This experimental project was produced by APX Ventures, a company offering blockchain solutions. When APX launched its ICO on Bittrex in summer 2017, it raised just under 1,200 BTC, making it one of the most successful Ubiq spin-offs currently available. Read more about Ubiq here.
APX does not represent any sort of equity or profit sharing of APX Ventures, although the company is supporting and developing the cryptocurrency. The APX ecosystem consists of mining contracts, a crypto review platform, and an APX burn program.
The burn program buys back APX from operation gains, and then “burns” it (aka destroying it). This means, the better that APX does, the less of it that is available (and likely, the more it will be worth). This is also part of a strategy to prevent the value of APX from fluctuating too much.
Services offered by APX Ventures will either by exclusively available through APX, or discounted with the use of APX. The company intends on expanding available services, with plans for a review platform for digital assets and cryptocurrencies, and mining contracts.
In May 2017, shortly before their ICO, APX published its intended roadmap for the project.
In June 2017, the team planned on scouting out potential mining operation locations, and then begin these operations by the end of August 2017.
The buyback and burn program is scheduled to begin in September 2017, with the results of each cycle published in a Quarterly Report. The buybacks will occur randomly, and continuously throughout APX’s lifecycle.
The most recent burn occurred on June 7, 2017.