Abstract
Bitcoin was launched by Satoshi Nakamoto in 2009. Since that year, the crypto market has experienced a significant development, where there have been many innovations and improvisations made by crypto developers. But until now, the crypto industry still has problems that hinder the adoption of cryptocurrencies, such as lack of stability and reduced throughput. A comprehensive solution is needed so that cryptocurrency can be used in everyday life.
Recognizing this problem, Jax Network wants to be a platform that provides a blockchain protocol that will provide security, scalability, decentralize and house their stablecoin. Jax Network aims to be a blockchain project which will house a better cryptocurrency to be adopted and used in everyday life.
Stable and Scalable Blockchain Technology
As we know Bitcoin, which is the most popular cryptocurrency today, still has its drawbacks, namely the lack of stability and scalability. This makes Bitcoin less able to be adopted in everyday life because of these two problems. And besides that, Bitcoin is very volatile compared to other cryptocurrencies, so if it was adopted in everyday payments it would be ineffective and detrimental to users. Therefore Jax Network wants to solve the problem with Bitcoin so that cryptocurrency can be implemented in everyday payments. Jax Network will provide users with secure, stable, scalable, and decentralized blockchain technology. And what's more, the Jax Network will house stablecoins which will be perfect for everyday use.
Jax Network works by being a blockchain technology that is anchored to the Bitcoin blockchain, providing users with a stable and scalable ecosystem. And also give rewards for those miners that secure the network.
Jax Network Features
Jax Network is a blockchain technology that is secure, stable, scalable, and decentralized. Jax Network uses a proof-of-work system which is a bit different compared to most of today's blockchain technologies. In this way, Jax Network can prevent the network from third-party intervention, such as government intervention, and give miners full rights to secure the network. But that's not all, there are several other features of Jax Network:
Sharding: A system that will distribute accounts, transactions, and validators between shards. In this way, it is possible to verify transactions without requiring knowledge of the preceding transaction history in other shards, which makes the verification process more efficient.
Universal Reward Function: Jax Network's reward system uses the PoW difficulty system, just like the Bitcoin network. In this way, it allows every miner to be able to participate in the network and get rewarded for their efforts.
Equitable Merged Mining: Jax Network designed shards to be attack-free with a merged mining technique. In addition to securing the network, this technique allows a fair and flexible distribution of rewards, all participants will be rewarded fairly according to their efforts.
Decentralized Transfer Ecosystem: An ecosystem that utilizes exchange protocols to facilitate cross-shard transactions.
JAX and JXN Coins
Jax Network launched 2 cryptocurrencies that will facilitate various needs in the ecosystem, these two tokens are JAX and JXN coin. JAX will serve as a stablecoin to be used in day-to-day payments. And JXN is a store of value, which will be used in the Jax Network ecosystem for various things such as paying for security, gas fees for exchange, incentives for miners, etc. These two coins will support the development and operation of the Jax Network.
Jax Network Roadmap
The team started the Jax Network project in Q3 2018 by conducting conceptualization and research. Then the actual development in Q1 2020, here the team finalizes Jax Network v1.0 and develops proof of concept. And in Q2 2020 the team launched an Academic paper that contained various information about the Jax Network. And Q4 2020 the team will release proof of concept and raise investments. And in Q2 2021 the team will launch TestNet, where users can use Jax Network features even though it is still in the development stage. And Q3 2021 the team will conduct a token sale to increase investment and launch MainNet. And in Q3 2021 the team will exchange ERC20 for native JAXNET coins so that the Jax Network can be implemented.
To conclude
Bitcoin, which is a popular cryptocurrency in the world, still has problems that hinder its adoption into everyday payments, namely scalability, and stability. And this problem motivates Jax Network to become a blockchain technology that secures, scalability, decentralizes and houses their stablecoin. Jax Network is anchored to the BTC blockchain, which makes it stable and scalable compared to other chains. With the features it has, Jax Network believes it can become a reliable chain technology for users, especially miners who have contributed to secure the network.
Connect with Platform
WEB: https://jax.network/
TWITTER: https://twitter.com/CommunityJax
FACEBOOK: https://www.facebook.com/network.jax/
I have never thought POW Blockchains can be scalable or decentralised with Bitcoin there is a problem of Miner Centralisation. Also, what about the power consumtion debate, POW uses lot of computing power, and its been a negative for Bitcoin Blockchain and Ethereum.
There are already good Blockchains and alternatives to Bitcoin , for example Decred, DCR, which is hybird POW and POS Blockchain, plus it's secure because every thing mined has to be verified by a Ticket Holder wanting to vote and validate a transaction.
It's doing well...has a buzzing community.
Jax is a baby still with old concepts...its doubthful how it would do.
But I find shrading interesting here. So, previous transaction history is not required to process new one?
and the stable coin and the store of value coin is also interesting...
Anyway...I will try check this project out, want to know how it is energy efficient being a POW Blockchain, and how it basically functions, I am not getting an idea on that reading your article,
But anyway...thankyou for the post.