Jax Network — A Scalable, Decentralized Stablecoin for DeFi

Introducing

Jax Network is a blockchain protocol that will solve problems regarding blockchain technology, such as scalability and stability. Jax Network is a protocol that is almost the same as Bitcoin, but Jax Network develops further on blockchain technology so that the Jax Network protocol has high scalability and stability but with the same security as the Bitcoin network. Jax Network will also host 2 coins that would be very suitable for everyday use, namely JAX coin and JXN coin, which qualify as stablecoins for DeFi. It is hoped that the presence of the Jax Network, it can be a solution to various problems in blockchain technology.

The Problem

As we all know, blockchain technology was first introduced by Satoshi Nakamoto when he launched Bitcoin. Blockchain was chosen because this protocol offers secure transactions and does not allow manipulation. But the problem is, since the first launch of blockchain technology, especially those used in Bitcoin, there have been problems that hinder the mass adoption of Bitcoin, namely scalability and stability issues. This problem makes the Bitcoin network less reliable for everyday use.

The Solution

The solution offered by Jax Network is a blockchain technology with high scalability and stability. Anchored to the Bitcoin network, Jax Network offers the same security but is more reliable for everyday use. Jax Network offers scalable, secure, and decentralized blockchain technology, which users can rely on.

Because it is anchored to the Bitcoin network, Jax Network indirectly adopts proof-of-work, which allows users to participate in securing the network and at the same time become a validator. This solution, it allows the miners to fully secure the network and does not allow any intervention from any party, even from the government. And in return, these miners will get rewards.

And to make verification more efficient, Jax Network adopted a sharding system, a system that allows all accounts, transactions, and validators to be distributed between shards. In this way, every time verification does not require any knowledge of the preceding transaction history in other shards. This solution allows for more efficient and faster verification.

And for block rewards, Jax Network uses a system that is almost the same as the Bitcoin network, namely block reward is based on PoW difficulty. In this way, every miner has the same opportunity and does not allow fraud. This system also allows the value of each JAX coin to be mathematically equal across the Universe.

For mining, Jax Network is based on the merged mining technique which will secure shards from shard-over attacks. Every miner can participate in securing the network and Jax Network will give rewards according to their efforts. And this is balanced, there is no excessive or less reward, all participants will get rewards according to their efforts.

At Jax Network, a sophisticated transaction system will facilitate user transactions. A robust transfer ecosystem that will enable cross-shard transactions.

Tokens Details

As previously explained, Jax Network will host 2 coins namely JAX coin and JXN coin which were launched on Jax.Network shard chains and beacon chain of Jax.Network blockchain. Both of these tokens have their respective functions, such as JAX coin is a stablecoin that is very suitable to be used as a stable payment method for real-life payments. And JXN coin is a coin that will be used for speculative purposes and as a store of value. Both of these coins qualify for use in DeFi.

Conclusion

Blockchain technology, especially those used on the Bitcoin network, has two problems that hinder the adoption of Bitcoin as a currency in everyday life, namely scalability and stability. Realizing this problem, Jax Network is moved to be able to present a blockchain technology that will be the solution to this problem. Jax Network is a blockchain protocol that provides high scalability and stability. Anchored to the BTC network, Jax Network has the same network security as BTC, but with greater scalability and stability. With this solution, Jax Network is a blockchain technology that is very suitable to host stablecoins for DeFi.

Social Media

Website: https://jax.network/
Twitter: https://twitter.com/CommunityJax
Telegram: https://t.me/jax_network
Facebook: https://www.facebook.com/network.jax/

Writer

BTT Username: tersek
BTT Profile: https://bitcointalk.org/index.php?action=profile;u=3272214
BSC: 0x7ee25c8ED4331577D12bE3024D860627e3D6215F

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