payment systems. He is a co-founder of Institutional Asset Management Complex Cedar Hill Capital Partners since 2015 and its venture subsidiary Liberty City Ventures with a member of the Board of Governors of the Hyperledger project. He was a manager at Claiborne Capital and worked at Bank of America Securities and Goldman Sachs. Board member of several philanthropic and private companies, including Project ALS and the Centurion Foundation. He holds a bachelor's degree in finance from the University of Notre Dame and is a CFA charterholder.
2. Andrew Chang is the Chief Operating Officer of Paxos. He has more than ten years of experience working in technology companies and startups, and is a partner in Liberty City Ventures. Worked as a lead strategic manager for partner development at Google, developing the display advertising products business. Previously, he was the Chief Operator for ConditionOne and an Associate Member of TechStars New York.
3. (Rachel Nelson) Rachel Nelson is a lawyer. More than 16 years of experience advising clients in the financial services industry. She was assistant general counsel at JPMorgan, advising on issues related to financial technology, new product development (such as biometric authentication for mobile banking), industry initiatives to address the challenges of non-bank FinTech platforms, and applicable laws and regulations related to money laundering, data privacy and fraud. .
4. Rajesh Nair - Vice President of Engineering. He has more than 15 years of experience in both financial and silicon technologies. Prior to joining Paxos, he was the Chief Architect for the trading system and enterprise data hub at BlackRock. Has extensive experience in large-scale platform development and distributed systems.
5. Bharath Jayaraman - Vice President of Public Relations. Has over 15 years of experience collaborating with leaders and employees at tech firms on communications, talent and culture. His experience at Google, Amazon, Facebook spans the US, Asia and Europe. He holds a Master's degree in Business and Industrial Labor Relations from Cornell University. Marisa Goldberg.

There are 8 people in the team in total. Each of them has active profiles on LinkedIn, Instagram, Facebook. The team prefers to remain silent about their future plans; in any case, nothing is said about them on the project’s official website, and there is no Road Map. The technical details can be found on github.

Flaws

In addition to the positive aspects, the PAX cryptocurrency also has the following disadvantages:

• lack of originality of concept and software basis. Despite the fact that the creators of PAX constantly focus on the originality of their cryptocurrency, it does not actually offer any innovative solutions to the market. In fact, we can say that the Paxos Standard coin is a classic ERC-20 token;
• the platform did not have time to establish itself as a reliable project. The creators of PAX are well known and do not have much experience in creating blockchain-based projects. Therefore, it is still difficult to predict the success of their new brainchild. In addition, given the youth of the site, it will be extremely difficult to talk about its success and prospects;
• high level of competition in the market from other similar projects. In recent years, there has been a steady trend of increasing the share of stablecoins in the crypto market, which is due to the need to have a full-fledged cryptocurrency payment instrument characterized by minimal volatility. It should also be noted that simultaneously with PAKs other similar projects entered the market, which negatively affected the rate of expansion of the user audience;
• ambiguous attitude of users towards cryptocurrency. According to a significant part of the crypto market participants, stablecoins are more needed by the traditional financial world than by the blockchain community. Therefore, many users act as categorical opponents of such assets. Thus, a negative background is gradually forming around PAKs;
• users have no place to mine the token due to the impossibility of its extraction due to the strict link to the exchange rate quotes of the US dollar and the limited volume of emission. Coin mining is also not possible through cryptocurrency pools.

To increase the speed of expansion of the user audience, the authors of the crypto project will have to work on eliminating existing shortcomings to minimize their negative impact on the development of the site.

Platform operating principles

Paxos is not fundamentally different from other virtual coins linked to official currencies. But unlike the others, this system received official permission from the American authorities, which means that it is actually supported by dollars. The platform operates according to the following principles:

1. At the center of the system is the Paxos company, which is engaged in exchanging Pax tokens for fiat American currency. It is the official legal entity and guarantor, thanks to which the price per token is equal to the price per dollar. But it is worth noting that the company is not responsible for other sites where the price of these virtual coins can be manipulated.
2. Transactions take place thanks to the blockchain system - this is one of the most secure networks in the world. It is almost impossible to intercept transfers along this route, since they are protected by an instantly reconfigurable smart contract setup and the Ethereum system.
3. A settlement system connects these two nodes; it is capable of making transactions almost anywhere in the world without risks and large commissions.

Platform operating principles

Advantages and disadvantages

Like any of the representatives of virtual currencies, Pax has its disadvantages and advantages compared to other cryptocoins. The advantages of these tokens include:

1. Comfortable use. Possibility of exchange and transactions 24 hours a day with virtually no commissions.
2. Official status and state recognition. This means a lot for virtual coins, since the money for which Pax tokens were purchased is officially protected, and the company’s activities take place within the framework of American economic laws.
3. Development of the company's activities. Paxos Trust Company does not stand still; they recently released another version of tokens, which this time is tied to the company’s gold fund. All processes related to transfers and purchases of cryptocurrencies are automated and improved. Analysts ensure that the process is as simplified and safe as possible.
4. Availability of information. The service on this platform is different in that every 1st day of the month a report appears on the company’s website indicating the results of the audit of collateral reserves. This helps to identify any inaccuracies, vulnerabilities or errors in the operation of the service. The audit is carried out by three independent major specialists in this field.

The system has few disadvantages, but they exist:

1. Non-unique technology. Although the company's advertisers constantly insist that this currency is considered innovative, in fact it is no different from a standard ERC-20-based token.
2. Age. Unfortunately, the older the cryptocurrency, the more reliable it is. This rule has no exceptions yet, and Pax is not many years old to say for sure whether these virtual coins have a future or not.
3. Impossibility of production. Due to the fact that these tokens are pegged to the US dollar, they cannot be mined, which reduces their popularity among users.

PAX Outlook for 2022

In order to find out what the prospects for the PAX cryptocurrency will be over the next few years, you should first of all remember the youth of the project, as well as the availability of support from the Paxos company, which has been creating advanced software solutions in the field of finance for more than 7 years. Despite the fact that the creators of the coin claim that it has a lot of advantages, the project also has disadvantages. In addition, the concept of this cryptocurrency is also not original. At the same time, the future success of the project will largely depend on the support of the company behind its creation.

The fact that the main competitor of the Paxos Standard Token cryptocurrency in the crypto market is the Tether cryptocurrency does not mean that these platforms offer users similar capabilities and functions.

The main advantage of this currency is the stability of its exchange rate, which attracts users who need access to a stable cryptocoin that can replace traditional fiat currencies when carrying out transactions to pay for services and goods. Thus, the PAKs token has a chance of winning over a user audience that is ready to start actively using this token to carry out various transactions and exchange operations.

As for expert forecasts, few experts are ready to give accurate forecasts for 2022 for PAX, which is explained by the unstable situation in the crypto market and the youth of the coin.

Where can I buy?

The coin is traded on the following exchanges:

Is it worth buying Paxos Standard Token now?

After analyzing the prospects for the development of the Paxos Standard Token, it is necessary to move on to studying the investment attractiveness and prospects of the PAKs coin. Experienced investors who understand investing in such highly liquid digital assets advise not to rush into investing in PAX just yet, as even if you have experience playing on the stock exchange, it will not be possible to make a profit as a result of exchange rate fluctuations of the cryptocurrency due to its strict peg to the US dollar exchange rate . As for the long-term prospects of the coin, it is difficult to say anything about them yet.

Analysts' forecasts for the Rakh currency

It is too early to make any accurate predictions about the future of this virtual coin. The reason is that Rach is too young and has been on the market for a relatively short time. Although, thanks to the support that has received recognition since 2012, the cryptocurrency is gaining momentum and popularity. Many users appreciate such an important feature of Rax as stability, thanks to its peg to the dollar. If a revolution occurs in the virtual currency market soon and it will be possible to pay for products or household appliances with tokens, the Rakh currency will become one of the main ones, given its strong exchange rate.

Recommendations for buying cryptocurrency

The main place for sale of this token is its parent cryptocurrency platform Paxos. In order to purchase this token, you will need to go through the registration procedure on this site in order to create a user account.

Despite the fact that this coin belongs to the stablecoin category, it is sold on many popular crypto exchanges. As in the case of the Paxos platform, purchasing this coin through crypto exchanges requires the need to go through a registration procedure, as well as replenishing a personal account using fiat money or popular cryptocurrencies.

As an alternative way to purchase this crypt, you can use special web resources that are online exchangers. With the help of such sites, any user will be able to exchange fiat money or crypto into PAX tokens without the need to register a user profile, which saves time and also maintains complete anonymity. It is worth remembering that due to the low demand for this coin, operations for its conversion are currently carried out with the preliminary exchange of fiat money into Bitcoins or Ethereum for the subsequent conversion of these cryptocurrencies into Paxos standard Token.

What is Paxos?

Paxos (PAX) is an ERC20 token backed 100% by US dollars. For every PAX traded, there must be at least one US dollar in Paxos bank accounts.

Like other stablecoins such as USDC, PAX aims to combine the long-standing stability and reliability of the US dollar with the benefits of a digital currency. Namely, to make it so that it can be transmitted via the Internet to anyone on the planet, instantly, at any time and with virtually no commissions.

Like other ERC20 tokens created on the Ethereum protocol, PAX can be used as programmable money in smart contracts and can be used to interact with various applications.

What's so special about Paxos?

Paxos maintains high standards of compliance, working with some respected financial authorities.

The project is also regularly audited by leading independent firms who claim that the PAX token is indeed 100% backed by US dollar reserves.

The transparency of their audit process can be seen on their website, which is updated every month to show the total amount of US dollars in Paxos reserves. With all of its dollars in US banks, Paxos' reserves are also protected by FDIC insurance.

How are PAX coins created?

PAX can only be created when new US dollars enter the Paxos system. One new PAX token is created when a person sends one US dollar to Paxos, which ultimately goes into a Paxos regulated bank account.

When that person wants their dollar back, they must exchange it for one PAX, and that PAX is then removed from the total supply.

This very simple system means that for every PAX there will always be one US dollar in circulation. No PAX is created or created until it is purchased, so the total supply of PAX is entirely dependent on the demand for the token.

What can you do with PAX?

PAX can be used for payments, transfers and trading between other crypto assets.

Since it is a stable coin, it is primarily used as a stable store of value on exchanges, which means crypto traders will trade and hold PAX to dampen volatility in their crypto portfolio.

Prospects for the Paxos project

The project, on the one hand, is very young and does not have the necessary history of successful use in order to draw conclusions about its future successes. But, on the other hand, the Paxos trust has been on the financial services market for more than six years.

The team speaks very flatteringly about its blockchain platform. But in reality it is not something innovative. Its main advantage is that it is backed by a legal financial institution. This is what should attract new customers. We believe that the project will not get lost among others, but there is no point in saying that PAX will take the place of Tether. If only because these stablecoins have different tasks.

Binance CEO Changpeng Zhao has a different opinion on this matter. He believes that PAX will become a full-fledged alternative to USDT. What is his logic? It remains a mystery. His statement looks more like a marketing ploy and that’s quite normal. You shouldn't blame an entrepreneur for wanting to increase his profits.

Prospects for cryptocurrency

At the beginning of 2022, this type of token is one of the most promising. First of all, its advantage is evidenced by the fact that the creator company has been among the leaders in virtual coin developers for the last 6 years. In addition, the project has unshakable financial support from the US financial system. On the other hand, this cryptocurrency has its competitors, who offer the same list of services and are provided with no less serious support. Many users are attracted by the level of auditing, ease of use of these tokens and the fact that they can be exchanged for dollars within 24 hours. Thanks to this, many experts assess the prospects for the Pakh currency as quite high.

Currently, there is a large amount of virtual money on the Internet for every taste. If the stability and reliability of a cryptocurrency is important to the buyer, Paxos Standard Token will be one of the most suitable options.

conclusions

This is the most recent Paxos Standard forecast we have. With the trend strong, it appears that PAX will end the year on a high note. These are just some of the technical assessments and observations made by renowned experts and analysts on our platform.

Previous price analysis is used to estimate the figures given, which are based on observational data. So, before you invest, do your homework.

In conclusion, do as much research as possible.
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