In recent years, financial market downturn and inflation raged everywhere. This is the growth opportunity of cryptocurrencies. In other words, this is the golden age of the crypto market. That is why during this time, there are countless cryptocurrencies born, but the most prominent and most interested is probably the Jax.network crypto project.

What is Jax.Network?

When you think of a block chain based platform that provides solutions to existing block chain infrastructure, promotes the high security of it’s network, a platform that offers reduced charges and faster times for transactions, providing additional sources of income for users of it’s ecosystem and a lot more, think of Jax.Network!
Alot of coins and platform’s have been built on Bitcoin, but it is worthy of note that one project stands out as unique. Founded in 2018 by a group of professionals passionate about bringing a bit more advancement to the crypto space the Jax platform was created. The features of the Jax platform are what make up it’s robust ecosystem. The features from the ecosystem that we will consider in this article include, the two governance tokens, namely the "JaxNet" coin and the "JaxCoin". They both contribute positively to the platform’s ecosystem but have different uses whicb we will consider in this article. Other features include ; PoW sharding, lower fees and faster transactions, economic incentive to users of the ecosystem. These features that are unique to the Jax platform are provide solutions to existing block chains like BTC and ETH, which we will consider soon.
Big fintech today have taken the lead in providing payments for the various users of their ecosystem, some of them are ; Western Union , Swift, Paypal, Venmo, Moneygram. Despite how many people use their services. Jax however as an ecosystem offers more features to users and platforms that utilize their ecosystem to perform transactions. Simply put, the features on it’s ecosystem provide more value to users. Most of the features have been listed above. Let’s see some of them.

The token offers an ability for merge miners to use it as another account for crypto currency transactions on the Bitcoin block chain.
Unlike Jax coin, the JaxNet coin is mined on the beacon chain of Bitcoin’s block chain.
JaxNet coin was created to serve as the gas fee for the transactions carried out by the various exchange agents.

Jax coin features

The other token on the Jax platform is the Jax coin. What this coin offers to the Jax ecosystem include the following ;

They are mined on the shard chain of the Jax. Network block chain. This is opposite to that of JaxNet coin which is mined on the beacon chain of the block chain.
The sharding feature of Jax’s Network makes it possible for large number of transactions to be carried out due the sharding feature ( sharding is a process where several chunks of transactions are broken down into smaller amounts, called shards, at such transactions occur faster despite possibly high network congestion, a problem which Bitcoin and Ethereum currently face.)
A key difference between JaxNet coin and JaxCoin is how they are produced. JaxCoins are produced from the burning Bitcoin and JaxNet block chain rewards which exchange agents get as rewards.
The supply of availability of the coin is highly controlled due to the fact that whoever wants it has to sacrifice something which would be the rewards they get. They have the potential of being valuable in the future.

Utility of JAXNET Coins

#To pay for the security of JAX Network by incentivizing Bitcoin miners to merge mine JAX Network.

#To be used as gas fees for exchange agent listing transactions and other critical transactions.

#To incentivize miners to defend the beacon chain that holds the shard registry.

#Serve as secondary saving account for the Bitcoin Network.

#To incentivize miners to defend the Bitcoin Network when the BTC rewards drop to Zero.

#To reflect the value of the global transactional payment ecosystem of JAX Network.

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.

JAX Coin Reward Function

JAX Network has developed its own reward function that compensates miners in proportion to the hash power they contribute to the network. Simply 100 units of hash power will yield JAX coins and so on. This function only exists on the shards chains of the JAX Network blockchain and is the main factor that maintains the JAX coin’s stable value.

Stable value without Peg or Collateral

JAX coins are only mined on demand. Their cost of production is tied to the cost of Bitcoin hash rate, putting a lower bound under 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 coin is high miners will increase their hash rate, minting more coins and distribute them accordingly.

Here the value is measured in units of hash power and not in fiat. This novel way of measuring value allows pegging the transactional coin to data that is intrinsic to decentralized networks, more specifically the cost of computing power allocated to mine one Bitcoin block. This makes stable coins superior to existing stable coins because it preserves their decentralization and does not need to peg to assets or fiat currencies to maintain their stable value.

Roadmap

Q3 2018: Conceptualization of the protocol and start of research

Q2 2020: Release of Credit Card

Q2 2021: Launch of TestNet

Q3 2021: ERC20 converts to native JAXNET currencies

Q1 2020: End of Jax.Network v1.0; The beginning of the development of validation of the concept

Q4 2020: Release of concept verification and fundraising

Q3 2021: Sales & Launch of MainNet

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.

Author

Forum Username: Mahadel

Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2754204
Telegram Username: @Journame

BSC Wallet Address: 0x8Fc11017ce1Da90EE7F1f69C039579877EBD4d4e

JAX NETWORK | blockchain program that develops a protocol that is stable, scalable