Since the release of the Bitcoin white paper exactly 13 years ago, blockchain technology has revolutionized several industries with multiple use cases, including facilitating money transfers, automated legal contracts, and providing traceability to the supply chain. And a blockchain project advised by the co-inventor of blockchain technology, Dr. Scott Stornetta, has decided to launch their mainnet on this very day. Jax.Network positions itself as an extension of the Bitcoin (BTC) network, fixing the scalability problem of the latter.
Through many years of research, the Jax.Network team believes they have found a solution to the Blockchain Scalability Trilemma. Jax.Network brings this to life as the first full-state sharded proof-of-work (PoW) network, introducing an approach for solving the scalability problem in blockchain networks like Bitcoin. The team believes they are well-positioned to achieve this goal due to the onboarding of Dr. Stornetta, one of the co-inventors of blockchain technology, as an advisor.
The project is an open-source protocol anchored to the Bitcoin network to build a universal standard for quantifying economic value. It also has a native digital currency known as JAX, the backbone of the Jax.Network’s blockchain value proposition.
There is a doctor in the house
Dr. Stornetta is most well-known for his three citations in the original Bitcoin white paper written by Satoshi Nakamoto. Each mention considers his work with Dr. Stuart Haber. This work outlines the original prospect of using digital time stamping to record transactions on the blockchain. This work later went on to win the Discover Award for Computer Software in 1992 and, three years later, was featured in the New York Times.
Dr. Stornetta has joined Jax.Network as an advisor to share his knowledge, perspective, and experience. He believes the company has the potential to build off what he initially proposed and create a decentralized payment solution for everyday payments a.k.a. “Electronic Cash”, just as Bitcoin intended.
When asked about the project, Dr. Stornetta shared, “I met the Jax.Network team at a blockchain conference in Dubai, UAE, and got interested in their idea of a stablecoin pegged to hash rate. I believe Jax.Network could become a critical infrastructure for the ecosystem, as it extends the Bitcoin protocol by bringing proof-of-work sharding and a decentralized stablecoin backed by Bitcoin hash rate to solve the pain points of scalability and volatility that’s hindering the mass adoption of cryptocurrency payments.”
Benefits that extend to the Bitcoin network
Looking at the project in more detail, Jax.Network includes pure state sharding, which ensures that transactions, validators, while accounts are distributed between shards. The result is that future transactions don’t require any knowledge of the one preceding them. Another important feature is merged mining, a technique used to simultaneously mine two or more chains in order to secure shards with a mining reward system that is flexible and balanced. Additional features worth noting are their decentralized transfer system and universal reward function.
Bringing these features together, Jax.Network will also provide benefits to the original Bitcoin network. Since Jax.Network is anchored to Bitcoin; the project can also help to bring stability and scalability to this blockchain ecosystem.
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