Jax.Network Project Review

Introduction

It is now accepted that the electronic payment system can be divided into two separate streams: one is electronic money products, especially in the form of products that store value, and the other is electronic delivery or access to products. These are products that allow the consumer to use electronic means of communication and thus access contract payment services. The need for a Global decentralized currency system is of particular importance.

Global Decentralized Currency

Just as the advent of Internet technology has revolutionized media and communication tools, the advent of blockchain technology has revolutionized the digital payment system. The more financial institutions realize how blockchain can improve security, cost savings, and improve customer satisfaction, the more this technology will be used.

Jax.Network Project - The Benefits of Using a Decentralized System in a Global Payment System

"Jax.Network as a network connected to the Bitcoin blockchain developed on the basis of the JaxNet protocol. "With the potential of blockchain technology and solving challenges such as scalability, the project team is trying to make JAX cryptocurrencies a global benchmark and standard for determining economic value."

Blockchain is a platform for millions of currencies and tokens that have entered the realm of financial systems. So far, this technology has given users all the work that was done through banking. Operations such as raising capital, making capital available to others, transferring assets, making payments, starting a new business, and dozens of other uses. Blockchain acts as a decentralized database, helping to protect customers' personal and financial information by storing all payment information and profile details on multiple blockchain servers. This facilitates issues such as detecting scams and preventing cyber-attacks. Blockchain also eliminates the need for third parties in the lending and credit system, which facilitates the borrowing process and ensures lower interest rates. With blockchain, all banking operations can be done cheaper, faster and more securely. Of course, in addition to all the above advantages, blockchain still faces challenges, one of which must be one of the most important, in fact, the problem of scalability that must be overcome to achieve a global decentralized payment system. We'll talk a little more about that later, and then introduce the emerging Jax.Network project, which seeks to optimize bitcoin blockchain scalability.

"Jax.Network was launched with the goal of creating a decentralized global payment system and launching a decentralized, secure, scalable bitcoin bitcoin using blockchain technology."

Scalability

One of the major problems with blockchain and cryptocurrencies is the issue of scalability. This issue has been considered by all academic researchers and activists in the field since the beginning of bitcoin due to its importance in the development and acceptance of blockchain technology. It does not matter if you are a blockchain researcher or just interested in digital currencies, you have no doubt heard the term scalability or scalable blockchain. It is a topic that has been talked about a lot and has attracted a lot of discussion and attention. Scalability in the general sense means the ability to expand and adapt to conditions. Blockchain scalability means the potential of a blockchain network to process large volumes of transactions. To achieve this goal, the network must be able to perform well the increased volume of operations. Determinants of blockchain scalability include transaction rate (TPS), block height (number of transactions per block), and transaction size. These determinants are very important because the higher the TPS and / or the larger the blocks, the greater the ability of the blockchain protocol to effectively manage large volumes of operations. Although blockchains such as Atrium have shown how head office security can be secured in a completely decentralized manner, none of them are fully scalable. Increasing volume of blockchains has led to scalability problems. In the meantime, the emergence of projects such as Jax.Network that try to solve the scalability challenge is significant.

Jax.Network

Jax.Network is a network connected to the Bitcoin blockchain. The project seeks to create a decentralized password by connecting to the Bitcoin network and developing its own unique protocol called JaxNet. Create scalability and stability on a global scale. Jax.Network uses a proof-of-work algorithm with a special version of Sharding to solve the scalability problem. Sharing is a type of database partitioning, also known as horizontal partitioning. The sharding process involves breaking down a very large database into smaller, manageable components. Sharding is performed with the aim of improving performance and reducing response time.

Jax.Network Native Coins

Jax.Network uses two native coins JAXNET (JXN) and JAX to manage the network. Each of these two coins is mined on a different chain and in a different way in the same network. However, extraction reward functions of both lead to network stability.

Both JAXNET and JAX coins have been developed for unique purposes and therefore differ from each other in some ways. The following are the coins and their uses in the Jax.Network network:

JAXNET (JXN) Coin

JAXNET coins are mined on Beacon chains. The Beacon Chain is responsible for adding parallel chains or shards over a period of time and coordination. This chain is very similar to the bitcoin chain in that the blocks in this network are similar to the bitcoin blockchain in a period of 10 minutes and 20 JAXNET units are paid to the extractors for each block (of course, after 5 First year). In general, JAXNET coins have been developed as a reliable asset and value store in the network. Hence, users of cryptocurrencies can buy and hold JXN and expect its value to increase over time. This situation is similar to bitcoin today. Many users choose Bitcoin because of its increased value. Hence, JXN, like Bitcoin, is considered a speculative digital asset that acts as a digital currency for day-to-day trading. JAXNET is used for many applications in the network, such as; Enhance Jax.Network security (by encouraging miners to merge-mine), encourage miners to protect the Beacon chain, encourage miners to protect the bitcoin chain in certain cases (for example, when the BTC reward drops too low or even 0 ), Paying gas fees for exchange listing or critical transactions, maintaining the value of the global payment ecosystem of Jax.Network network, etc.

JAX Coin

JAX coins are mined in Shards Chains of the Jax.Network blockchain. Sharding is performed with the aim of improving performance, reducing response time and thus increasing the scalability of the network, and thus it is possible to perform a large volume of transactions in the network. In this way, JAX coins provide network scalability. JAX coins have a fixed value, which makes them a great cryptocurrency for handling transactions and daily payments. This also eliminates the need for Jax.Network to store basic assets (like other stable coins). According to network developers, the reward mechanism embedded in the Jax.Network ecosystem has been developed to ensure the stability of the JAX value.

Jax.Network Rewards System

Jax.Network uses a unique reward system to reward minors. This padding system runs on the Shard chain and provides the desired network balance. Unlike many blockchains with the POW consensus algorithm, where miners are rewarded on a fixed basis for solving a block, the Jax.Network reward system rewards each miner based on computing power to secure the network (within Sharding chains). Supply, pays. In fact, each miner receives a reward commensurate with the amount of computing power he provides to the network. In general, JAX coins are issued under a strict economic rule of supply and demand. This is achieved by rewarding the miners according to the amount of calculation they do to maintain the Jax.Network blockchain. Therefore, whenever there is little demand for JAX, miners automatically reduce their share of the network in response to potentially low profits. Similarly, miners devote more computing power to the Jax.Network shard chain whenever demand increases. This mechanism ensures that the value of JAX remains stable and is widely used as a payment method.

Key aspects of Jax.Network

Secure: The main purpose of using technology such as blockchain is to enable data sharing in a secure and non-manipulative way for individuals. To achieve this goal, the blockchain encrypts and stores data using complex mathematical and software rules. The same is true of the Jax.Network blockchain. Since Jax.Network is a network connected to the Bitcoin blockchain, it has the same level of security as the Bitcoin blockchain security. In fact, the integrated JaxNet protocol extraction algorithm ensures the blockchain security of this network.

Scalability: The use of Sharding solution in Jax.Network protocol has been considered as a potential solution for scalability by the network developers. Sharding divides the network into smaller components called Shards. The task of each Shard is to maintain a fixed set of smart contracts and account balances. Each blockchain node in a separate stream is responsible for approving specific transactions on the network. In fact, the nodes in each shard do not approve all transactions. The purpose of sharding is to create manageable components in the blockchain to increase the number of transactions. As the number of transactions increases, so do the problems of scalability.

Decentralized: The use of Proof of Work (POW) algorithm in the Jax.Network protocol enables secure and decentralized consensus and ensures decentralized networking.

Project team:

The project team consists of an expert and experienced team. The organizational chart of this project consists of Founder, Chief Officer, Chief Economist CTO, consultants and other experts and technical developers in the fields of blockchain and cryptography. The organizational chart of the project is presented in the following image:

Roadmap

Project Roadmap details are provided in the image below:

last word:

Almost all blockchain projects promote themselves as the ultimate solution to the ongoing problem of scalability. Blockchain projects have traditionally struggled with scalability, decentralization, and security, a phenomenon that Atrium founder Vitalik Butrin calls the blockchain scalability trio.

Jax.Network is a blockchain solution that is uniquely designed to solve this problem without compromising the basics of blockchain technology. The notable difference between Jax.Network blockchain and other blockchain networks is that it has two native digital tokens, JAX and JXNET (JXN). Although selecting two native coins in a blockchain network is a relatively new concept, Jax.Network believes that the protocol design with two coins has fundamental scalability effects that are not yet available in other blockchain networks. Thus, for day-to-day global transactions and e-commerce payments, Jax.Network can be a convenient payment method due to its fast and decentralized protocol.

Official Resources:

Official Website:?https://jax.network

Twitter:?https://twitter.com/CommunityJax

Facebook:?https://www.facebook.com/network.jax/

Telegram Channel:?https://t.me/jax_network

Official Group:?https://t.me/jax_chat

LinkedIn:?https://www.dhirubhai.net/company/jax-network/

Author;

Bitcointalk Forum Username: Hommai