File transfer company AXEL working on a P2P content marketplace with the lowest fees on the internet

in cryptocurrency •  12 days ago

If you ever wanted to transfer files from your Phone to PC or the other way around without using cables, you have probably heard about AXEL (formerly known as StoAmigo). Axel enables users to send files from any device to another wirelessly. The app is easy to use and has no limits for free users. If you need such services make sure to check it out, but we aren't here to talk about that. I want to have a look at their new project - The AXEL Marketplace.

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Content creators know how big of an issue selling that same content can be. I am talking about professional photographers, music creators any anyone who is making a living from digital goods. A few big names have taken over the internet and they sometimes charge insanely high fees so the creator has to double the price just to make what the product is actually worth. This isn't good for anyone except the middleman. The AXEL marketplace should solve this problem.

The basic idea is to create a marketplace on the blockchain that would remove the middleman from your transactions and bring the lowest fees possible. Right now the projected fee is 2% plus an added 3% charged by Paypal. AXEL was always focusing on user privacy and that will be the case with the AXEL platform as well. Transaction owners will have an option to use a privacy coin that would make the transaction completely private and it will only be recorded by the two sides included in it.

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All of this is great news for people selling digital goods but the AXEL platform will be more than that. A streaming service will be implemented as well. This will open the door to many gaming streamers that aren't happy with the cuts big platforms are making right now from their own subscribers. On average, streamers are giving 40% of their earnings to the platforms that host their streams. On the AXEL marketplace, they will have a chance to do the same thing but with much lower fees and more freedom.

Here are some key points from the whitepaper I feel are worth sharing:

  • Distributed Storage - The AXEL Blockchain will provide a torrent-like decentralized and encrypted storage capability to support both consumer and enterprise clients. The storage will utilize a host of smart contracts, enabling storage configurations that are fast, efficient, and protected.
  • Distributed CPU - The AXEL Blockchain will provide a virtual machine capability to enable users to share their idle CPU processing power with the network in exchange for AXEL Tokens. Complex computational needs can be easily satisfied by engaging idle CPUs across the AXEL Blockchain.
  • Enhanced Speed - The AXEL Blockchain will use a patented transaction authentication procedure that randomly selects a small subset of non-participating user nodes to authenticate transactions quickly and reliably.
  • Digital Identity - Our system will rely on a twin approach to establishing digital identity without compromising privacy. By vetting the device and authenticating the user, a digital identity will be created and added to the user’s private chain. It maintains core privacy requirements, while allowing users to conduct transactions in full trust.

When you think decentralization, this is as good as it gets. The digital economy is expanding fast and if we don't get decentralized solutions like this one the corporations will keep taking our money for services that should cost a fraction of their fees.

If you want to know more about the Axel Marketplace project here are some useful links:

Whitepaper

Official Website

Reddit

Medium

While this looks like an amazing project there are still some concerns that I would like to point out.

First, the whitepaper states that there will be room for sharing your CPU usage to help run the market and also earn some tokens. It remains unclear how this will be done. Will there be a separate software for it? Will it protect your CPU if you forget to turn it off while entering a game? I point this out as a concern because I know what happened when Waltonchain released their wallet and mining software. There was no clear guide, only a 2-minute video on YouTube that explained nothing.

My second concern is piracy. In a decentralized system where privacy is a key factor, you can't really control what goods are exchanged. If we want complete anonymity and privacy while exchanging digital goods we have to be ready for people who will use that for personal gain. I am curious to see how AXEL will deal with this issue.

All in all, I see this is a big project that will change the way how we sell our ideas and creativity online. I am curious to hear your opinions as well so please leave them in the comments below.

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