What Is Jax.Network (WJXN)?
Jax.Network provides the technological infrastructure for a decentralized energy-standard monetary system. Their blockchain is anchored to the Bitcoin network and issues two digital currencies JAX and JXN. JAX is a stablecoin pegged to the energy spent on mining, while JXN is an asset coin representing the value of the whole network.
Jax.Network Governments, through their monetary policies, influence the value of a currency. A person could work for her entire life, save a part of her wealth in their currency and lose everything overnight when the currency collapses due to bad monetary policy.
Jax.Network In other words, have local currencies in a globalized world. A single global decentralized currency would create a fairer and more competitive environment, removing all the inequalities created by their respective governments. This would in turn increase the overall productivity of civilization and speed up advancement in all spheres.
Jax.Network Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Jax.Network |
| Short Name | WJXN |
| Circulating Supply | N/A |
| Total Supply | 40,002,164 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Expanding the Network
Jax.Network key feature of this scalable solution is the ability to effectively address the problem at any scale. However, in each particular case some choice of parameters may work better than another. It is easy to choose parameters if there is a central authority that knows well the current state of the system. The question is how to set these parameters in the distributed network.
Jax.Network key parameter in JaxNet is the number of shards N. When the number of users in the system and transaction count is limited, the most efficient solution is to maintain only a few shards. One chain solutions could perform even better. Besides efficiency, having too many shards can trigger a security risk.
Energy-Based
Jax.Network creates a new way of measuring value, where every stable coin created is equal to the energy spent for mining this particular coin. Therefore, stable coins can only be printed when there is a demand for them.
Secure
Jax.Network protocol is directly anchored to the Bitcoin ecosystem thanks to its merge-mining algorithm. Therefore, it benefits the same level of security as the Bitcoin network.
Scalable
The Jax.Network sharding solution allows for a virtually unlimited amount of transactions per second, rivaling that of centralized payment systems like Visa or Mastercard, while remaining totally secure and decentralized.
Decentralized
Jax.Network Based on Proof-of-Work, employs an equitable merge-mining solution and hence is not subject to general concerns of centralization.
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
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.
Equitable Merged Mining
Jax.Network 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 to 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.
Solution Overview
Jax.Network Unlike the majority of blockchain protocols, JaxNet doesn’t follow the ”fixed block reward” rule. Instead of that the block reward is proportional to the block difficulty. However, in contrast to aforementioned blockchain proposals JaxNet doesn’t have a goal of designing a stablecoin. It’s exchange rate will float according to market demand and supply.
Jax.Network Since the block reward rule used in JaxNet is not common there is no deep research devoted to it. Nevertheless, in the recent paper by Chen et. al. [43] there is a study of reward allocation schemes and requirements which should be satisfied in order to make blockchain network to properly work.