Securing your investment is of utmost importance for any financial institution, whether a traditional bank or a Decentralized Finance (DeFi) system like Axion. The process by which individual transactions, and the balance of your investment, are secured is vastly different between traditional banks and cryptocurrencies. In a bank, their ledgers are managed and maintained on private servers, created and secured by the banks themselves. These private servers, while they may offer industry-standard security, are still controlled by the banks, making them only as strong as that bank’s security measures. These servers make for juicy targets for hackers or criminal organizations, and there have been many cases of bank servers being breached, even if no financial loss incurred.
With cryptocurrencies, the transactions and balance of your account are decentralized, meaning it is stored on the blockchain network. The blockchain, for those unfamiliar with the concept, is a vast, globe-spanning network of computers that process transactions. Each individual transaction is independently verified by thousands of nodes around the world, making each transaction incredibly secure. With the blockchain, there is no single point of failure, and the servers are not controlled by bank managers, IT support teams, or mandated by government organizations that may introduce changes based on their own political interests. Thus, the blockchain is incredibly secure.
Axion operates on the Ethereum blockchain, a time-tested and incredibly well-supported network that allows for the execution of validated code in the form of Smart Contracts. Ethereum’s Smart Contracts create immutable records on the blockchain - such as creating a new Axion stake - that can verify that the transaction is both authentic and secure.
In addition to the inherent security measures that are standard for all contracts that operate on the Ethereum network, Axion maintains its own security measures and transparent development that clearly showcases the trust that investors can place in Axion and its Smart Contract. Many cryptocurrencies may hide or otherwise obfuscate the underlying code and development of their smart contracts, allowing for exploits, manipulation, or unethical economies to operate and thrive. Axion pledges to be a fully transparent and ethical cryptocurrency with all of its developments available to be reviewed, accessed, and understood by anyone.
Axion’s security and transparency measures include:
Independent Smart Contract Audits
Axion’s Smart Contracts have been independently audited three times by professional auditors who specialize in cryptocurrency. These evaluations look through the entire code from start to finish, evaluating it for inconsistencies, loopholes, or exploits that could otherwise be used to damage the Axion ecosystem. All three audits have come back free and clear, and the results of these audits can be found here:
Regular Code Revisions & Updates
In addition to independent audits, Axion’s full-time development team constantly reviews, updates, and manages the code that makes up Axion’s Smart Contracts. The ability to react quickly to community feedback or network problems allows for Axion to adapt quickly and efficiently. With Axion’s Layer 2 upgrade, the underlying code could be updated with new features and functionality while still remaining immutable. And with the upcoming Axion v3 launch, the entire code was rewritten from the ground up based on actual usage data from our community, creating an even stronger, cheaper, and faster utilization on the network than ever before. This regular and constant development work showcases the underlying health and stability of the Axion ecosystem.
Safeguards on all APIs
Axion maintains industry standard protection on its APIs, making sure that anyone who accesses APIs controlled by Axion does so with read-only access, preventing unwanted or unauthorized change.
Multiple Pull Request Authorization
Axion’s code database for all of its public-facing websites and backends is hosted on GitHub. Whenever a developer makes changes to the code and wants to publish it, this is called a “pull request.” In order for a change in the code to be published to the live public-facing environment, a developer submits a pull request. The change will only be approved when Axion’s other verified developers approve the change. This prevents any bad actors from publishing changes without the team’s consent.
Development in the cryptocurrency world happens at a lightning-fast pace. It can be easy for developers to focus on implementing a new feature and inadvertently cause issues or incompatibilities with the existing code. Axion employees Unit Testing in its development, which allows for all elements of the Smart Contract to be broken into small pieces, or units, to confirm that they are behaving appropriately. On the Ethereum test network, the Smart Code is run through a series of tests, with each unit being given a specific input and an expected output. If these units report outputs that are not consistent with the expected results, then the code is re-evaluated and the errors fixed before deployment. This approach allows for all areas of the code to be tested for errors regardless of the new feature set.
Multisig Smart Contract Deployment
Similar to the pull request authorization, any changes to Axion’s Smart Contracts require rigorous approval by all developers holding an authorized wallet. This is called a Multisig - or Multi-Signature - approval process. Axion’s Smart Contracts require:
3 approvals for any code deployed to the Main Branch
4 approvals for any code that changes the Smart Contract itself
This means that it takes a majority of the development team to approve any changes, big or small, to the underlying code of Axion. With developers located across the world, many of whom have a significant financial investment in the Axion ecosystem, no unauthorized or exploitative changes will pass majority approval.
All of these features and security checks are publicly available for viewing and evaluation, aligning with Axion’s pledge to be a transparent and trustworthy investment cryptocurrency.