A Solution To the Blockchain Scalability Problem – Meet Jax.Network

A Solution To the Blockchain Scalability Problem – Meet Jax.Network
фото показано с : news.bitcoin.com

2020-10-6 05:45

Being the next step in the evolution of human civilization, blockchain technology still hasn’t been mass-adopted. The biggest obstacle here is a limited transaction processing capacity. Existing blockchains like Bitcoin and Ethereum are only able to do about 7-10 transactions per second. This technological limitation has been called the blockchain scalability trilemma. If it is solved, blockchain technology can facilitate the creation of a decentralized global currency that can be mass adopted and the implementation of decentralized governance systems, immutable data storage systems, which will improve transparency in governance and monetary policy.

Researchers around the world have come up with different proposals for solving the blockchain scalability problem. Sharding is considered to be the most promising. Yet, there is no common vision on how to implement sharding to find the best acceptable compromise among the numerous parameters of the network. Projects such as Ethereum 2.0, Algorand, Cardano, and Zilliqa have developed their own blockchain designs based on sharding. However, all of these projects have a similar pattern in their designs. They all rely on a Proof-of-Stake (PoS) consensus algorithm and pseudo-random selection of validators for shard committees.

Jax.Network believes its solution has solved the scalability trilemma and has the potential to become a consumer payment system, unlike other cryptocurrencies that experience delays and failures due to throughput restrictions. Last month, the Jax.Network team participated in the Blockchain.UA conference and shared their vision with the crypto community.

Jax.Network is a blockchain platform that follows the JaxNet protocol which issues the world’s first scalable and decentralized stable “JAX” coin. Since 2017, its founder Vinod Manoharan has been interested in blockchain and wanted to bring this technology to mass adoption. In 2018, he decided to move to Ukraine to gather a team of technical and scientific experts to solve the blockchain scalability trilemma. Ukraine was the first choice as it has many prominent specialists. With that in mind, Vinod gathered a team, and together they came up with a solution that solves the scalability problem of blockchain networks.

The academic paper of JaxNet protocol was published in May 2020. Based on this protocol, Jax.Network solves the blockchain scalability problem using Proof of Work consensus, a universal reward function, sharding, and merged mining.

The sharding design used in Jax.Network has multiple advantages. It reduces the storage and network traffic requirements for nodes in the network. It also eliminates the bottleneck of block propagation delay and decreases the volatility of mining rewards. All together, these features have a positive effect on the network scalability and decentralization.

In Jax.Network, miners can choose the subset of shards that they want to mine. They can manage their workload according to their computing capabilities.

With the blockchain scalability trilemma being solved, Jax.Network aims to create the first truly scalable and stable coin. If this coin is mass adopted, the global financial ecosystem can be changed forever. With that in mind, Jax.Network caters to the payments market and wants to compete with giants like Visa and Mastercard.

Right now Jax.Network is at its Proof of Concept stage moving forward according to the roadmap. Eventually, the project wants to transform the organizational systems in the world using blockchain technology. To achieve this, the team has plans to build the necessary infrastructure, including a mining pool, transfer hub, blockchain explorer and API, a crypto wallet & instant messenger.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post A Solution To the Blockchain Scalability Problem – Meet Jax.Network appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.1187 (-100%)

blockchain existing blockchains bitcoin capacity like transaction

blockchain existing → Результатов: 126


Фото:

98% Of Trading Volume On Popular Crypto Exchanges Highly Suspected Of Wash Trading- New Research

A new report on wash trading activity on various crypto exchanges states that there is strong evidence to support that up to 98% of trading activity on some exchanges could be fake. The research conducted by Blockchain Research Lab analyzed existing data on 12 popular exchanges using key metrics such as web traffic, wallet sizes, […]

2020-8-26 13:47


Фото:

Decentralized Data Storage Network Filecoin Gears for September Launch

Peer-to-peer (P2P) data storage blockchain network Filecoin is poised for September launch to compete with the existing data storage heavyweights, Bloomberg reports, August 3, 2020. Filecoin Looks to Decentralize Data Storage Space The centralization of data storage on the Internet in the hands of the few tech juggernauts such as Amazon and Google has beenRead MoreRead More.

2020-8-5 21:00


Libra’s Vice-Chair Says Blockchain is Key While Ex-IMF Economist Criticizes the New Whitepaper

Facebook led, Libra Association, recently updated its whitepaper for proposed stablecoins, and has since attracted several opinions from internal and external stakeholders. This was, however, expected given the project’s threat to existing financial ecosystems and the possibility of tapping into Facebook’s market with ease.

2020-4-29 17:47


Фото:

Crypto-Friendly Argentina Taps Blockchain Technology for Gas Distribution 

Enargas, Argentina’s gas regulator, has approved the nationwide deployment of Gasnet, a blockchain-based natural gas distribution system developed by IOV Labs, a Buenos Aires-based firm. The blockchain solution will automate the nation’s existing paper processes and monitor the processes of market participants in terms of quality and safety, reports Ledger Insights on March 19, 2020.

2020-3-20 12:00


Webjet Debuts New Hotel Booking Verification Blockchain based on Microsoft Azure

Webjet, a leading digital travel agent is excited to launch its blockchain platform with an objective of eliminating the existing disparities in hostel booking processes and data. The new project, Rezchain, is an application that will help address overcharges and reservation snafus in hotel booking by tracing data mismatches between booking agents, hostels and customers. […]

2019-11-8 00:57


Фото:

Huobi Exchange Extends Allstar VIP 6 Year Anniversary Promotion

Huobi Global, cryptocurrency exchange offering users bitcoin trading as well as a vast array of altcoins, has announced the extension of its “All Star VIP 6th year Anniversary Fee Promotion,” to enable existing professional and potential professional tiered fee traders to enjoy very low trading fees till January 2020 (GMT+8), according to a blog postRead MoreRead More.

2019-10-25 13:00


Statizex ICO

We defined our development strategy based on empirically acquired knowledge and on the analysis of the work of existing platforms. We spent a lot of time, effort and money developing the statizex platform, faced many challenges and solved many technological issues during its creation, this allowed us to develop a trading platform that fully meets the modern market requirements and high modern technological standards of speed and safety.

2019-10-24 21:03