The JaxNet project came to the cryptocurrency market, the creators of which claim that they have solved the scalability trilemma most effectively.
The project appeared in 2018 through the efforts of the Indian developer, Vinod Manoharan, Ukrainians Iurii Shyshatsky and Taras Emelyanenko (the first — chief scientist, the second — chief technical officer), and the Frenchman Lucas Leger – doctor of philosophy and economist.
The JaxNet blockchain is currently in the ICO stage. For the first few years of its existence, the team was busy conceptualizing the protocol and scientific research. On June 30, 2021, the test network was launched, and on August 4, JaxNet issued 2 million WJXN tokens to raise investments, showing that attracting $1 million to the project is an acceptable goal. At the moment, about a quarter of the tokens were sold for $0.77 each. ICO will last until the end of November.
The blockchain Whitepaper is 57 pages long, where the development team demonstrates with all conviction the current problems of the crypto industry and their solution to these difficulties.
These difficulties have been well known for a long time, and they are called the scalability trilemma of blockchain in a complex way, following Vitalik Buterin. The bottom line is to state that modern blockchains face the problem of simultaneously ensuring security, scalability, and decentralization.
According to a statement on the official blockchain page, the trilemma was solved by the developers of the project.
Security, Scalability, Decentralization
JaxNet uses merged mining with Bitcoin, which gives JaxNet the same level of security as Bitcoin. The user is offered here to mine cryptocurrency in both blockchains at the same time. Unlike Bitcoin, JaxNet supports multiple blockchains, and it is up to the miner to choose which blockchain subset to mine.
Blockchain uses the Jax.Network Sharding protocol, according to which it consists of one specialized Beacon Chain and an infinite number of automatically generated shards, the number of which will depend on network load. Eventually, this infinity should make it possible to perform an unlimited number of transactions per second. The sharding strategy used in the project does not include regular validator nodes.
All blockchain shards operate independently of each other and in parallel, and initially, they can be just a few strings that will grow with the growth of the entire network. Any node on the network can add any number of chains based on its storage capacity and throughput. Regulation of the total number of fragments, control over the compliance of nodes with the qualification requirements lies on the JaxNet protocol.
Network sharding is performed using the Proof-of-Work consensus algorithm, which creates the first sharded PoW network. It is also assumed that although different chains of blocks may use different approaches to segmentation, the JaxNet protocol will allow any node to be part of as many shards as possible.
Decentralization is provided by the Jax.Network protocol, which enables a combination of merged mining and sharding, and facilitates the possibility of cross-shard transactions.
Two Tokens — Two Goals
JAX Coin and JXN Coin tokens are expected to be the main blockchain currencies.
The first coin, JAX, will act as a unit of economic value based on the cost of the participant’s computing power. The coin will serve for current expenses and payment for transactions.
JXN is meant to be the top-level cryptocurrency of the Beacon Chain blockchain and will be a fixed reward per block creation. It is recommended for speculative use by project participants, as well as for savings and investment.
In Dreams Of Competing With Visa And MasterCard
The decision of the founders to combine merged mining with infinite sharding, while using the PoW consensus protocol, could eventually give the industry a high-speed blockchain with unlimited throughput and low fees. These are the features that may allow the project in the future to become a worldwide payment system, as stated by the developers of JaxNet.
The published Whitepaper with a detailed description of the technology inspires cautious optimism among analysts, but so far, of course, we are dealing only with a startup, which, despite the revolutionary solutions, will have to prove its worth in the real battle and real work with clients. We believe it would be useful for the creators of the platform to provide up-to-date information on the progress of the test network and the prospects of entering the market with Mainnet, given that the initial coin offering is already in full swing.