JAX.Network is using blockchain technology and has developed a protocol which is secure, scalable, decentralized and has its own stable coin. Jax.Network is the first sharded PoW network that introduces a novel approach for solving the scalability problem in blockchain networks based on a specific reward function, sharding, merged mining, and a decentralized value transfer ecosystem.
The sharding protocol of Jax platform is challenging and eradicating the biggest flaw of the market and providing pretty fast speed for the execution of transactions. Sharding can help since it partitions or spreads out the transactional workload from a blockchain network so that every node doesn't need to handle or process all of the blockchain's workload. In a way, sharding compartmentalizes the workload into partitions or shards. Further Jax.Network is anchored to the BTC blockchain that follows the JaxNet protocol and issues scalable, stable, and decentralized JAX coins.
The transactions are executed on Jax.Network platform where the transaction data is distributed on the blockchain between shards and executed so that verification of a certain transaction doesn’t require any knowledge of the preceding transaction history in other shards. That will increase the speed of validation of transaction and as such the data is processed in a flash and is always present in distributed ledger for its verification. That reduces the risk of changing or manipulating the data for personal benefits. Also JaxNet protocol is based on the merged mining technique to secure shards from shard-over attacks.
The biggest obstacle that hampers the growth of blockchain is the limited transaction capabilities. Existing blockchains like Bitcoin and Ethereum are only capable of about 7–10 transactions per second. This technological limitation has been called the blockchain scalability trilemma. Jax.Network platform is created to provide more scalability that will help the fast adoption of blockchain since it is seen that during market congestion the transactions are executed very slowly and charge very high fees. So the small and retail investors/traders can not use the blockchain technology in its full potential. Whereas the Jax.Network platform is capable to execute the transactions with very fast speed so the users are capable to manage their assets as per the market moves and can avoid big losses and can earn even when there is dip in the market.
The basic concept for creating and using Jax.Network blockchain is its fast speed and fund security. With day by day more use of blokchain technology, there is a huge work load and the overall system has to process all the data and information to execute, approve and authenticate a particular transaction. That is slowing down the process and it is not good for the organic growth of blockchain technology. So the Jax.Network has emerged with a real and effective solution so that the users can operate freely on the platform. There is no third party involvement and users are enjoying trustless environment to conduct their transaction. Anonymity is the feature of the platform and the smart contracts of the platform are handling all the required trust to execute the transactions. People will like to transact with JAX platform because of nominal network fees, fast settlement, privacy, and lack of third-party interference.
Jax.Network has two coins: JAX coin & JAXNET coin.
JAX Coin can be used as a stable payment method for day-to-day transactions. These are the coins that are mined on the shard chain of the Jax Network block chain. Jax.Network is anchored to the BTC blockchain that follows the Jax Net protocol and issues scalable, stable and decentralized JAX coins. It’s a unit of economic value based on the cost of computing power.
JAXNET coin can be used for speculative purposes and as a store of value. These are the coins that are mined on beacon chain of the Jax.Network blockchain. The Beacon chain operates very similar to bitcoin because the blocks on this blockchain are mined approximately every 10 minutes and offer a reward of 20 JAXNet coins.
This project has an interesting idea, a well-thought-out and well-developed concept. The team of this project has great talent and experience. Strong fundamentals and an ambitious project, carefully watched & confidently moving towards its goals. This project is operating independently and do not require external forces to conduct operations on the platform. The Innovative team is capable to create best development strategies and have enough resources to implement them in an effective way. This project has a sound RoadMap:
Useful Links to get more Information:
- Website : https://jax.network/
- Telegram : https://t.me/jax_network
- Facebook : https://www.facebook.com/network.jax/
- 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/
Writer
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