Jax.Network and Its Unique Construction for Blockchain Trilemma
Jax.Network is a decentralized platform that is created to deal with scalability problem. During the course of cryptocurrency history, one of the most prominent issues happening to the blockchain is scalability. Scaling is one of the complex subjects that remain unsolved — well, for most parts. Of course, many projects have tried, resulting in many platforms and solution, but there is no dominant solution is proven to solve the issue. It’s a good thing that Jax.Network is underway. The basic concept is to take different systems, methods, or mechanisms and then combine them together. But how does it work, really?
The Scalability Trilemma of the Blockchain
Blockchain technology is a game changer not only for technology but also for the financial industry. It sweeps the world by the storm, but there is a catch to it. Ideally, blockchain platforms must be decentralized, safe, and scalable. Well, Ethereum and Bitcoin are decentralized and safe, but they struggle with scalability issue. In the meantime, other blockchains, such as EOS or TRON are scalable and secure, but it has a centralization issue. You don’t want to deal with blockchains that can’t offer safe platforms.
Scalability here refers to the platform’s ability to handle transactions. Ideal platforms should be able to handle transactions in short time. However, because of the popularity of Bitcoin and Ethereum, there’s a ‘traffic jam’ to deal with transactions. As a result, not only the processing time takes longer than needed, but such a situation leads to high operational cost. In the end, you have to deal with long processing time and costly fees.
A few projects have been able to find the balance of these aspects, but the problem is: their numbers are limited. Among the many solutions being looked into (and considered promising), sharding process is considered the best answer. Sharding works by splitting the blocks up within the network so they become shards. The idea is that when big data is divided into smaller parts, they are easier to transfer and delivered. Moreover, different miners must validate certain shards only; not all of them, and this can improve the whole system’s throughput.
The sharding process seems promising, but in theory. The problem is: The current blockchain system still focuses on PoS (Proof of Stake) sharding technique, while it is more promising if they can focus on PoW (Proof of Work). In PoW, the platform would ‘make use’ of the processing power of each miner. In PoS, on the other hand, the platform chooses validators based on how much staked native assets they have (or staked within the network).
Where Jax.Network Stands?
JaxNet protocol is powering Jax.Network. The platform utilizes PoW sharding protocol with a unique reward system and merge-mining technology. It’s designed to tackle the continuous issues existing in crypto network. So, it’s safe to say that what makes this platform unique is the fact that it uses several methods or techniques together so they can solve the existing issue, especially related to scalability.
The PoW system being used is said to be better than the PoS because it operates together with merge mining as well as rewarding system. You see, in PoS protocol, the network would reassign validators (often randomly) for security reason. However, doing this would slow down the process so it is considered less efficient. That’s why Jax.Network uses PoW system, which is actually based on the already existing PoW system from Bitcoin. However, the PoW system uses sharding technology, so the so-called super light client can be applied. Moreover, since it also uses merge mining, the security aspect in this platform is well covered. In short, you won’t have to worry about any security aspect within this platform.
Whereas smaller miners are usually left behind during the competition with the big ones it won’t be the case with Jax.Network. no one is left behind. All kinds of miners are welcome to apply their hash power — whatever it is. They can still enjoy some profits from their mining activities without sacrificing the entire network’s security or speed.
A Single Platform with Two Coins
Another unique thing about Jax.Network is the fact that it uses 2 different coins, and they are used for different purposes. Jax coin is the cryptocurrency created within the platform’s shard chains. Its function is as a unit (of economic value) that is based on the computing power’s cost. It can be used (and implemented) as a stable payment system for daily or everyday transactions.
Another one is the JXN coin. This is the cryptocurrency created on Jax.Network blockchain’s beacon chain. It has its own (fixed) reward each block. Users can also use it as a value store or for speculative purposes. This JXN coin can be used for paying miners for the merge-mine Jax.Network. It can also be used as a gas fee or as the secondary saving account for the (Bitcoin) network. It also functions as miner’s payment (for defending Bitcoin network or the beacon chain) as well as for global transaction value reflection.
If you are interested with the platform, as well as the seemingly promising features, you can always take part in the purchase. Who knows? Maybe you can gain promising profit and better future with Jax.Network.
Official Website: https://jax.network
Lite Paper: https://jax.network/wp-content/uploads/2021/06/Jax.Network-Lightpaper.pdf
Telegram Channel: https://t.me/jax_network
Official Group: https://t.me/jax_chat
Posted by kurniawan05