PAX Gold
Pax Gold (PAXG) is a gold-backed cryptocurrency, launched by the creators of Paxos Standard (PAX) in September 2019
All edits by AKAKI CHADUNELI
Edits on 18 Apr, 2022
AKAKI CHADUNELI
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How Is the Pax Gold Network Secured?
In the official whitepaper, Pax Gold CEO Charles Cascarilla explains that the PAXG protocol is created entirely on the Ethereum blockchain and is secured by the proof-of-work (PoW) model. However, PAXG is not exclusively tied to Ethereum and can be launched on other blockchains as well.
Proof-of-work protocols represent a classic approach to cryptocurrency mining, Bitcoin being the most prominent example. Ethereum has, however, recently begun its transition to the proof-of-stake (PoS) model, aiming to reduce the resources necessary for token mining, among other things.
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