Crypto payment platform presents solution to scalability issues with help from blockchain co-inventor
Since the publication of the Bitcoin white paper exactly 13 years ago, blockchain technology has revolutionized several industries with multiple use cases, including facilitating money transfers, automated legal contracts, and chain traceability. supply. And a blockchain project advised by the co-inventor of blockchain technology, Dr Scott Stornetta, decided to launch its mainnet on that day. Jax.Network is positioned as an extension of the Bitcoin (BTC) network, correcting the latter’s scalability problem.
Thanks to many years of research, the Jax.Network team believes they have found a solution to the blockchain scalability trilemma. Jax.Network brings this to life as the first full-state fragmented proof-of-work (PoW) network, introducing an approach to address the scalability issue in blockchain networks like Bitcoin. The team believes they are well positioned to achieve this goal thanks to the integration of Dr. Stornetta, one of the co-inventors of blockchain technology, as an advisor.
The project is an open source protocol anchored to the Bitcoin network to build a universal standard for quantifying economic value. It also has a native digital currency known as JAX, the backbone of Jax.Network’s blockchain value proposition.
There is a doctor in the house
Dr. Stornetta is best known for his three quotes in the original Bitcoin white paper written by Satoshi Nakamoto. Each mention considers his work with Dr Stuart Haber. This work sketches the original perspective of using digital time stamps to record transactions on the blockchain. This work went on to win the Discover Award for Computer Software in 1992 and, three years later, was featured in the New York Times.
Dr Stornetta joined Jax.Network as an advisor to share his knowledge, perspective and experience. He believes the company has the potential to build on what he initially offered and create a decentralized payment solution for daily payments, called “Electronic Cash,” just like Bitcoin intended.
Asked about the project, Dr Stornetta said, “I met the Jax.Network team at a blockchain conference in Dubai, UAE, and got interested in their idea for a stablecoin. indexed to the hash rate. I think Jax.Network could become a critical infrastructure for the ecosystem, as it extends the Bitcoin protocol by bringing proof-of-work sharing and decentralized stablecoin backed by Bitcoin hash rate to address scalability and volatility that hinder mass adoption of cryptocurrency payments.
Benefits that extend to the Bitcoin network
Looking at the project in more detail, Jax.Network includes pure state sharding, which ensures that transactions, validators, while accounts are distributed among shards. The result is that future transactions do not require any knowledge of the one that precedes them. Another important feature is merge mining, a technique used to mine two or more chains simultaneously to secure shards with a flexible and balanced mining reward system. Additional features to note are their decentralized transfer system and universal reward function.
By bringing these features together, Jax.Network will also provide benefits to the original Bitcoin network. Since Jax.Network is anchored to Bitcoin; the project can also help bring stability and scalability to this blockchain ecosystem.
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