THELOGICALINDIAN - PRESS RELEASE Even admitting Bitcoin and Ethereum are alleged cryptocurrencies bodies still amusement them like assets instead of currencies Bodies are not spending cryptocurrencies on a ample calibration nor are merchants accepting them on a agnate calibration Generally speaking you still cannot pay for a cup of coffee at your bounded caf with your bitcoin
Jax.Network, a activity based in Kyiv, Ukraine has endeavored to break this issue. Its ambition is to accompany cryptocurrency to boilerplate circadian use by aboriginal replacing the stablecoin market, with its decentralized, scalable, Proof of Work based bread ‘Jax Coin’ and again aiming for the greater all-around payments bazaar after.
A gargantuan ambition to say the least, however, it was not built-in out of a whim. Much thought, time, and analysis accept gone into the activity back its birth in 2024. As the activity was beginning, associates of the anew formed Jax.Network aggregation had one goal: to analysis and advance a decentralized, scalable, and abiding bread that will not cede on security. And from Q3 of 2024 until Q2 of 2024, that is absolutely what the aggregation had done and achieved.
An affected and able-bodied band-aid to the blockchain scalability trilemma has been created. The band-aid has been abundantly categorical in the whitepaper, the latest adaptation of which was appear in October of 2020.
Jax.Network’s Scalability Solution
In short, the Jax.Network agreement affairs to use their actual own sharding and alloyed mining band-aid to ensure the above scalability of their blockchain. This agency that all shards on the Jax.Network blockchain will be adequate to the accomplished amount while actuality able to continuously scale. The Jax.Network aggregation has claimed that their alloyed mining band-aid will be able to anticipate 51% attacks abundant added finer alike on alone atom chains.
Unlike Bitcoin or Ethereum, miners will not be accustomed a anchored accolade for analytic blocks, rather, they will be compensated based on the accretion ability they accord to defended the arrangement (inside the atom chains).
The purpose of this accolade action is to accomplish antithesis on the arrangement shards. Whether a miner mines on 1 atom or 100 shards, they will still accept a accolade commensurable to the bulk of accretion ability they accompany to the network.
Additionally, this is how Jax Bill can affirmation its cachet as a almost abiding coin. Since miners are incentivized by profit, they, therefore, chase the law of accumulation and appeal aback minting new coins. In added words, miners will excellent added bill aback the amount is aerial and beneath aback the amount is low to drive the amount aback up. This agency that, over time, the amount of Jax Bill will be actual abiding and accordingly acceptable for circadian transactions, agnate to the US dollar or Japanese Yen.
The activity has alike absitively to angrily avoid what abounding added crypto projects accept done to accomplish scalability, which is to actualize a Proof of Stake based blockchain. According to Jax.Network’s Chief Economist, Lucas Leger, “Proof of Stake, activated to our network, would access the absorption of ability and be a cede on decentralization.” Leger acerb believes that the Jax.Network’s Proof of Work based blockchain can “achieve the all-important scalability to become a all-around acquittal belvedere after sacrificing the network’s security.”
In fact, aggregate is affiliated to the antecedent bread distribution. In the case of Jax.Network, the appropriate accolade action on shards is at allowance with able bread-and-butter incentives if it were run beneath a PoS accord algorithm. Indeed, some bread-and-butter assignment has apparent that best incentives are preserved back the accolade tends to aught and back validation is belted to the “sufficiently ample stakeholders” (Saleh, 2020).
Furthermore, PoW has to be apparent as an investment with ambiguous returns (Prat & Walter, 2018) due to amount fluctuations. Overall, from an bread-and-butter standpoint, either you would favor a arrangement afterpiece to shareholding with bound responsibilities (in PoS) or a arrangement that relies on benign entrepreneurship and investments (PoW). Jax.Network accept absitively to go with the latter, added accumbent with bread-and-butter incentives of the shards accolade function.”
From the average of 2024 until now, the Jax.Network activity has been in the development appearance of the project. Some of the best minds in blockchain architecture, cryptography, and software development accept been assassin to assignment on the development of their protocol. According to the Jax.Network roadmap, they plan to barrage their mainnet in Q3 of 2024, but afterwards speaking with associates of the development team, their ambition is abundant sooner, as anon as backward April of 2024.
Jax.Network are additionally hosting and accessory some offline blockchain contest in the advancing months. They will be co-organizing the BlockchainUA appointment in Kyiv, Ukraine on the 26th of March 2024. The BlockchainUA accident is claiming to be the better offline Blockchain appointment in Eastern Europe. Jax.Network accept said the purpose of these contest is to “start acquisition the association of aboriginal adopters, supporters, and blockchain enthusiasts who appetite to appulse the market.”
For added advice about the Jax.Network activity such as its mission, vision, team, roadmap, solution, and more, appointment the official website at jax.network.
References
Prat & Walter (2024). An Equilibrium Model of the Market for Bitcoin Mining, Cesifo Working Paper.
Saleh, F. (2024). Blockchain after Waste: Proof-of-Stake. The Review of Financial Studies.
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