Bitcoin Air - Project Introduction

The entire cryptocurrency idea started with the quest to create a decentralized digital currency, which is capable of holding monetary value, being earned and exchanged anonymously without the intrusion of any government or authorities. This led Satoshi Nakamoto to the creation of Bitcoin (the first cryptocurrency) in 2009.

Cryptocurrency initial purpose was to be a digital currency fashioned to work as medium of exchange using strong cryptography to secure and verify transaction, also with a potential of revolutionizing the financial industry due to its decentralized nature. But as time elapse its technology became valuable in the creation of decentralized solution to real life challenges in different industries, which has led to the creation of thousands of cryptocurrency presently available in the crypto space.

Cryptocurrency have deviated from its initial course as a digital currency (medium of exchange) to being a digital asset, serving as an investment tool rather than being an alternative to cash. This is largely as a result of the volatile nature of the cryptocurrency, which makes it difficult to for an altcoin to retain a particular value. As at the point of writing, the crypto market is down by 80% from its all-time high at the start of 2018, causing holders to lose the value of their altcoins.

This to a large extent has had an adverse effect on the mass adoption of cryptocurrency. One main characteristic of money is that it can be used as a medium of exchange (i.e. used for daily transactions). As individuals tend to invest more in the crypto market due to its investment opportunities, most businesses tend to shy away from accepting it, due to its inability to retain a particular value. An example is Bitcoin which has drastically dropped in value in 2018, dropping from its $18,000 all-time high to $3800 (as at the time of writing).

No rational businessman would want to accept a currency that is capable of depreciating in value as a means of payment. Though there are stable coins in the crypto market, but they are not fully decentralized and do not possess the amazing features of most crypto coins. Therefore, for cryptocurrency to go mainstream and attain mass adoption, it has to progress in ways that its monetary value is preserved while also maintaining its decentralized nature.

Introducing Bitcoin Air

Bitcoin Air is a revolutionary project that has been created with the endeavor of providing solutions to the volatility challenges plaguing the cryptocurrency space, by using an innovative side chain concept which makes it possible to preserve the value of cryptocurrencies while also maintaining the amazing benefits of decentralization.

Bitcoin Air is one of the very few projects to run on a dual Blockchain. Its first Blockchain will be hosting the XAP coin, which is a coin like every other altcoins that can be transferred between people or used for payment purpose. The XAP coin like every other coin is also subjected to the volatility of the crypto market.

The second Blockchain runs an AIR Protocol technology which makes it possible for Bitcoin Air to combat the volatility challenges of crypto. This technology makes it possible Bitcoin Air holders to lock the USD value of their XAP coins. The process of converting XAP coins to USDAP (USD Air protocol) is known as “off chaining”, while converting USDAP to XAP coins is known as “on chaining”. The Air protocol makes this process possible by burning the XAP coins to be converted and minting the corresponding USDAP value.