Decentralization, security, and scalability are 3 important things for a blockchain network to run well. This is known as the blockchain trilemma. However, to get all three is a very difficult thing to do. Let's look at the top 3 blockchains as examples: Bitcoin, Ethereum, and BSC. Bitcoin and Ethereum are decentralized and secure but they are not scalable. While BSC, BSC is secure and more scalable but BSC tends to be more centralized. This is the problem with the current blockchain. 1 in 3 important things on a blockchain is missing.
Jax.Network is here for you to solve the problem of the current blockchain. Jax.Network will increase scalability without compromising its security or decentralization. Yes, Jax.Network is a decentralized, secure, and scalable blockchain!
Blockchain is run by members who participate in the consensus mechanism of a blockchain. The most common consensus mechanisms used today are Proof-of-Work (PoW) and Proof-of-Stake (PoS) where miners and nodes are in charge of maintaining a decentralized network. Between the two, PoW is the best consensus when it comes to decentralization. Even though PoW consumes enormous electricity consumption, as Elon Musk alludes to, it is worth the value that blockchain provides.
Decentralization refers to the transfer of control from a centralized entity to a distributed network. Decentralization allows data to be distributed across multiple members in the network making the network censorship-resistant.
Jax.Network is a blockchain anchored to the Bitcoin blockchain. Bitcoin is the largest PoW blockchain, in other words, Jax.Network will have the same level of decentralization as Bitcoin.
Blockchain is a distributed ledger so security is very important. Blockchain is said to be secure when no data can be modified, no leakage or loss of data, and it is resistant to hack. It's actually almost impossible to hack the blockchain. To hack it, one needs to take control of 51% network and alter all transaction records within 10 minutes. But still, anticipation is needed.
As the largest PoW blockchain, Bitcoin offers the highest level of security. This means, because of Jax.Network is anchored to the Bitcoin blockchain via the Jax.Network merge-mining protocol, Jax.Network will provide the same level of security as Bitcoin.
Bitcoin is decentralized and secure but not scalable. The same thing happened to Ethereum. The Ethereum network is only capable of handling 14 TPS and the fee is $15 or even more per tx. That is far below the capabilities of traditional systems like Visa and Mastercard and it clearly shows that the existing blockchain is not yet scalable enough.
To address the scalability issue, Jax.Network offers a sharding solution that will enable unlimited TPS. Jax.Network is the first sharded proof-of-work blockchain that leverages hundreds of independent chains working in parallel based on PoW consensus. Jax.Network divides large datasets to run independently in parallel with each other. Accounts and transactions are distributed among shards, so verification of certain transactions does not require a history of previous transactions in other shards. This increases the number of transactions in proportion to the number of shards. To keep the chain of shards secure, the Jax.Network merge-mining protocol allows attack-vulnerable shards to be secured with the amount of computing power on the network.
The Jax.Network merge-mining protocol allows miners to combine Jax.Network with Bitcoin and mine multiple shards at once for more transaction fees. Miners can choose which coins to mine, either BTC+JXN or JAX.
JAX coin is crypto issued on top of the Jax.Network shard chain. Jax.Network shard has a unique reward that is proportional to the network hash rate. This allows shard coins to be pegged at the cost of one unit of computing power, for example, 50 units of hash power would yield 50 JAX coins. JAX coins can only be issued if there is a transactional demand for them by burning Bitcoin and JXN block rewards.
JAX coin can handle mass adoption making it suitable to be used as payment for everyday transactions.
JXN coin is crypto issued on top of the Jax.Network beacon chain. JXN coins are issued from merge mining with Bitcoin, generating 20 coins per block every 10 minutes. JXN coin is a speculative asset and can be used as a store of value. JXN coin is used to incentivize Bitcoin miners, pay gas fees for decentralized exchange agent listings and other transactions, reflect the value of the Jax.Network ecosystem, and serve as a secondary saving account for Bitcoin miners.
Jax.Network core team
For more information, please visit Jax.Network website and social media:
Telegram group: https://t.me/jax_chat
Written by: nagauruk