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Importance of mining scheme to JaxNet scalability

Jax.Network. Discover how the Jax.Network minting and mining scheme - merged mining - is vital in the blockchain ecosystemu2019s scalability.<br><br>A Scalable, Decentralized Stablecoin for DeFi. Join the Jax.Network.

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Importance of mining scheme to JaxNet scalability

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  1. Importance of a merged mining scheme to Jax.Network scalability jax.network

  2. The worldwide surge in demand for Non-Fungible Tokens (NFTs) has also led to a sudden rise in the overall activity on the Ethereum blockchain and that, in turn, nearly brought the network to a standstill. The network standstill is a scalability problem because of the incapacity of nodes to handle massive transactions on the blockchain network. jax.network

  3. Scalability is a significant risk in the financial sector. No one wants to risk their funds, digital assets, and resources on a blockchain project that is not scalable enough to handle infinite transactions simultaneously. In most cases, users will have to pay expensive fees to make transactions on the network. jax.network

  4. The JaxNet protocol is extensive in scalability and security. It works on an algorithm that employs the techniques of merged mining. Jax.Network uses this technique both to anchor to the Bitcoin network and secure shard chains. Here, we will analyze why the Jax.Network minting and mining scheme - merged mining - is vital in the blockchain ecosystem’s scalability. jax.network

  5. Jax.Network merged mining scheme There are unique approaches that govern the Jax.Network blockchain, including sharding and merged mining. Remember that the network follows a PoW consensus algorithm, while sharding is usually used in PoS networks. In essence, the network sets itself apart by ensuring that it offers a decentralized value transfer ecosystem, works on a universal reward function, employs sharding, and allows for an equitable merged mining scheme. jax.network

  6. Jax.Network merged mining scheme Based on the Proof-of-Work model, Jax.Network can attain a good level of scalability through the process of sharding. The merged mining scheme ensures that the Jax.Network ecosystem is not only scalable but also incredibly secure. Since the JaxNet protocol is anchored to the Bitcoin network, miners can enjoy a symbiotic relationship with both networks. Thanks to merged mining, miners can mine the Bitcoin network and Jax.Network's beacon and shard chains simultaneously. jax.network

  7. Jax.Network merged mining scheme Jax.Network will benefit from Bitcoin's already robust network as it promotes its adoption, ensures more security to Jax.Network, and reduces inflation risks on the shard chains. Indeed, miners can only mine Bitcoin and the Jax.Network beacon chain, or shard chains. The Bitcoin ecosystem, on the other hand, will benefit from Jax.Network's coin-based rewards and a unique scalability solution, which will imminently increase the value of Bitcoin. jax.network

  8. Jax.Network merged mining scheme The merged mining scheme used by Jax.Network allows users to mine three different chains. The shard chains on Jax.Network reward them with the stable in value coins known as JAX. Also, they can mine the beacon chains on the same blockchain network to get rewards with digital asset coins known as JAXNET, and finally, they can mine the Bitcoin blockchain to receive Bitcoin. jax.network

  9. Benefits of merged mining forJaxNet The Jax.Network combines unconventional but tested concepts: • Merged mining by anchoring to the Bitcoin ecosystem • Sharding to handle massive data • A proportional reward function • Two special native digital coins jax.network

  10. Jax.Network merged mining scheme Here are the benefits of the Jax.Network’s merged mining approach to scalability: • Merged mining with the Bitcoin ecosystem provides faster network growth since Bitcoin miners can also readily mine on the Jax.Network. • Merged mining has led to higher security allotments which also secures Jax.Network’s multiple shards that split the network, allowing for scalability. jax.network

  11. Recap Scalability of the Jax.Network blockchain ecosystem is highly dependent on sharding and merged mining. Since sharding ensures that the network can handle multiple transactions simultaneously, merged mining helps secure the shard chains and promote mass adoption of the platform among Bitcoin miners and users. jax.network

  12. Are you ready to join Jax.Network? Join Now jax.network

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