The debut of the Bitcoin network has sparked a slew of issues, the most pressing of which is whether it can become a universal worldwide currency with cheap transaction costs and cheap maintenance. Are transactions fast enough for minor purchases while yet being safe sufficient for large contracts? Scalability has proven to be a massive roadblock for Bitcoin and many other cryptocurrencies on their path to becoming universal global money, as we now know.
As the distributed ledger expanded in size, it needs a significant amount of maintenance and resources to maintain it safe and operational. This affected Bitcoin’s scalability. On the one hand, blockchain held millions of wallets and transactions, but it also required processing power to complete these jobs rapidly. Bitcoin’s average block confirmation time is roughly 10 minutes at the time of writing.
With its decentralized, secure, and scalable blockchain, Jax.Network attempts to overcome this scaling challenge. JAX provides the support structure through its network to increase scalability and decentralization, as Bitcoin has a significant scalability problem and cannot fulfill the role of de facto global digital currency.
JAX coins are decentralized, reliable, and scalable
Jax.Network is a decentralized, stable, and scalable cryptocurrency based on the Bitcoin blockchain and follows the JaxNet protocol. The network’s primary goal is to make these coins a worldwide standard for valuing goods and services.
Another significant issue with the Bitcoin network is resource concentration. Large corporations that have invested millions of dollars in ASIC technology can meet the processing power necessary to keep the blockchain running. The Jax.Network addresses this issue by designing and implementing merged mining, which allows weak nodes to validate the status of transactions on a particular shard.
Merged mining is the process of concurrently mining two or more cryptocurrencies without compromising overall mining performance. It also implies that miners will have additional financial options because they will benefit from mining several cryptocurrencies and their transaction fees. While the hashing algorithm is the same, the profits are not.
Every second, an infinite number of transactions can be made
The Jax. sharding Network’s technique solves the scalability challenge, allowing for a nearly infinite number of transactions per second, rivaling the speed of centralized payment processors like MasterCard and Visa. The network’s unrivaled scalability does not come at the expense of security since it is decentralized and safe.
The JaxNet protocol relies heavily on the idea of sharding. It refers to the technique of sharding substantial data sets into smaller ones and storing each one separately.
Sharding in Jax.Network is based on pure state sharding, which distributes accounts, transactions, and validators among shards. As a result, verifying a single transaction does not need knowledge of previous transactions on other chips.
The JaxNet protocol and sharding
Sharding minimizes the amount of data processed and stored by a single node, resulting in greater scalability. However, sharding has security and tool needs for moving payments across accounts on different shards, the Jax.Network takes care of both of these issues.
Apart from combining mining and sharding strategies to address resource centralization and scalability issues, Jax.Network also has a universal reward mechanism. The value of every JAX currency minted is theoretically equal across the universe. Hence a block reward is determined by the Proof-of-Work difficulty.
To summarize, Jax.Network used a mix of sharding, merged mining, and a universal reward function to create a scalable, decentralized, and secure blockchain, showing that the blockchain trilemma can be solved.