JAX.Network World's First Decentralized

 

What Is JAX Network?

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.

JAX Network is a blockchain project that developed a protocol which is secure, scalable decentralized, and houses its own stable coin. This project aims to create a truly global cryptocurrency that is suitable for mass adoption and day-to-day use. JAX Net Blockchain network issues the world’s first decentralized and scalable stable coin JAX.

Key Aspect Of JAX Network
  • Secure — JaxNet protocol is directly anchored to the Bitcoin ecosystem through its merged-mining algorithm it benefits the same level of security as the BTC network.
  • Scalable — Jax Network sharding solution allows for a virtually unlimited amount of transactions per second, competing with that of centralized payment systems like Visa or Mastercard while remaining totally secure and decentralized.
  • Decentralized — Based on Proof-of-Work, Jax Network employs an equitable merged mining solution and is not subject to general concerns of centralization.
Features Of JAX Network
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  1. Sharding — Jax Network uses pure state sharding. It means that accounts, transactions, and validators are distributed between shards so that verification of a certain transaction doesn’t require any knowledge of the preceding transaction history in other shards.
  2. Merged Mining — JaxNet protocol is based on the merged mining technique to secure shards from shard-over attacks. Its mining reward system is flexible and balanced. Hence, every participant is rewarded proportionally for his effort in maintaining the network.
  3. Decentralized Transfer Ecosystem — In Jax Network, a robust transfer ecosystem following a decentralized exchange protocol facilitates cross-shard transactions.
  4. Universal Reward Function — Jax Network block reward is based on PoW difficulty and hence the expected value of each JAX coin is mathematically equal across the Universe.
Benefits Of JAX Network Blockchain
  • By anchoring JAX blockchain to Bitcoin can bring much-needed stability and scalability to the Bitcoin ecosystem. Many miners of Bitcoin blockchain have been looking for a solution that will bring them a less volatile revenue stream as well as something that will improve the practicality of the Bitcoin ecosystem. Improving the Bitcoin ecosystem will ensure an increase in steady revenue for miners.
  • Offering people a decentralized currency that is stable in value which also has the scaling capacity to handle a large number of transactions at any given time, is exactly what is needed for cryptocurrencies to go mainstream. People will want to transact with JAX coins because of nominal network fees, fast settlement, privacy, and lack of third-party interference.
  • JAX coins will bring the DeFi ecosystem to Bitcoin as an alternative stablecoin to hedge your risk, pay yields or for lending and borrowing operations, etc.
One Blockchain Two Tokens
  • There are two coins in Jax.Network. The beacon chain coins which are more like an asset coin are called JAXNET and the shard chain coins which are used for transactions are called JAX.
  • JAXNET coins are coins that are mined on the beacon chain of the JAX Network Blockchain. The beacon chain is responsible for adding new parallel chains or shards to the network in a timely and coordinated fashion.

The beacon chain operates very similarly to Bitcoin because blocks on this chain are mined approximately every 10 minutes and offer a reward of 20 JAXNET coins. JAXNET coins reflect the entire value of the network and are therefore speculative and can be used as a reliable store of value.

Utility Of JAXNET Coins
  • To pay for the security of JAX Network by incentivizing Bitcoin miners to merge mine JAX Network.
  • To be used as gas fees for exchange agent listing transactions and other critical transactions.
  • To incentivize miners to defend the beacon chain that holds the shard registry.
  • Serve as secondary saving account for the Bitcoin Network.
  • To incentivize miners to defend the Bitcoin Network when the BTC rewards drop to Zero.
  • To reflect the value of the global transactional payment ecosystem of JAX Network.

JAX coins are coins that are mined on the shard chains of the JAX Network Blockchain. Sharding is the mechanism that allows the JAX Network blockchain to scale and support a virtually limitless number of transactions at any given time. JAX coins will be mainly used for day-to-day transactions and can handle mass adoption due to the network’s ability to scale.

JAX coins can only be created by burning the Bitcoin and JAXNET coin base block rewards This will control the issuance rate of JAX coins so that they can be issued if and only if there is transactional demand for them.

JAX Coin Reward Function

JAX Network has developed its own reward function that compensates miners in proportion to the hash power they contribute to the network. Simply 100 units of hash power will yield JAX coins and so on. This function only exists on the shards chains of the JAX Network blockchain and is the main factor that maintains the JAX coin’s stable value.

Stable Value Without Peg Or Collateral

JAX coins are only mined on demand. Their cost of production is tied to the cost of Bitcoin hash rate, putting a lower bound under which coins cannot be sold. Since miners are profit-oriented they will follow the law of supply and demand to maximize profits. This means when the price of JAX coin is high miners will increase their hash rate, minting more coins and distribute them accordingly.

Here the value is measured in units of hash power and not in fiat. This novel way of measuring value allows pegging the transactional coin to data that is intrinsic to decentralized networks, more specifically the cost of computing power allocated to mine one Bitcoin block. This makes stable coins superior to existing stable coins because it preserves their decentralization and does not need to peg to assets or fiat currencies to maintain their stable value.

 Roadmap
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  • Q3 2018 : Conceptualization of the protocol and start of research
  • Q2 2020 : Release of Academic paper
  • Q2 2021 :Launch of TestNet
  • Q3 2021 : Exchange of ERC20 to native JAXNET coins
  • Q1 2020 : Finalization of Jax.Network v1.0; Start of Development of Proof of Concept
  • Q4 2020 : Release of Proof of Concept & Raising investments
  • Q3 2021 : Token sale & Launch of MainNet
 INFORMATION
AUTHOR
cassano
https://bitcointalk.org/index.php?action=profile;u=1252736
0x38AEfE7BD422850E3579CC1ad3a679C81e5e0C0c


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