JAX a good long term project for the future

in jax •  3 years ago  (edited)

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 Hello everyone ,

Before I start this article, I'll explain DeFi or often also called Decentralized Finance: DeFi is an innovation that was born to ensure that all financial services in the blockchain network can be implemented in a decentralized, transparent, trustworthy and without third-party intermediary or something. Financial bank in the real world.

The beginning of the emergence of DeFi in 2020 and so far, DeFi has grown very rapidly and is preferred by large investors, especially those who like short term investments can easily get the profits made in a Defi project. Therefore I would like to tell you personally everything about the Defi uni project and of course very profitable for investments in the short and long term, the JAX NETWORK project, which apparently aims to contribute to this sector by providing solutions to shortcomings and gaps. in this area and to learn more, I'll be discussing this unique project.


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Jax Network is the first sharding PoW network to introduce a novel approach to solving the scalability problem in blockchain networks based on a specific reward function, sharding, merged mining and a decentralized value transfer ecosystem.



JAX Network is a blockchain project that has developed a protocol that is secure, scalable, decentralized and contains its own stable coin. This project aims to create a truly global cryptocurrency suitable for mass adoption and everyday use. The JAX Net blockchain network publishes the world's first decentralized and scalable stable coin JAX.

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Key aspect of the JAX network

  • Secure - The  JaxNet protocol is directly connected to the Bitcoin ecosystem through its merged mining algorithm and benefits from the same level of security as the BTC network.
  • Scalable -  Jax Network's sharding solution enables a practically unlimited number of transactions per second and competes with centralized payment systems such as Visa or Mastercard while remaining absolutely secure and decentralized.
  • Decentralized -  Based on proof-of-work, Jax Network uses an equitable fused mining solution and has no general concerns about centralization.



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Features of the JAX network

  1. Sharding -  Jax Network uses pure state sharding. This means that accounts, transactions, and validators are sharded so that verifying a particular transaction does not require knowledge of previous transaction history in other shards.
  2. Merged Mining - The  JaxNet protocol is based on  merged mining  technology to protect shards from shard-over attacks. The mining reward system is flexible and balanced. In this way, each participant is proportionally rewarded for their work in maintaining the network.
  3. Decentralized Transfer Ecosystem -  In the Jax Network, a robust transfer ecosystem that follows a decentralized exchange protocol facilitates cross-shard transactions.
  4. Universal Reward  Function - The Jax network's block reward is based on PoW difficulty and therefore the expected value of each JAX coin is mathematically the same across the universe.


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Benefits of the JAX network blockchain

  • By anchoring the JAX blockchain to Bitcoin, the Bitcoin ecosystem can be given the much-needed stability and scalability. Many bitcoin blockchain miners have been looking for a solution that will bring them a less volatile source of income and improve the practicality of the bitcoin ecosystem. The improvement of the Bitcoin ecosystem will ensure a steady increase in revenue for the miners.

  • Offering people a decentralized currency of stable value that also has the scalability to process a large number of transactions at a given point in time is exactly what cryptocurrencies need to become mainstream. People will want to transact with JAX coins because of the nominal network charges, fast turnaround, privacy, and the lack of interference from third parties.

  • JAX-Coins bring the DeFi ecosystem to Bitcoin as an alternative stablecoin to hedge your risk, pay returns or for credit and credit transactions etc.


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One blockchain, two tokens

  • There are two coins in Jax.Network. The beacon chain coins, which are more similar to an asset coin, are called JAXNET and the shard chain coins that 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 manner.

The beacon chain works very similarly to Bitcoin in that blocks in 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.


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Use of JAXNET coins

  • To pay for the security of the JAX network by encouraging bitcoin miners to merge my JAX network.
  • Use as gas charges for listing transactions and other critical transactions.
  • To motivate miners to defend the beacon chain that contains the shard register.
  • Serve as a secondary savings account for the Bitcoin network.
  • To motivate the miners to defend the Bitcoin network when the BTC rewards drop to zero.
  • To reflect the value of the JAX Network's global transactional payment ecosystem.

JAX-Coins are coins that are mined on the shard chains of the JAX Network Blockchain. Sharding is the mechanism that enables the JAX network blockchain to scale and support a virtually unlimited number of transactions at any time. JAX coins are mainly used for everyday transactions and can handle mass adoption due to the scalability of the network.

JAX-Coins can only be created by burning the rewards for the Bitcoin and JAXNET-Coin basic block. This controls the rate of issue of JAX Coins so that they can only be issued when there is a transaction demand for them.


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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. Just 100 units of hash power make JAX coins and so on. This function only exists in the shards chains of the JAX network blockchain and is the main factor that maintains the stable value of the JAX coin.


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Stable value with no commitment or collateral

JAX-Coins are only mined on request. Your production cost is tied to the cost of the Bitcoin hash rate, which is a lower limit below which coins cannot be sold. Since miners are for profit, they will follow the law of supply and demand to maximize their profits. That means, when the price of JAX coins is high, the miners increase their hash rate, mint more coins and distribute them accordingly.

Here the value is measured in units of hash power and not in fiat. This new type of value measurement makes it possible to couple the transaction coin to data that is intrinsic in decentralized networks, more precisely to the cost of the computing power allocated to mining a Bitcoin block. This makes stable coins superior to existing stable coins as they retain their decentralization and do not have to be tied to assets or fiat currencies in order to maintain their stable value.


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Our roadmap

  • Q3 2018:  Conceptualization of the protocol and start of research
  • Q2 2020:  Publication of the scientific work
  • Q2 2021:  Start of TestNet
  • Q3 2021:  Exchange of ERC20 for native JAXNET coins
  • Q1 2020:  Finalization of Jax.Network v1.0; Start of proof-of-concept development
  • Q4 2020:  Publication of the proof of concept & increase in investments
  • Q3 2021:  Token sale & start of MainNet


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graduation

Technologically, BTC and ETH have proven difficult to scale. By anchoring the Jax Network to Bitcoin, the latter can scale more sustainably than Lightning and have a network for daily payments with the same level of security as Bitcoin. That being said, BTC is deflationary by default. People 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 mass introduction are higher.


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DETAILED INFORMATION


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AUTHORS:

Username bitcointalk : antonigrock

My Profile Link Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=3136765

BEP-20 Wallet Address : 0x38B476EC05E1e228611E5b76569D71A47fc7d6b7

Telegram User Name : @Sessiaw

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3 years ago by

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