Introduction to Decentralized Finance
In recent times, financial products and services are being benefited the most by those at top of food chains. The utilization of decentralized finance (DeFi) has paved a way for quick and easy access for everyone through the distributed ledger technology (DLT) network. Although there have been a number of issues associated with today’s DeFi market, such as the fact that most of the products has limitations of reaching users, this single fact will caused users to stop operating on DeFi products.
DeFi products are on the process of introducing new technology to remove the limitation barriers, developers holds the future of DeFi as they are the ones who are trying their best to introduce new products that will replace the old ones. The minds behind Radix project realizes that many of the problems associated with DeFi can be solved by developing the right distributed ledger technology network.
The Radix team identified a number of DeFi problems that needs to be solved by distributed ledger technology in order to facilitate the growth of the DeFi ecosystem, these problems includes;
- The rate of smart contracts hacks, exploits and failures.
- Issues with building a fast interoperable decentralized app (Dapp).
- Poor incentives associated with decentralized development community.
- Issues with scaling public ledger Dapps without breaking their DeFi composability.
RADIX FOUNDATION & HER OPEN SOURCE PROJECT
This is a foundation that is in the process of developing a fully open long term source base and a successful blockchain to build decentralized supports for the financial community. The aim of Radix is to support financial related developers at any level. Radix Foundation is bringing an idea that encourages developers to participate in building of the Radix components.
Notable Features of This Open Source Project
Scalability without breaking DeFi composability
One major problem faced by most distributed ledger technologies (DLT) is scalability. Radix new DLT technology will be introduced for improved financial transactions. Radix introduced a number of methods to achieve unlimited scalability, these includes;
- Typically sharding to achieve scalability: This involves using hub and side chain, breaking block into smaller ones through different nodes. However this makes transactions slower, error prone and difficult to implement in Smart contract code. Radix is working on a fix for this issue.
- The cerberus consensus: Cerberus is designed with a pre-sharding concept, where shards are splitted into practically unlimited number.
- Radix engine application layer: DLT’s application layer provides interface between developer's smart contract codes that requires special application layer. Radix VM solves issues for DeFi Scalability concurrently.
Other Notably System Features
- Node runners/staking Nodes: Radix network are operated by a network of nodes, anyone can be a node runner by downloading and running the node client.
- Network emission: Radix token are given to those that participate in consensus, the Tokens are called network emission, earned through staking fee.
- Network subsidy: this feature is designed to improve the network performance, a feature whereby any staking node that exceeds limitations will receive a network subsidy.
INTRODUCING RADIX ENGINE COMPONENT MODEL
Radix component are programmed through finite state logic machine, this is a machine that translates a direct input or output States. Radix component can be seen as what is possible to do through its actions. With Radix, two principal attributes are associated with every component.
- First is that components behaves more like physical assets than as black boxes, this makes behaviors easier to analyze.
- Secondly is that the use of component is predictive, thereby the ability for creators of component are gained to set definition of what is possible for a particular transaction on what can and cannot happen in creating final output state.
Creating a Radix component
Creation of Radix components relies on the utilization of a new advanced language called Scrypto. is used for creating a new component.
Radix Component Catalog
Basically, developer writes codes which are then put into network to become active to smart contracts users and interferes, with the Radix component catalog, this changes everything that has to do with the whole model.
Radix Standard Component
Radix Foundation fills the component catalog with important omponent that models elements and behaviors of DeFi as standard features of the platform, this will lead to a huge expansion in desire by the community. With the standard catalog component, developers can skip re-implementation of common functionalities.
RADIX ECOSYSTEM’S BENEFITS
The Radix DeFi ecosystem has a number of benefits to be utilized by both ordinary users and the tech savy ones, these benefits ranges from;
- Incentivizing a Decentralized Development Community: one important functionality of blockchain is its ability to create an open network. This particular blockchain advantage will be a thriving development that will facilitate the creation, utilization and an Interoperable Radix Engine.
- Developer Royalties: Decentralized developers self incentivization will facilitate the creation of a fast decentralized growth in any ecosystem with that kind of incentive market based. Radix Engine and component catalog will make these easy.
Radix rewards developers that add useful Interoperable to the catalog. The innovation of Radix developer’s royalties is to utilize open source components to create financial applications. In Radix ecosystem, royalty rewards are automatic and guaranteed with the same consensus mechanism that gives Radix network Security.
Developer set various royalty for each component usage possible once it is being added to catalog which includes;
- Direct Instance use
- Referred Instance use
- Catalog Use
- Imported Use
THE RADIX TOKEN
Thе Rаdіx tоkеn wіll роwеr іtѕ есоѕуѕtеm and will bе the аѕѕеt fоr thе ѕtаkіng роwеr оf аll nоdеѕ thаt wіll make up Radix nеtwоrk. Uѕеrѕ with locked tоkеnѕ can еаrn nеtwоrk еmіѕѕіоn fоr their different roles іn trаnѕасtіоn vеrіfісаtіоnѕ. The Radix network Prооf оf Stake mесhаnіѕm аllоwѕ ѕеvеrаl Stаkіng nodes to run thеіr ѕеvеrаl раrtѕ wіthоut utilizing muсh computing роwеr аnd hence, іnсrеаѕіng thеіr ѕсаlаbіlіtу much mоrе thаn іt uѕеd tо be. This wіll іnvаrіаblу, аllоw blockchain рауmеntѕ for day tо dау buѕіnеѕѕ transactions іn rеаl-tіmе.
Conclusion
The Radix Network project idea is one that is very realistic, the thing to look out for is how the team has been very dedicated on building their DLT technology for several years and how the community sentiment towards the project is very bullish. With the ongoing DeFi boom and and rise is smart contract utilization, an idea such as that of Radix will be bound for an inevitable success.
For Further Findings, Please Follow the Links Below!
Website: https://www.radixdlt.com
Twitter: https://twitter.com/RadixDLT
Telegram: https://t.me/radix_dlt
Facebook: https://www.facebook.com/RadixDLT
Reddit: https://www.reddit.com/r/Radix
Medium: https://medium.com/@radixdlt
ETH Address: 0xA0fE4d444504A7F8DdCF480Dc652A1393108d93b