There are two critical challenges facing the blockchain industry, the first one is lack of stability and high volatility of cryptocurrencies which make them not to be appealing for day to day payments and remittances, the second issue is insufficient scalability of these platforms but I will be sharing my review about a new blockchain project with a solid and workable solution towards solving the issues above thereby making cryptocurrencies to be more appealing to the public. Jax Network will assist in solving these issues by anchoring its Blockchain to Bitcoin Blockchain and enhance its stability and overall throughput.
JAX which is one of the two coins within the Jax Network protocol. The second coin is JAXNET (JXN), but the mining of the two is being done on two different chains. JXN is mined on beacon chain of the protocol while JAX is mined on the sharded chain of the protocol. The JAXNET coin is more like other cryptocurrency which price unpredictability. Its price can go up or down and this give investors to invest in it as a speculative assets or be trading it. It represents the utility of the platform and its will depend on the adoption of JAX Network.
The second coin which is JAX is a stablecoin which is meant for day-to-day transactions within the network. As a stablecoin, it can be widely accepted as a means of digital payments.
Key Features of Jax Network
Jax Network brings together innovative solutions to the platform unique properties. The protocol is on Proof of Work (PoW) algorithm and it is connected to Bitcoin network thereby adding another layer of security. JAX Network also make use of unblended sharding to ensure scalability and merged mining to protect the shards of the protocol. This combination helps the network to retain security, scalability, stability and decentralisation for the network thereby making JAX coin to be most stable, scalable, decentralised and secure cryptocurrency which can be used as global means of decentralised, digital payments.
Let's discuss more about these four features of Jax Network;
Decentralization: JAX is rooted on a decentralized blockchain protocol regarded as JAX Network which makes it to retain basic blockchain features which are immutability, transparency and decentralisation. A small node can be profitable, this is made possible through its merged mining and its exceptional Merkle tree which optimised the data structure and compartment of the blockchain.
Security: The security of JAX Network is based on many reasons. As I said before, JAX Network is being anchored to blockchain and it enjoy some benefits from blockchain network. An adjusted Proof of Work consensus algorithm ensures JAX Network is secured as Bitcoin Blockchain network.
Stability: The stability of JAX is very important in other to make sure the coin retain its intended goal. This is made possible through the incentives function on the network shard chains for miners, therefore the stability of JAX coins is 100% certaind.
Throughput and Scalability: Many new projects on blockchain find it very difficult to scale their platform towards mass adoption but JAX coin are built with features to ensure its stability despite increased demand which assist to allow multiple transactions at the same time within the protocol. In addition, low transaction fee and faster settlement times makes the coin to be easily adopted by the masses.
Further notes about JAX Coins Stability
Amazingly, JAX is the first stablecoin in the industry to achieve its stability without being pegged to any centralized fiat currency. Its stability depends on an innovative incentive feature which operates on the shard chains within the JAX Network protocol. This ensures that miners are able to mint the coin based on their individual contributions to the network.
The rewards for miners will be directly proportional to their level of contributions to the network provided all of the miners per time are ready to forgo their BTC and JXN block reward. Miners will mint JAX coins when there is demand for the coin, the mining of the coin will only be done whenever there is demand for the coin.
Also, the mining activity within the network will decrease whenever there is no demand for the coin. With this, the operations on the network will be controlled by the law of supply and demand thereby ensuring that coin will only be mint when there is demand for it. This method ensures the stability of the coin by protecting from inflation and users of the coin will not need to worry about inspecting the reserve so far it is not pegged against fiat but against the hash rate of the network and means, the public will be able to trust the coin based on its market value.
Final Notes
Based on the writes up above, it is clear to everyone that JAX coins are fully decentralised, secure, stable and scalable. JAX Network team were able to achieved these feats by combining many innovative features within the blockchain network. Sharding ensures the scalability of the platform while merged mining will be responsible for the security of the platform. Why not go through the links below to learn more about this innovative project.
Website: https://jax.network/
Light Paper: https://jax.network/wp-content/uploads/2021/06/Jax.Network-Lightpaper.pdf
Telegram: https://t.me/jax_network
Twitter: https://twitter.com/CommunityJax
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