The two major problems that are clogging the progressible growth wheel of blockchain include the lack of stable prices for native tokens and the available throughput needed for systems to perform optimally. This is where JAX Network plans to become a catalyst. Jax Network is linked to the Bitcoin blockchain, and the major reasons include scalability, stability, and decentralization.
JAX Network intends to solve those problems and connect the JAX Network’s blockchain with the Bitcoin network to make it more scalable and stable. It is important to note that the Jax.Network has two coins: the JXN, and the JAX coins. The mining of the two coins takes place on different channels; for JAX coins, the mining takes place on the shard chains of the parent ecosystem.
Mining of JXN coins happens on JAX Network’s beacon chain. Miners will be rewarded based on their level of contribution to the network. The more time they dedicate to the network, the more JAX coins they are expected to earn. This will occur in an environment when there is a true demand for JAX coins. Issuance and mining will increase when demand goes up and decrease when demand falls. This ensures an infrastructure built around true supply and demand that deflects inflationary pressures.
— Jax.Network (@CommunityJax) July 8, 2021
JXN will function as a utility token to facilitate the functionalities of the ecosystem. It is intended that JAX will function as a means for daily transactions.
Why Is JAX Scalable, Stable, And Secure?
In providing the right solutions, JAX Network is combining different solutions to function effectively and efficiently. By being connected with the Bitcoin network, there is an enhanced security architecture for JAX. Furthermore, it functions with the Proof of Work (PoW) algorithm.
With the implementation of sharding, it brings effective scalability to the system. The combination of these different solutions puts JAX at the forefront of being one of the top stablecoins within the crypto community.
Another reason why JAX could create synergy is because it is not pegged to fiat currencies or assets, as is the norm with stablecoins. The reward system of the JAX Network gives rewards based on how active a miner is within the ecosystem.
Partnerships & Leadership
Good partnerships make a business work, and so JAX Network has some notable partners contributing their quota to the solution. Some partners include Utopian Capital, Montreal Blockchain Lab, Distributed Lab, and infySEC among others. Vinod Manoharan is the Founder and CEO of JAX Network. Before JAX, Vinod founded licensed gaming companies that amassed $10M+ in yearly revenues. In 2018, Vinod made the move to Ukraine to kickstart Jax.Network.
The future looks bright for JAX, and there are indications that the testnet will get launched soon. Crypto enthusiasts are on the lookout and cannot wait to explore the features of JAX. By leveraging key components of blockchain technology, the network plans to fuel JAX coins in a decentralized, secure, stable, and scalable manner.
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