JAX Network — Decentralized and Scalable Stablecoin network for BITCOIN
introduction
Cryptocurrency 2021 has seen cryptocurrencies rise to uncharted highs and this is true not only reflected in the market. Away from the OTC exchanges and desks that set Cryptocurrency prices, the interest of private and institutional investors is growing rapidly in all countries.
this time I want to present a platform-based project to attract investment in new projects, will help you understand this issue. Here you will find many opportunities to develop your project and attract initial investment for further development
JAX network is?
Jax Network is the first sharded PoW network to introduce a new approach to solving scalability problems in blockchain networks based on specific reward functions, sharding, pooled mining, and a decentralized value transfer ecosystem.
JAX Network is a blockchain project that develops a secure, scalable decentralized protocol and hosts its own stable of coins. The project aims to create a truly global cryptocurrency suitable for mass adoption and everyday use. The JAX Net Blockchain network issues the first decentralized and scalable stable coin in the JAX world.
Interesting JAX NETWORK project with great pro aspect. A good start and confidence, a large team interested in the rapid and strong development of the project.
This is sure to be a successful project as it has a great team that is more than qualified and focused on making this project a success. The project is managed by an experienced and qualified team capable of bringing the project to the highest level in record time.
All project success is tied to their team. A very interesting project with specific goals and a worthy team that will surely achieve its goals.
Key Aspects of JAX Network
Secure — The JaxNet protocol is directly tethered to the Bitcoin ecosystem via its combined mining algorithm, this benefits at the same level of security as the BTC network.
Scalable — Jax Network’s sharding solution enables an almost unlimited number of transactions per second, competing with centralized payment systems like Visa or Mastercard while remaining completely secure and decentralized.
Decentralized — Based on Proof-of-Work, Jax Network uses a fair pooled mining solution and is not subject to common concerns about centralization.
JAX Network Features
Sharding — Jax Network uses pure state sharding. This means that accounts, transactions and validators are distributed among shards so that verification of certain transactions does not require knowledge of the history of previous transactions in other shards.
Merged Mining — The JaxNet protocol is based on a combined mining technique to secure shards from shard-over attacks. The mining reward system is flexible and balanced. Therefore, each participant is rewarded proportionally for his efforts in maintaining the network.
Decentralized Transfer Ecosystem — On the Jax Network, a robust transfer ecosystem following a decentralized exchange protocol facilitates cross-shard transactions.
Universal Reward Function — Jax Network block rewards are based on PoW difficulty and therefore the expected value of each JAX coin is mathematically the same throughout the Universe.
JAX Network Blockchain Benefits
Linking the JAX blockchain to Bitcoin can bring much-needed stability and scalability to the Bitcoin ecosystem. Many Bitcoin blockchain miners have been looking for a solution that will provide them with a less stable income stream as well as something that will increase the practicality of the Bitcoin ecosystem. Improving the Bitcoin ecosystem will ensure a steady increase in income for the miners.
Offering people a decentralized currency that is stable in value that also has the capacity to scale to handle a large number of transactions at any given time, is exactly what is needed for cryptocurrencies to become mainstream. People will want to transact with the JAX coin because of the nominal network fees, fast settlement, privacy, and lack of third party interference.
The JAX Coin will bring the DeFi ecosystem to Bitcoin as an alternative stablecoin to hedge your risk, pay for proceeds or for lending and borrowing operations, etc.
One Blockchain Two Tokens
There are two coins on Jax.Network. The flare chain coin which is more like an asset coin is called JAXNET and the shard chain coin used for transactions is called JAX.
JAXNET Coins are coins that are mined on the JAX Network Blockchain beacon chain. The beacon chain is responsible for adding new parallel chains or shards to the network in a timely and coordinated manner.
The beacon chain operates very much like Bitcoin in that blocks on this chain are mined approximately every 10 minutes and offer a reward of 20 JAXNET coins. The JAXNET coin reflects the entire value of the network and is therefore speculative and can be used as a reliable store of value.
JAXNET Coin Utility
To pay for the security of the JAX Network by incentivizing Bitcoin miners to merge the JAX Network of mines.
Used as gas fees for stock exchange agent listing transactions and other important transactions.
To incentivize miners to maintain a beacon chain that holds a registry of shards.
Serves as a secondary savings account for the Bitcoin Network.
To incentivize miners to maintain the Bitcoin Network when the BTC reward drops to Zero.
To reflect the value of the JAX Network’s global transactional payments ecosystem.
JAX Coins are coins that are mined on the JAX Network Blockchain shard chain. Sharding is a mechanism that allows the JAX Network blockchain to scale and support an almost unlimited number of transactions at any given time. The JAX coin will be used primarily for day-to-day transactions and can handle mass adoption due to the network’s ability to scale.
JAX coins can only be created by burning the base block reward of Bitcoin and JAXNET coins. This will control the issuance rate of JAX coins so they can be issued if and only if there is a transactional demand for the coins.
Coin Reward Function
JAX The JAX network has developed its own bounty function which compensates miners in proportion to the hash power they contribute to the network. Just 100 units of hash power will generate JAX coins and so on. This function exists only in the shard chain of the JAX Network blockchain and is the main factor that maintains the stable value of the JAX coin.
Stable value without
Peg or Collateral JAX coins are only mined on demand. Their production costs are tied to Bitcoin hash rate fees, placing a lower limit at which coins cannot be sold. Since miners are profit oriented, they will follow the law of supply and demand to maximize profits. This means when the price of JAX coins is high, miners will increase their hash rate, mint more coins and distribute them accordingly.
CONCEPT value is measured in hash power and not in fiat. This new way of measuring value enables the clustering of transactional coins to data intrinsic to the decentralized network, more specifically the cost of the computing power allocated to mining a block of Bitcoin. This makes stablecoins superior to existing stablecoins as they maintain their decentralization and do not need to peg assets or fiat currency to maintain their stable value.
ROADMAP
Roadmap Conclusion
BTC and ETH technologies are proving difficult to quantify. Connecting the Jax Network to Bitcoin allows the latter to scale in a more sustainable way than Lightning and has a network for daily payments with the same level of security as Bitcoin. In addition to all that, BTC is by default deflationary. People stand to hold deflationary assets and spend on stable assets and inflation assets. Because JAX is stable in value, which is measured in terms of the cost of computing power, the probability of mass adoption is higher.
many projects out there defi end badly with investors. and I believe the JAX NETWORK project is a good project for the future of crypto
Read More Here:
📢Website: https://jax.network/
📢Telegram: https://t.me/jax_network
📢Twitter: https://twitter.com/CommunityJax
📢Light paper: https://jax.network/wp-content/uploads/2021/06/Jax.Network-Lightpaper.pdf
Author: apaben
Bitcointalk Profile link: https://bitcointalk.org/index.php?action=profile;u=1239366
