Radix Network: Building An Incentivize, Secure, Interoperable, and Scalable DeFi Product

Decentralized Finance (DeFi) brought about an emergence of new financial applications that can easily be developed and accessed. DeFi covers narrow services for narrow users interested in crypto limitations for average users. DeFi is definitely solving a number of critical issues in the financial service ecosystem as it growth is anticipated to reach $64bn in market value.

DeFi’s development is constantly been pushed upon by developers, a lot of developers are in the process of building more advanced application to replace the outdated ones. It is seen that DeFi developers faces a serious DLT issues which needs to be thoroughly handled, issues such as;

• Smart contracts hacks, exploits and Failures
• Slow Interoperable dapps
• Poor Incentives in decentralized development community
• Scalability

What is Radix & What’s Its Idea?

Radix is a foundation of global financial developers who are in the verge of developing an open source code base project that will stand to offer a long term support to the crypto community at any level. This foundation is doing a great job in a number of ways, which include;

• Radix is building scalable dapps without breaking the DeFi composability. The Radix group of minds understands that scalability is a major issue faced by a lot of DLT Platforms. The recent deployments of DeFi apps on Ethereum network have led it to its maximum fee limits. Now although ethereum is working on an upgrade to solve this issue, DLT brought about a technique for greater transactions.

• Radix introduced a typical sharding to solve the issue of scalability. This was achieved by using a Hub-and side chain architecture, Using same idea but different apps.

• Radix designed a Cerberus Consensus within a concept called it named Pre-sharding. What this technology does is that when adding shard to monolithic ledger, it splits the shard into an unlimited number of shards.

• Radix developed an application layer for DLT’s, what a layer like this does is that is provides an interface between developer's smart contract code and an underlying Cerberus consensus

The Radix Foundation is keenly committed to delivering a decentralized Radix network which the public will have majority control of availability staking supply. With this in mind, the group of minds went ahead to implement a governance measure, this typically involves a paper been released describing a structure and Method for achieving Radix community and adopting changes to the Radix Public network.

Radix Project Component Model

With the Radix project idea, smart contracts are developed through a finite state machine, this machine defines behaviors by actions and translates them into input and then to an output state. Radix understands that components are intuitive that are quite easy to reason about and the usage of component are more predictive.

In building a Radix component, a custom language called Scrypto is used. The language provides a well suited FSM Component for a reliable high Concurrency system.

Radix has a component catalog, where developers writes Smart contract with DLT, pushes it to the network to become active smart contract which interact with catalog component to change the model. All developers do is to simply instantiate blueprint template to create component from catalog for active use.

Radix Foundation typically has a standard platform component. The catalog is loaded with these useful components which models elements and behaviors of DeFi in the platform. The Aim of Radix foundation is to use Radix Engine to build Component for developers to invest in contributing useful Component.

Radix Incentivizing Its Decentralized Development Community

Utilizing one of the positive thing about blockchain which is the ability to create an open network. Radix is incentivizing its community node runners who participate in early stage of the network. This potential ranges in billions of dollars.

Radix introduced a Developer Royalty System idea, where a decentralized self incentivization was implemented to create a decentralized rapid growth. Radix Engine and catalog makes this happen. A key fundamental of Radix technology is to create application and transactions. Developers are allowed to set different royalty for different type of component usage possible when added to catalog.

Node Runners will effectively utilize the Radix Public network to operate as nodes, anyone can be a node Runner by simply downloading and running Radix client. There is an incentive called Network Emission, these are earned through valid running of nodes in proportion to total amount of Stake locked to all nodes. Network mission earned are termed to as Staking rewards

Radix also incentivizes the community through a Network Subsidy idea, where any staking node that exceeds the limit of specifications will receive network subsidy. This will actually help in improving Performance of the network,

In Concluding;

The Radix Foundation is utilizing the power of open source development to bring forth a solution to a great deal of issues that are surrounding and plaguing the booming decentralized finance market ecosystem. A closer look will enlightened anyone on the potentials and possibilities that are embedded in the Radix Foundation’s idea. I will implore my readers to look more inward on this project before any decision at all, thanks.

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Published By User With ETH Address: 0x6b1Ce414C98dB3574FC7848d1b877b2f018BA12b