As the next step in the evolution of civilization, blockchain technology has not yet been widely adopted. The biggest obstacle here 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.
This could be the massive implementation of decentralized management systems issued by data storage systems, which will increase the transparency of governance and monetary policy. Researchers around the world have put forward various proposals to solve the problem of blockchain scalability. Sharding is considered the most promising. However, there is no single view of how to implement segmentation to find the best acceptable compromise among network parameters. Projects like Ethereum 2.0, Algorand, Cardano, and Zilliqa have developed their own sharding-based blockchain projects. However, all of these projects have a similar structure in their projects. They all rely on the Proof-of-Stake (PoS) consensus algorithm and pseudo-random selection of validators.
JaxNet believes that it goes through the solution triggers and the use of a consumer payment system, unlike other cryptocurrencies that experience latency and disruption due to bandwidth constraints. Last month, the JaxNet team participated in the Blockchain.UA conference and shared their vision with the crypto community. JaxNetwork, is a blockchain platform that is the JaxNet protocol that issues the world’s first scalable and decentralized stablecoin “JAX”. Since 2017, its founder, Vinod Manoharan, became interested in blockchain and wanted to bring this technology to mass adoption. In 2018, he decided to move to Ukraine to collect technical and expert solutions for the blockchain scalability trilemma. Ukraine was the first choice as it has many outstanding specialists. With this in mind, Vinod put together a team, and together they came up with a solution that solves the scalability problem of blockchain networks. JaxNet protocol scientific article was published in May 2020. Based on this protocol, JaxNet solves the problem of blockchain scalability using proof of consensus of work, universal reward function, sharding, and merged mining. The sharding construction used in the project has many advantages. This reduces the storage and network traffic requirements for hosts on the network. It also removes the block propagation bottleneck and reduces the volatility of the mining reward.
Together, these features have a positive effect on the scalability and decentralization of the network. In a blockchain network, miners can manage their workload according to their given capabilities. JaxNet aims to create the first truly scalable and stable coin. If this cryptocurrency is adopted massively, the global financial ecosystem could change forever. With this network in mind, Jax serves the payments market and wants to compete with the likes of Visa and Mastercard. Right now, this blockchain project is at the concept stage, moving forward according to the roadmap. Ultimately, he wants to transform the organizational systems in the world using blockchain technologies. To achieve this, the team will build infrastructure including a ping pool, datacenter, blockchain explorer, API, crypto wallet, and instant messenger.
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�Website: https://jax.network/
�Telegram: https://t.me/jax_network
�Twitter: https://twitter.com/CommunityJax
�Light paper: https://jax.network/wp-content/uploads/2021/06/Jax.Network-Lightpaper.pdf
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