AuxChips are the administrative tokens available in Auxnet ecosystem. They are limited in number and are created as a one-time process, which means no new AuxChips will be mined in the Auxnet ecosystem. AuxChips hold a critical value with the following major functionalities on-chain:
- Ability to participate in block formation process as Staker node and earn the right to mine new blocks. Mining new blocks will generate more new AuxGas, a fuel used inside Auxnet public network.
- Ability to deploy a tiered network on top of Auxnet, depending upon the number of AuxChips held by the network owner. Larger number of nodes will be able to join with the created sub-network.
- AuxChip holders will enjoy participation in voting rights, while making important network governing related decisions.
Our core protocols require subnets to broadcast checkpoint information into the public Auxnet network to ensure consensus among connecting network and for the subnet to remain in sync. Keeping this in mind we have implemented our mining process to generate sufficient volume of new gas for the AuxChip holders to be able to sustain its deployed network in a self-sustainable manner.
The total supply of AuxChips has been fixed at 100 Million, out of which 60 Million will be made available to the public in the form of crowd-sale launching in the second half of the year 2018. The remaining 40 Million AuxChips will be retained by the company for community development and for the growth of the company.