Jax.Network, a blockchain platform, claims that it has developed an innovative solution that aims to end the scalability problem in the blockchain once and for all so let’s find out how in our latest blockchain news.
The inception of cryptocurrencies like Bitcoin, Ethereum, and Litecoin brought the blockchain technology to the public’s attention and the mainstream financial world for the first time. But since, then, the blockchain is seen as the most transformative technology after the internet.
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However, the internet and its products are soon becoming outdated. More scalable and developer-friendly tools were created which turned the ecosystem into what it is today. While top assets like Bitcoin and Ethereum have trouble scaling, Jax.Network claims to have created an innovative solution that aims to end the scalability problem in the blockchain.
In contrast to mainstream sharding proposals, the JaxNet approach is based on a Proof of Work consensus. JaxNet protocol uses the merge-mining technique to secure shards from shard take-over attacks.
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— Jax.Network (@CommunityJax) September 29, 2020
Among the other issues preventing leading blockchains like Ethereum from reaching mainstream adoption is the low throughput. Experts proposed multiple solutions like sharding but there’s no consensus on how this can be settled and achieved, which leads to a fractured development community and no consistent standard to address the issue. Jax,network utilizes a sharding design which reduces the storage and network requirements for the nods thus eliminating block propagation bottlenecks and offering additional advantages. The team at the platform believes that it a missing link between crypto-assets and their mass adoption.
Jax.network is a blockchain platform that issues a scalable and decentralized JAX coin and the platform even shared its full vision for the future of the recent blockchain.UA conference after the academic press release back in May. Jax’s early roots stemmed from the founder Vinod Manoharan’s interest in blockchain back in 2017 as he later put together a team of technical experts and engineers to solve the blockchain scalability “trilemma.” JaxNet is a crypto protocol that uses Proof of Work consensus, sharing, and merged mining to deliver a solution for scalability for the entire crypto industry. Merged mining in the JaxNet protocol is decentralized as miners can select the subset of shards that they wish to mine and manage their computing workload capabilities and to also get rewarded proportionally to the amount of the hashpower that they contribute to secure the network.
Manoharan and the Jax team aim to take on giants like Mastercard and Visa by bringing more utilization of their blockchain networks to the end consumers by being even more user-friendly. Jax remains the top proof of concept blockchain by tacking along with its roadmap. To achieve its goals, the team plans to develop infrastructure first and develop a mining pool later as well as some other features.
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