Project overview // Jax Network

 

Introduction
Cryptocurrencies are gaining popularity much faster than expected. The crypto industry has grown and expanded significantly, however, it is recognized that the industry has two main problems - the lack of stability and the reduced bandwidth that these currencies have to offer. Due to this speculative nature, they are not used for day to day transactions. Jax Network believes that if these two problems are addressed, blockchain-based cryptocurrencies can become a real rival to the world's leading payment system.

About JAX Network
Jax Network is the first PoW sharded network that introduces a new approach to solving the scalability problem in blockchain networks based on specific reward function, sharding, merged mining and a decentralized value transfer ecosystem. The JAX Network is a blockchain project that has developed a protocol that is secure, scalable, decentralized, and contains its own stablecoin.

The goal of the project is to create a truly global cryptocurrency suitable for mass adoption and everyday use. The JAX Net blockchain releases the world's first decentralized and scalable JAX stablecoin. There are two coins in Jax.Network. The beacon chain coins that are more like assets are called JAXNET, and the shard chain coins that are used for transactions are called JAX.

The beacon chain works very much like Bitcoin, as blocks on this chain are mined approximately every 10 minutes and offer a reward of 20 JAXNET coins. JAXNET coins represent the entire value of the network, therefore they are speculative and can be used as a reliable store of value.

Features of this project
JAX Network has developed its own reward function that compensates miners in proportion to the hash power they contribute to the network. Just 100 units of hashpower will bring JAX coins and so on. This feature only exists on the shards of the JAX Network blockchain and is the main factor keeping the JAX coin value stable.

JAX coins are mined on demand only. The cost of mining them is tied to the value of the Bitcoin hash rate, which sets a lower limit below which coins cannot be sold. Since miners are profit-oriented, they will follow the law of supply and demand in order to maximize profits. This means that with a high JAX coin price, miners will increase the hashrate by mining more coins and distributing them accordingly.

Here, value is measured in units of hash power, not fiat. This new way of measuring value allows a transactional coin to be tied to the data inherent in decentralized networks, namely the cost of computing power allocated to mine a single block of Bitcoin. This makes stablecoins better than existing stablecoins as it keeps them decentralized and does not require pegging to assets or fiat currencies to maintain their stable value.

The token of this project
JAX coins are coins that are mined on sharding chains of the JAX network blockchain. Sharding is a mechanism that allows the JAX Network blockchain to scale and support a virtually unlimited number of transactions at any given time. JAX coins will be used primarily for day-to-day transactions and can be accepted in large quantities due to the network's scalability.

JAX coins can only be created by burning the basic block of Bitcoin and JAXNET coins rewards. This will control the rate at which JAX coins are issued so that they can be issued if and only if there is transactional demand for them.

Conclusion
BTC and ETH are technologically difficult to scale. Linking the Jax Network to Bitcoin allows the latter to scale more resiliently than Lightning and have a daily payment network with the same level of security as Bitcoin. In addition, BTC is deflationary by default. People prefer to hold deflationary assets and spend stable assets and inflationary assets. Because JAX has a stable cost, which is measured in terms of the cost of computing power, the chances of its massive adoption are higher.

Additional Information
● Website: https://jax.network/
● Telegram: https://t.me/jax_network
● Twitter: https://twitter.com/CommunityJax
● Light paper: https://jax.network/wp -content / uploads / 2021/06 / Jax.Network-Lightpaper.pdf

Name:Bayanganhitam

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