PRESS RELEASE. Even although Bitcoin and Ethereum are referred to as ‘cryptocurrencies’ individuals nonetheless deal with them like property as a substitute of currencies. People should not spending cryptocurrencies on a big scale, nor are retailers accepting them on an analogous scale. Generally talking, you continue to can not pay for a cup of espresso at your native café along with your bitcoin.
Jax.Network, a undertaking primarily based in Kyiv, Ukraine has endeavored to resolve this subject. Its aim is to convey cryptocurrency to mainstream day-to-day use by first changing the stablecoin market, with its decentralized, scalable, Proof of Work primarily based coin ‘Jax Coin’ after which aiming for the larger world funds market after.
A gargantuan aim to say the least, nonetheless, it was not born out of a whim. Much thought, time, and analysis have gone into the undertaking since its inception in 2018. As the undertaking was starting, members of the newly fashioned Jax.Network workforce had one aim: to analysis and develop a decentralized, scalable, and secure coin that won’t sacrifice on safety. And from Q3 of 2018 till Q2 of 2020, that’s precisely what the workforce had carried out and achieved.
An elegant and strong resolution to the blockchain scalability trilemma has been created. The resolution has been extensively outlined within the whitepaper, the newest model of which was launched in October of 2020.
Jax.Network’s Scalability Solution
In brief, the Jax.Network protocol plans to make use of their very personal sharding and merged mining resolution to make sure the superior scalability of their blockchain. This signifies that all shards on the Jax.Network blockchain might be protected to the very best diploma whereas with the ability to constantly scale. The Jax.Network workforce has claimed that their merged mining resolution will be capable of forestall 51% assaults far more successfully even on particular person shard chains.
Unlike Bitcoin or Ethereum, miners is not going to be given a hard and fast reward for fixing blocks, somewhat, they are going to be compensated primarily based on the computing energy they contribute to safe the community (contained in the shard chains).
The goal of this reward operate is to attain steadiness on the community shards. Whether a miner mines on 1 shard or 100 shards, they may nonetheless obtain a reward proportionate to the quantity of computing energy they create to the community.
Additionally, that is how Jax Coins can declare its standing as a comparatively secure coin. Since miners are incentivized by revenue, they, due to this fact, comply with the regulation of provide and demand when minting new cash. In different phrases, miners will mint extra cash when the worth is excessive and fewer when the worth is low to drive the worth again up. This signifies that, over time, the worth of Jax Coins might be very secure and due to this fact appropriate for day-to-day transactions, just like the US greenback or Japanese Yen.
The undertaking has even determined to boldly ignore what many different crypto tasks have carried out to attain scalability, which is to create a Proof of Stake primarily based blockchain. According to Jax.Network’s Chief Economist, Lucas Leger, “Proof of Stake, utilized to our community, would improve the focus of energy and be a sacrifice on decentralization.” Leger strongly believes that the Jax.Network’s Proof of Work primarily based blockchain can “obtain the mandatory scalability to grow to be a world cost platform with out sacrificing the community’s safety.”
In reality, every little thing is linked to the preliminary coin distribution. In the case of Jax.Network, the peculiar reward operate on shards is at odds with correct financial incentives if it had been run below a PoS consensus algorithm. Indeed, some financial work has proven that finest incentives are preserved when the reward tends to zero and when validation is restricted to the “sufficiently massive stakeholders” (Saleh, 2020).
Furthermore, PoW needs to be seen as an funding with unsure returns (Prat & Walter, 2018) because of worth fluctuations. Overall, from an financial standpoint, both you’d favor a system nearer to shareholding with restricted tasks (in PoS) or a system that depends on favoring entrepreneurship and investments (PoW). Jax.Network have determined to go along with the latter, extra aligned with financial incentives of the shards reward operate.”
From the center of 2020 till now, the Jax.Network undertaking has been within the improvement section of the undertaking. Some of the most effective minds in blockchain structure, cryptography, and software program improvement have been employed to work on the event of their protocol. According to the Jax.Network roadmap, they plan to launch their mainnet in Q3 of 2021, however after talking with members of the event workforce, their goal is way sooner, as quickly as late April of 2021.
Jax.Network are additionally internet hosting and attending some offline blockchain occasions within the coming months. They might be co-organizing the BlockchainUA convention in Kyiv, Ukraine on the 26th of March 2021. The BlockchainUA occasion is claiming to be the most important offline Blockchain convention in Eastern Europe. Jax.Network have stated the aim of those occasions is to “begin gathering the neighborhood of early adopters, supporters, and blockchain lovers who need to influence the market.”
For extra details about the Jax.Network undertaking resembling its mission, imaginative and prescient, workforce, roadmap, resolution, and extra, go to the official web site at jax.community.
Prat & Walter (2018). An Equilibrium Model of the Market for Bitcoin Mining, Cesifo Working Paper.
Saleh, F. (2020). Blockchain with out Waste: Proof-of-Stake. The Review of Financial Studies.
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