Jax.Network was created to solve the basic problem of Bitcoins which is that it has yet not been adopted by mainstream users because of its scalability problem. The scalability problem which we are referring to means that Bitcoin is not able to handle a large number of transactions at the same time which makes it impossible to be used conveniently at a store for day-to-day transactions and hence, mainstream users do not use or consider Bitcoins as a payment for daily transactions. Also, using Bitcoins as a payment mode at a store means paying a heavy transaction fee to get the transaction confirmed within seconds which increases the overall cost for the user. There have been other coins like Ripple which have solve this problem by letting millions of transactions be confirmed within seconds but they are all centralized and hence the third party can control then which is contradicting the purpose of blockchain. Jax.Network aims to solve this problem by introducing a scalable, secure and decentralized network.
What is Jax.Network
The Jax.Network project started off in 2018 To solve the blockchain scalability problem, keeping in mind the scalability issue and decentralization issue.
Jax.Network aims is a network that is linked to the BTC Blockchain and hence, the security offered is the same level of security as the BTC blockchain and provides users with scalable, stable and decentralized JAX coins.
What is the role of a liquidity provider in the Jax.Network ecosystem?
First of all, let’s start with a short explanation of how liquidity providers work. They add crypto assets to the liquidity pool or staking pool, as we call it in Jax.Network, to facilitate trading and receive a commission from every processed transaction, depending on the amount of stake. As a rule, staking pools are created and operated by decentralized exchanges to support illiquid trading pairs with the help of market-making tools. They use the funds given by liquidity providers for every asset in every pair to allow trades to be processed.
In the Jax.Network ecosystem, liquidity providers’ primary role is to offer the necessary liquidity on each shard. That would enable all shards to work smoothly and efficiently. In exchange for their services, exchange agents get rewarded with a part of the fees for cross-shard transactions.
Jax.Network Coins:
Jax.Network has one blockchain and two coins, named JAX and JAXNET. The JAX coin is built upon the Shard chain and is a stable coin that can be used for day to day transactions while the JAXNET coin is a coin based on the Beacon chain which can be used for speculative purposes.
- Security: Due to the Jax.Network being linked to the BTC blockchain ecosystem, It is as secure as the BTC blockchain but has its own advantages over it.
- Scalability: Jax.Network offers a sharding solution that helps to process an unlimited number of transactions per second while being secure and decentralized.
- Decentralization: Jax.Network is decentralized as it is based on proof of work which is known as PoW.
DeFi and JAX
JAX coins are good for DeFi as they are stable coins and decentralized. They are not linked to any fiat currency which means that they are not centralised or controlled by any third party.
SUMARRY
Jax coins and points that are that are driven by demand and hence minors would only mine the coin when there is a demand for the coin. The cost to mine a single JAX coin is linked to the cost of the Bitcoin hash rate and hence, miners would not sell this coin below the cost of production which means that it will always remain a stable coin or its price could increase based on the demand. This makes it a stable coin and definitely a profitable coin but still the price could fluctuate based on the demand.
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Official Website: https://jax.network
Twitter: https://twitter.com/CommunityJax
Facebook: https://www.facebook.com/network.jax/
Telegram Channel: https://t.me/jax_network
Official Group: https://t.me/jax_chat
LinkedIn: https://www.linkedin.com/company/jax-network/
Author:
Forum Username: kjaisuajs
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2823214