Review JAX Netowrk | Stable and Scalable Blockchain Technology

 



In this modern era, many businesses are technology-based. Since the existence of bitcoin, cryptocurrency has slowly become very popular in the world. almost everyone talks about crypto assets. Almost everyone is interested in owning crypto assets because Cryptocurrencies are proven to be able to generate a large income. There are so many activities that can be done with this Blockchain technology. We can earn income by doing Mining, Staking, Farming, Trading, Holding, Lending, P2P, Main Lottery, Games, etc. One of the popular crypto assets is NFT, Non-Fungible Token. and this time I want to give important information about the project with the name JAX NETWORK. For more information, don’t miss the interesting articles that I will present to you below:


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.

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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.

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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.

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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.

Conclusion

Technologically BTC and ETH have been proved difficult to scale. Anchoring Jax Network to Bitcoin allows the latter to scale in a more sustainable way than Lightning and to have a network for daily payments with the same security level as Bitcoin. Besides all that, BTC is by default deflationary. People stand to hold deflationary assets and spend stable assets and inflationary assets. Since JAX is stable in value, which is measured in the cost of computing power, the chances of it being mass adopted are higher.

INFORMATION JAX NETWORK

Website: 

Light paper: 

Twitter: 

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youtube; 

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Author

Bitcointalk username: Tomohoon
Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=3198788

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