Jax. Network’s Mission is Tackling Crypto Mass Adoption
Where is Jax.Network headed? What is the idea behind the adoption of Jax.Network? Get the details here all about Jax. Network and Jax Coins.
What Is Jax.Network?
People still treat them as assets instead of currencies even though bitcoin and Ethereum are called cryptocurrencies. Merchants are not accepting them on a similar scale as people are not spending cryptocurrencies on a large scale. You still cannot pay for a cup of coffee at your local café with your bitcoin generally speaking.
Endeavouring to solve this issue is Jax.Network a project based in Kyiv, Ukraine. By first replacing the stablecoin market with its decentralised scalable, Proof of Work-based coin ‘Jax Coin’ and then aiming for the greater global payments market after, its goal is to bring cryptocurrency to mainstream day-to-day use.
It was born out of a whim, however, a gargantuan goal to say the least. Since its inception in 2018, much thought, time, and research have gone into the project. Members of the newly formed Jax.Network team had one goal to research and develop a decentralised, scalable, and stable coin that will not sacrifice security as the project was beginning. That is exactly what the team had done and achieved from Q3 of 2018 until Q2 of 2020.
Created here is an elegant and robust solution to the blockchain scalability trilemma. The latest version of which was released in October of 2020, the solution has been extensively outlined in the whitepaper.
Jax.Network’s Scalability Solution
To ensure the superior scalability of their blockchain, in short, the Jax.Network protocol plans to use their very own sharding and merged mining solution. While being able to continuously scale, this means that all shards on the Jax.Netowrk blockchain will be protected to the highest degree. Being able to prevent 51% attacks much more effectively even on individual shard chains as the Jax.Network team has claimed that their merged mining solution will be.
Thereafter as they are not given a fixed reward for solving blocks rather miners will be compensated based on their computing power just as they contribute to secure the network inside the shard chains, unlike bitcoin or Ethereum.
To achieve balance on the network shard is the purpose of this reward function. They will still receive a reward proportionate to the amount of computing power they bring to the network where a miner mines on 1 shard or 100 shards.
This is how Jax Coins can claim its status as a relatively stable coin additionally. They follow the law of supply and demand when minting new coins since miners are incentivised by profit. Miners will mint more coins when the price is high and less when the price is low to drive the price back up in other words. Finally, it comes that it is also the US dollar or Japanese Yen, where this means that over time the price is of Jax Coins which will be very stable and therefore suitable for day-to-day transactions.
That is to create a Proof of Stake based blockchain, the project has even decided to boldly ignore what many other crypto projects have done to achieve scalability. Increasing the concentration of power and be a sacrifice on decentralisation proof of stake applied to our network according to Jax.Network’s Chief Economist, Lucas Leger. Achieving the necessary scalability to become a global payment platform without sacrificing the network’s security, Leger strongly believes that the Jax.Network Proof of Work-based blockchain can.
Linked to the initial coin distribution is everything. With proper economic incentives if it were run under a PoS consensus algorithm, in the case of Jax.Network, the peculiar reward function on shards is at odds. When the reward tends to zero and when validation is restricted to the sufficiently large stakeholders as indeed some economic work has shown that best incentives are preserved.
Due to price fluctuations, furthermore, PoW has to be seen as an investment with uncertain returns. Either you would faovur a system closer
Due to price fluctuation, furthermore, PoW has to be seen as an investment with uncertain returns. Either you would favour a system closer to shareholding with limited responsibilities or a system that relies on favouring entrepreneurship and investments overall from an economic standpoint. More aligned with economic incentives of the shards reward function Jax.Network have decided to go with the latter.
The Jax.Network project has been in the development phase of the project from the middle of 2020 until now. To work on the development of their protocol some of the best minds in blockchain architecture, cryptography, and software development have been hired. After speaking with members of the development team, their target is much sooner as soon as late April of 2021 according to the Jax.Network roadmap they plan to launch their mainnet in Q3 of 2021.
Summing It Up…
In the coming months Jax.Network is also hosting and attending some offline blockchain events. On the 26th of March 2021, they will be co-organising the BlockchainUA conference in Kyiv, Ukraine. Claiming to be the biggest offline blockchain conference in Eastern Europe is the BlockchainUA event. To start gathering the community of early adopters’, supporters, and blockchain enthusiasts who want to impact the market are the Jax.Network having said the purpose of these events is.