JAX Network | Platform Secure, Scalable, Decentralized and unique.

Hello everyone, How are you? my name is Coinlotre… Here I will inform you by writing an article to introduce a very unique new project called JAX Network, so for that, have a look at the article I created below to give you a very good overview of the project, then What benefits do they provide to everyone? Just go to the discussion below.

Secure — JaxNet protocol is directly anchored to the Bitcoin ecosystem through its merged-mining algorithm it benefits the same level of security as the BTC network.

Scalable — Jax Network sharding solution allows for a virtually unlimited amount of transactions per second, competing with that of centralized payment systems like Visa or Mastercard while remaining totally secure and decentralized.

Decentralized — Based on Proof-of-Work, Jax Network employs an equitable merged mining solution and is not subject to general concerns of centralization.

Features of JAX Network

Sharding — Jax Network uses pure state sharding. It means that accounts, transactions, and validators are distributed between shards so that verification of a certain transaction doesn’t require any knowledge of the preceding transaction history in other shards.

Merged Mining — JaxNet protocol is based on the merged mining technique to secure shards from shard-over attacks. Its mining reward system is flexible and balanced. Hence, every participant is rewarded proportionally for his effort in maintaining the network.

Decentralized Transfer Ecosystem — In Jax Network, a robust transfer ecosystem following a decentralized exchange protocol facilitates cross-shard transactions.

Universal Reward Function — Jax Network block reward is based on PoW difficulty and hence the expected value of each JAX coin is mathematically equal across the Universe.

One Blockchain Two Tokens

There are two coins in Jax.Network. The beacon chain coins which are more like an asset coin are called JAXNET and the shard chain coins which are used for transactions are called JAX.

JAXNET coins are coins that are mined on the beacon chain of the JAX Network Blockchain. The beacon chain is responsible for adding new parallel chains or shards to the network in a timely and coordinated fashion.

The beacon chain operates very similarly to Bitcoin because blocks on this chain are mined approximately every 10 minutes and offer a reward of 20 JAXNET coins. JAXNET coins reflect the entire value of the network and are therefore speculative and can be used as a reliable store of value.

Utility of JAXNET Coins

JAX coins are coins that are mined on the shard chains of the JAX Network Blockchain. Sharding is the mechanism that allows the JAX Network blockchain to scale and support a virtually limitless number of transactions at any given time. JAX coins will be mainly used 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 Bitcoin and JAXNET coin base block rewards This will control the issuance rate of JAX coins so that they can be issued if and only if there is transactional demand for them.

Limitations of Bitcoin

It goes without saying that blockchain, lying in the basis of Bitcoin, is a truly remarkable and revolutionary technology that is set to change the current state of affairs. Well, these changes are actually noticeable, as a wide range of useful applications has been constructed on top of it. But what about Bitcoin? Several projects have been working on bringing scalability (e.g. Lightning), smart contracts (Rootstock), or aiming at decreasing transaction fees (Taproot update).

However, Lightning has some issues, and Bitcoin is still seen as an asset, hence, very volatile.

So, scalability has remained an Achilles’ heel for truly decentralized cryptocurrencies since day one till today, no matter how hard other projects tried to address this issue. With regard to Bitcoin, scalability, or lack thereof, is the Bitcoin blockchain network’s limited rate at which it can process transactions. The Bitcoin network can process approximately 7 transactions per second — an obviously unsuitable number. The reason for the lack of scalability is due to the designs in the Bitcoin protocol. It allows miners in the network to validate the transactions on only a single chain.

The second major issue is volatility. We understand that this is something speculators, investors and traders worship, but at the same time, it is something that makes Bitcoin unsuitable as a day-to-day currency or payment platform. Despite the recent upward rally of Bitcoin, there have been many occasions where it has fallen a great amount just as quickly.

It is due to its volatility that customers and users do not want to transact with it and merchants do not want to accept it. As for crypto users, they still prefer stablecoins for transactions. There are of course exceptions, but generally, the vast change in price, even within 24 hours is too much for it to be used as a day-to-day payment method.

How we bring scalability and stability to the Bitcoin network

As you already know, we recently added Bitcoin as the anchor shard. This solution allows BTC miners to merge-mine Jax.Network and earn extra fees from JXN and JAX transactions. Although we would like to highlight that it also brings scalability and stability to the Bitcoin ecosystem in a decentralized way. Jax.Network uses sharding to increase the scalability of our blockchain network and, hence, the Bitcoin network. This technology allows us to split a large data set, such as a full blockchain ledger, that is then run independently in parallel with each other. As a result, we get an increased number of transactions on the blockchain network in proportion to the number of shards.

Until today, BTC miners have been affected by the volatility of the coin and their mining profits have been mainly based on its performance. By implementing merge-mining and bringing transactional utility to the Bitcoin ecosystem, we allow BTC miners to build long-term business models based on predictable transaction fees. We believe that this will help the mining industry evolve. On top of that, we introduce JAX stablecoin to the Bitcoin network. The design of JAX is innovative and does not rely on external data sources, a peg, or some collateral to function. It’s purely based on economic incentives provided by our reward function and the economics behind the PoW consensus algorithm.

We also have to mention that BTC miners fully rely on the speculative value of the Bitcoin network at the moment. This means that the miners who are mining at $0.07 cents or above will have to turn off the rigs when the BTC price drops below a certain extent. Most sustainable mining happens at the $0.04 cents level. However, even this is very dangerous in a speculative market. And, if the price of BTC crashes and the hashrate has to be turned off to stay in business, it will create extra risks, as the network will now be more prone to double-spend attacks caused by a great drop in the security cost.

We have created the network that benefits miners in multiple ways. So, as the Bitcoin reward moves closer towards zero in the future, miners will still have an incentive to share the network hashrate with the Bitcoin network for additional transaction fees and this ensures that the transaction fees across both networks are always minimal.

Conclusion

Since Jax.Network brings scalability and stability to the Bitcoin network, it will be a huge boost for the entire ecosystem and the miners who don’t merge-mine Jax.Network with BTC will be at a disadvantage. Whichever miner missed out on the early BTC adoption has a chance to get into Jax.Network adoption now and capture value by providing critical mining services.

INFORMATION PROJECT

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

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

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

Author

Forum Username: Coinlotre
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2519072
Telegram Username: @Coinlotre
BEP-20 Wallet Address: 0x980D3F0613079bA1A76BD5d32b260E0090c4f979