JAX.NETWORK: SOLVING THE SCALABILITY PROBLEM OF BLOCKCHAIN TECHNOLOGY
INTRODUCTION
The blockchain technology has recorded remarkable successes in various areas of our lives. At present, we can practically see the power of this new technology in cross-border payments, anti-money laundering tracking system, supply chain and logistics monitoring, real-time IoT operating systems, music royalties tracking and so on. These successes can be attributed to three main properties of the blockchain technology: security, decentralization and scalability. However, there are still inherent flaws that prevent it from mainstream adoption.
THE PROBLEM
Notable among the problems with various blockchain networks the issue of scalability. The blockchain scalability trilemma asserts that no blockchain network simultaneously possesses all three basic properties.
For instance, Bitcoin network is secure, decentralized but then there is the issue of scalability. What this mean is that the network is only able to process very low number of transactions at any given time. The implication of this is that if everyone switches over to the bitcoin network for payment of goods and services, the network will be overloaded, resulting in long waiting time for transaction processing and confirmation with associated high transaction fees. On the other hand, blockchain networks such as Ripple, Tron and EOS has high scalability compared to Bitcoin and Etherium networks, but their problem is that they are highly centralized. The problem associated with centralized networks such as being controlled and manipulated, completely defeats the purpose of the blockchain technology.
JAX NETWROK SOLUTION: THE TWO COIN SOLUTION
The Jax Network protocol is being developed to solve the problems identified in other blockchain networks. The network is secure, decentralized and have been developed with high scalability. But how? Well, I will explain how this is done. The Jax Network has two segments with each having their coins. First, there is the beacon chain which is responsible for adding new parallel chains, or shards, to the Jax Network blockchain in a timely and coordinated fashion; the coin mined here being JAXNET Coin (JXN). Second, we have the shard chain which is the mechanism that allows the Jax Network blockchain to scale and support virtually unlimited number of transactions at any given time; the coin mined here being JAX Coins (JAX). It is interesting to know that the Jax Network sharding solution allows for a virtually unlimited amount of transactions per second, rivaling that of centralized payment systems like Visa or Mastercard while remaining totally secured and decentralize
MORE ON THE TWO COINS OF THE JAX NETWORK PROTOCOL
The JAXNET coin (JXN) is speculative in nature and reflects the value of the entire Network. It is mined on the bitcoin chain of the Jax Network and a reward mechanism of 20 JXN is available per block. Therefore, just like Bitcoin, it can be used as a reliable store of value, so the price is expected to grow. On the other hand, the JAX Coin is stable and used mainly for the day-to-day transactions and can handle mass adoption due to the network’s ability to scale. The JAX is not pegged to any external asset yet it is stable. The stability of JAX coins is hugely dependent on a unique reward function that operates on the shard chains within the Jax.Network ecosystem. This function ensures that the coins are issued to miners based on their contribution to the network.
WHAT FUTURE AWAITS THE JAX NETWORK
The Jax Network protocol is projected to be the resort of miners when the reward for Bitcoin mining reaches zero. Secondly, with the scalability trilemma solved, the Jax Network will pave the way for mainstream adoption of cryptocurrency. Jax Network will deploy merge-mining and proof-of-work (PoW) to ensure security within the ecosystem. Therefore, the future is bright and promising for this project.
WHAT OPPORUNITIES ABOUNT FOR INVESTORS IN THE JAX NETWORK?
Well, it is no longer news that the product behind any cryptocurrency will determine the demand for the coin. Interestingly, the Jax Network presents a remarkable product that will revolutionize the cryptocurrency industry. This simply mean that the demand for the JXN will surge when the product is fully developed. Smart investors will seize the opportunity to get in at this early stage of the token sale when the price is lowest. At present, only 40 million JXN have been minted and there is plans to sell not more than 16 million of the coin through WJXN that will be bridged to JXN in the future. There will be future tokenomics of the JXN that will be released in the future and such details can be read in the official blog and websites.
CONCLUSION
Jax Network is a revolution that is being created. A secure, decentralized and scalable blockchain network is the answer to a lot of problems bedeviling the blockchain industry. There is therefore, no doubt that this is the future of cryptocurrency.
You can read more about this project on the links below.
Author
BTT username: nattykio
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Wallet Address: 0xC3dc25C0c432c83F132d3365B3BF631108Db0154