JAX NETWORK | blockchain software that creates a stable, scalable protocol with its own set currency.

Introduction :

I’d want to explain you about Cryptocurrency or Blockchain Technology. Originally, cryptocurrency was recognized as a payment system that allowed users to make transactions rapidly, without the involvement of third parties, in a transparent, secure, and anonymous manner. Satoshi, the founder of Bitcoin, enables Bitcoin to outperform the centralized financial system, which is vulnerable to manipulation and controlled by a single entity. With the expansion and development of the Crypto or blockchain ecosystem, a plethora of alternative investment alternatives have arisen, and they have proved to be more efficient and successful investing instruments than traditional financial returns. Innovative projects with high return investments and ongoing trends are continuously developing in the crypto sector, and JAX NETWORK is one of the initiatives that will draw big market investments. So, don’t squander this once-in-a-lifetime opportunity.

Jax Network is the first sharded PoW network, providing a novel approach to addressing the scalability issue in blockchain networks with a specific reward function, sharding, merged mining, and a decentralized value transfer ecosystem.

JAX Network is a blockchain project that has created a system that is safe, scalable, and decentralized, as well as housing its own stable token. The goal of this project is to build a genuinely global cryptocurrency that is suited for widespread acceptance and everyday use. JAX, the world’s first decentralized and scalable stable coin, is issued by the JAX Net Blockchain network.

Key Aspect of JAX Network :

  • Secure — Because the JaxNet protocol is directly linked to the Bitcoin ecosystem via its merged-mining process, it enjoys the same level of security as the Bitcoin network.
  • Scalable — The Jax Network sharding solution can handle almost an infinite number of transactions per second, competing with centralized payment systems such as Visa or Mastercard while being completely safe and decentralized.
  • Decentralized — Jax Network utilizes an egalitarian merged mining approach based on Proof-of-Work and is not vulnerable to general worries about centralization.

Features of JAX Network :

  • Jax Network employs pure state sharding. It implies that accounts, transactions, and validators are spread among shards such that verifying a particular transaction does not need knowledge of previous transaction history in other shards.
  • Merged Mining — To protect shards from shard-over assaults, the JaxNet protocol employs the merged mining approach. Its mining incentive scheme is versatile and well-balanced. As a result, each participant gets paid appropriately for his contribution to the network’s upkeep.
  • Decentralized Transfer Ecosystem — A robust transfer ecosystem based on a decentralized exchange protocol allows cross-shard transactions on Jax Network.
  • The Jax Network block reward is based on PoW difficulty, thus the anticipated value of each JAX currency is mathematically equal across the Universe.

Benefits of JAX Network Blockchain :

Anchoring the JAX blockchain to Bitcoin can provide the Bitcoin ecosystem with much-needed stability and scalability. Many Bitcoin blockchain miners have been seeking for a solution that would provide them with a less volatile revenue stream while also improving the practicality of the Bitcoin ecosystem. Improving the Bitcoin ecosystem will result in more consistent revenue for miners.

Offering consumers a decentralized currency with stable value and the scaling ability to process a huge number of transactions at any given moment is exactly what cryptocurrencies require to become widespread. People will choose to utilize JAX currencies due of the low network costs, quick settlement, anonymity, and lack of third-party intervention.

JAX coins will introduce the DeFi ecosystem to Bitcoin as an alternative stablecoin for risk hedging, paying yields, lending and borrowing activities, and so on.

Two Tokens on One Blockchain :

In JaxNetwork, there are two coins. The beacon chain currencies, which are more like asset coins, are referred to as JAXNET, while the shard chain coins, which are used for transactions, are referred to as JAX.

JAXNET coins are coins that are mined on the JAX Network Blockchain’s beacon chain. The beacon chain is in charge of introducing new parallel chains or shards into the network in a timely and coordinated manner.

The beacon chain works very similarly to Bitcoin in that blocks are mined every 10 minutes and provide a reward of 20 JAXNET coins. JAXNET coins are speculative and may be used as a dependable store of value since they represent the whole network’s worth.

Utility of JAXNET Coins :

  • To pay for JAX Network security by paying Bitcoin miners to merge mine JAX Network.
  • Gas costs for exchange agent listing transactions and other key transactions.
  • To encourage miners to defend the beacon chain, which contains the shard registry.
  • Serve as the Bitcoin Network’s backup savings account.
  • To encourage miners to defend the Bitcoin Network when BTC incentives are reduced to zero.
  • To reflect the value of JAX Network’s worldwide transactional payment ecosystem.

JAX coins are coins that are mined on the JAX Network Blockchain’s shard networks. Sharding is a method that enables the JAX Network blockchain to grow and handle an almost infinite number of transactions at any given moment. Because of the network’s capacity to expand, JAX coins will be primarily utilized for day-to-day transactions and can support broad adoption.

Only by burning the Bitcoin and JAXNET coin base block rewards can JAX coins be generated. This will regulate the issuance rate of JAX coins, allowing them to be created only if there is transactional demand for them.

JAX Coin Reward System :

JAX Network has created its own reward mechanism, which rewards miners in accordance to the amount of hash power they give to the network. Simply having 100 units of hash power will result in JAX coins, and so forth. This function occurs exclusively on the shard chains of the JAX Network blockchain and is the primary reason that keeps the JAX coin’s value constant.

Without a peg or collateral, the value is stable :

JAX coins are only minted when there is a demand for them. Their manufacturing cost is linked to the cost of the Bitcoin hash rate, establishing a bottom constraint beyond which coins cannot be traded. Because miners are profit-driven, they will maximize earnings by following the rule of supply and demand. This implies that when the JAX coin price is high, miners will raise their hash rate, minting additional coins and distributing them proportionally.

The value is measured in hash power units rather than in fiat currency. This innovative method of calculating value enables for the transactional coin to be linked to data that is inherent in decentralized networks, especially the cost of processing power allotted to mine one Bitcoin block. This makes stable coins better to existing stable coins in that they retain their decentralization and do not require pegs to assets or fiat currencies to maintain their constant value.

Roadmap :

Conclusion :

BTC and ETH have shown to be challenging to grow technologically. Anchoring Jax Network to Bitcoin enables it to expand more sustainably than Lightning and to create a network for daily payments with the same level of security as Bitcoin. Aside from that, BTC is by definition deflationary. People are likely to keep deflationary assets while spending stable and inflationary ones. Because JAX has a constant value, as measured by the cost of processing power, the prospects of it being widely adopted are higher.

More Info :

Website: https://jax.network/

Lightpaper: https://jax.network/wp-content/uploads/2021/06/Jax.Network-Lightpaper.pdf

Linkedin: https://www.linkedin.com/company/jax-network/

Youtube: https://www.youtube.com/channel/UCGLFiBG4j-CzEs9TFTKk51g

Telegram: https://t.me/jax_network

Facebook: https://www.facebook.com/network.jax/

Twitter: https://twitter.com/CommunityJax

Author

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