Jax.Network - Do stablecoins have any drawbacks?
Stablecoins try to tackle price fluctuations by tying the value of cryptocurrencies to other more stable assets – usually fiat currencies. Fiat is the government-issued currency we’re all used to using on a day-to-day basis, such as dollars or euros.
Usually, the entity behind a stablecoin will set up a “reserve” where it securely stores the asset or basket of assets backing the stablecoin – for example, $1 million in an old-fashioned bank (the kind with branches and tellers and ATMs in the lobby) to back up one million units of a stablecoin.
This is one way digital stablecoins are pegged to real-world assets. The money in the reserve serves as collateral for the stablecoin – meaning whenever a stablecoin holder wishes to cash out their tokens, an equal amount of whichever asset backs it is taken from the reserve.
Jax.Network is secured to the BTC blockchain that follows the JaxNet convention and issues versatile, stable, and decentralized JAX coins. We target making these coins a general norm for the evaluation of monetary worth.
Jax.Network is secured to the Bitcoin blockchain that follows the JaxNet convention and issues versatile, stable, and decentralized JAX coins. The Jax.Network group targets making these coins a general norm for the evaluation of monetary worth. Set up in 2018, the organization joined experts from everywhere the world to assemble a blockchain network dependent on the Proof-of-Work agreement component and unadulterated state sharding as a scaling arrangement. Jax.Network utilizes a particular consolidation mining method. It permits diggers to mine numerous shards all the while without parting their hash rate and get rewards corresponding to their work. Being an open-source project, the JaxNet convention can be utilized by anybody to assemble new tasks on top of it and add to the advancement of the biological system.
Secure — JaxNet protocol is directly anchored to the Bitcoin ecosystem through its merged-mining algorithm it benefits the same level of security as the BTC network.
Scalable — Jax Network sharding solution allows for a virtually unlimited amount of transactions per second, competing with that of centralized payment systems like Visa or Mastercard while remaining totally secure and decentralized.
Decentralized — Based on Proof-of-Work, Jax Network employs an equitable merged mining solution and is not subject to general concerns of centralization.
Features of JAX Network
Sharding — Jax Network uses pure state sharding. It means that accounts, transactions, and validators are distributed between shards so that verification of a certain transaction doesn’t require any knowledge of the preceding transaction history in other shards.
Merged Mining — JaxNet protocol is based on the merged mining technique to secure shards from shard-over attacks. Its mining reward system is flexible and balanced. Hence, every participant is rewarded proportionally for his effort in maintaining the network.
Decentralized Transfer Ecosystem — In Jax Network, a robust transfer ecosystem following a decentralized exchange protocol facilitates cross-shard transactions.
Universal Reward Function — Jax Network block reward is based on PoW difficulty and hence the expected value of each JAX coin is mathematically equal across the Universe.
TIMELINE
Q3 2018: Conceptualization of the protocol and start of research
Q2 2020: Release of Credit Card
Q2 2021: Launch of TestNet
Q3 2021: ERC20 converts to native JAXNET currencies
Q1 2020: End of Jax.Network v1.0; The beginning of the development of validation of the concept
Q4 2020: Release of concept verification and fundraising
Q3 2021: Sales & Launch of MainNet
How Jax.Network helps Bitcoin in the long run
Despite the recent bull run and surge in cryptocurrency popularity, limitations of Bitcoin remain the same. We at Jax.Network are determined to bring value to the Bitcoin network by improving its core issues: scalability and stability. Read the article till the end to learn how we intend to do it.
SUMARY
JAX Network has developed its own reward function that compensates miners in proportion to the hash power they contribute to the network. Simply 100 units of hash power will yield JAX coins and so on. This function only exists on the shards chains of the JAX Network blockchain and is the main factor that maintains the JAX coin's stable value.
Safe and secure network.
Low mining fees, which also means less gas will be consumed when mining.
Have proof-of-work sharding.
Jax.network has cross-shared exchange protocol.
MORE INFO:
Information
● Website: https://jax.network/
● Telegram: https://t.me/jax_network
● Twitter: https://twitter.com/CommunityJax
● Light paper: https://jax.network/wp -content / uploads / 2021/06 / Jax.Network-Lightpaper.pdf
Author:
Forum Username: EGMMiNaYone
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=3198807