What Is Paxos?

Paxos Standard (PAX) is a stablecoin that allows users to exchange US dollars for Paxos Standard Tokens to 'transact at the speed of the internet'. It aims to meld the stability of the dollar with blockchain technology. Paxos, the company behind PAX, has a charter from the New York State Department of Financial Services, which allows it to offer regulated services in the crypto asset space. Many systems use Paxos solely for locking, master election, or replication of metadata and configurations,Megastore is the largest system deployed that uses Paxos to replicate primary user data across datacenters on every write. Paxos is commonly used all across storage systems including Google, Spanner and Chubby.