PRESS RELEASE. Even though Bitcoin and Ethereum are called ‘cryptocurrencies’ people still treat them like assets instead of currencies. People are not spending cryptocurrencies on a large scale, nor are merchants accepting them on a similar scale. Generally speaking, you still cannot pay for a cup of coffee at your local café with your bitcoin.
Jax.Network, a project based in Kyiv, Ukraine has endeavored to solve this issue. Its goal is to bring cryptocurrency to mainstream day-to-day use by first replacing the stablecoin market, with its decentralized, scalable, Proof of Work based coin ‘Jax Coin’ and then aiming for the greater global payments market after.
A gargantuan goal to say the least, however, it was not born out of a whim. Much thought, time, and research have gone into the project since its inception in 2018. As the project was beginning, members of the newly formed Jax.Network team had one goal: to research and develop a decentralized, scalable, and stable coin that will not sacrifice on security. And from Q3 of 2018 until Q2 of 2020, that is exactly what the team had done and achieved.
An elegant and robust solution to the blockchain scalability trilemma has been created. The solution has been extensively outlined in the whitepaper, the latest version of which was released in October of 2020.
Jax.Network’s Scalability Solution
In short, the Jax.Network protocol plans to use their very own sharding and merged mining solution to ensure the superior scalability of their blockchain. This means that all shards on the Jax.Network blockchain will be protected to the highest degree while being able to continuously scale. The Jax.Network team has claimed that their merged mining solution will be able to prevent 51% attacks much more effectively even on individual shard chains.
Unlike Bitcoin or Ethereum, miners will not be given a fixed reward for solving blocks, rather, they will be compensated based on the…