Our goal is to establish “Jax” as a universal standard for quantification of economic value.
Currency created on top of JAX.Network shard chains are called JAX coin. JAX is a unit of economic value as defined by JAX.Network protocol. If you are interested in knowing more about JAX you can read our Academic Paper.
Jax.Network introduces a novel approach for solving the scalability problem in blockchain networks based on a specific reward function, sharding, merged mining and a decentralised value transfer ecosystem.
JAX.Network can potentially scale to unlimited throughput as long as there is a demand and sufficient network resources for it.
Technologically BTC and ETH do not scale, the fact that JAX coin scales allows for mass adoption. Also, BTC and ETH are by default deflationary. Humans stand to hold deflationary assets and spend stable assets and inflationary assets. Since JAX is a stable coin the chances of it being mass adopted are higher.
Technologically BTC does not scale, however JAX coin scales based on a demand which allows mass adoption. Also, BTC is deflationary while JAX is stable.
Jax.Network is an open-source platform and is published on GitLab, so anyone can contribute to and use it.
JAX value is based on mining equipment efficiency and the cost of electricity.
The easiest way to transact using JAX coins would be to download our wallet application and use it for sending and receiving JAX.
Existing cryptocurrencies suffer from the following problems: they are deflationary, they cannot scale, they’re not user friendly. JAX coin doesn’t have these 3 limitations
You will be able to buy/sell JAX coins through major exchanges after our launch.
By becoming a miner
By becoming a Transfer Agent
In future you will be able to participate in programs where you can get JAX coins for free. We might set up a promotional faucet during the early stages of the network to give away some of our JAX coins for FREE. Follow our news and announcements.
If you decide to hold an asset in our network, you should hold “JAXNET” instead. You shouldn’t hold JAX coins. JAX coins is a consumption currency and holding them does not provide any financial benefits. Hence, it will be wise to utilise JAX coins only for consumption purposes.
The core protocol should require an intermediate level of expertise to use the network, however, we will facilitate the creation of different user-friendly solutions in our ecosystem such as light wallets, physical cards and mobile-tap applications etc., which will help average users and newbies to use our network with little to no understanding of core technology.
You can invest by participation in JAX.Net’s IEO which will finance our company. In return, you will get a certain quantity of beacon chain asset coins which could shoot up in value over and above 1000x in the next 2-3 years if our technology reaches mass adoption.
Yes, as long as you have liquidity in the network, you can join a transfer hub and stake your coins to facilitate transfers and earn transfer fees.
Beacon chain coins are an asset for people who wish to store value in our network and speculate on the value of Jax.Network. Beacon chain coins are deflationary and allow for only 10 transactions per second.
Shard chain coins are scalable and stable and hence mainly suited for consumption. They have no speculative value.
There are two coins in Jax.Network – The beacon chain coins which are more like an asset coin are called “JAXNET” and the shard chain coins which are for transactions are called “JAX”. “JAXNET” is deflationary and “JAX” is a nearly stable coin with very little inflation depending on the technological advancement in energy consumption efficiency.
The coins are printed by miners only when they are able to cover their cost of printing and hence supply follows demand. In the event of a technological breakthrough, miners would still be able to reap the benefits by cutting down on their electricity costs than printing more currency which creates more supply than demand.
Jax.Net mining pool is the official MP for Jax.Network blockchain.
Jax.Net Transfer Hub is the official Transfer Hub for Jax.Network blockchain.
Although Jax.Network is decentralized, it has a certain delay in finality of the transactions performed in the network due to the inherent limitation of the consensus algorithm. To overcome this limitation, transfer hubs act as entities who can provide instant transaction facilities by absorbing the finality risk in exchange for a fee.
A decentralized global currency that’s not controlled by anybody solves the problem of organizing societies around the world under a single measure of economic value.
Requirements depend on the type of the node and the number of shards that it maintains. For example the full shard node which maintains four shards and Beacon Chain has the same requirements as a full Bitcoin node.
No. Merged mining in Jax.Network is designed to keep the balance between strong and weak nodes. Such design doesn’t cause the centralization of mining. To know more about our merged mining design, please read our academic paper.
It depends on the transaction volume. Jax.Network doesn’t provide instant transaction finality as any other blockchain. We expect that a casual transaction will be included into the chain and get three block confirmations in around a minute. However, it’s recommended to wait for more block confirmations when a huge sum of money is transferred through a single transaction.
If you need instant transactions, we recommend you to become a member of any transfer hub which will issue you instant transaction devices via physical cards or mobile tap for a fee.
Transactions in JAX.Network doesn’t reveal any data about participants except their public keys. It works similarly to Bitcoin and many other blockchains. However, JAX.Network doesn’t provide an option of untraceable transactions similar to one used in Monero, ZCash and other blockchains focused on privacy.
Emission of JAX is unlimited. However, minting of new coins requires natural resources that are limited.
Emission of JAXNET is unlimited at a fixed rate of 20 JAXNET per beacon chain block. However, at a certain point in the future, the impact of the 20 coins on the total supply will be negligible.
The network is secured by Proof of Work executed by miners. Code wise, our system relies on well-known and secure code-base used in Bitcoin core. To review our code: check our GitLab link.
Jax.Network is a permissionless blockchain network based on PoW consensus. It’s decentralization is comparable to decentralization of Bitcoin.
Jax.Network’s design based on Proof-of-Work consensus algorithm includes a setting convenient for weak nodes, so that they can manage their workloads by managing the amount of shards they are participating in.
Jax.Network mining reward system is flexible and balanced in terms that every participant is rewarded proportional to his effort in maintaining the network across all the shards they are mining. Small mining farms with little bandwidth and storage and big mining pools can coexist in Jax.Network.
The super-light client in Jax.Network reduces the volume of data required for synchronization to the blockchain. Jax.Network incorporates the idea of FlyClient in its design. Read more about FlyClient in Jax.Network in our blog.
The mining difficulty is calculated as a total number of blocks mined by the whole network before somebody will find the good hash. You can find the detailed description in our Academic Paper.
Since our system allows for merged mining, all the shards can share the same hashpower and hence making it difficult for a malicious miner to overpower a shard.
You can be an individual miner if you have access to a lot of hashpower. However, if you have not a lot of hashpower, it’s recommended that you join a mining pool which will provide you regular mining rewards but take a fee. Also, our official mining pool is linked to our official transfer hub and can help you earn extra profit by also staking your tokens for the purpose of facilitating cross-shard transfers in our system.