Since the Bitcoin Whitepaper was released exactly 13 years ago, blockchain technology has revolutionized many industries with multiple uses, including facilitating money transfers, automated legal contracts, and supply chain tracking. The blockchain project recommended by the co-author of the blockchain technology, Dr. Scott Sternetta, decided to launch its network on the same day. Jax.Network positions itself as an extension of the Bitcoin (BTC) network, and solves the scalability issue of the latter.

The Jax.Network team believes that, over years of research, they have come up with a solution to the blockchain scalability triad. Jax.Network is reviving this as the first fully functional fragmented PoW network, which represents an approach to solving the scalability problem of blockchain networks such as Bitcoin. The team believes they are well positioned to achieve this goal by hiring Dr. Stornett, one of the co-inventors of blockchain technology, as an advisor.

The project is an open source protocol linked to the Bitcoin network to create a global standard for determining economic value. It also has its own digital currency known as JAX, which is the core of Jax.Network’s value proposition.

There is a doctor in the house
Dr. Sternetta is best known for his three quotes in the original Bitcoin White Paper by Satoshi Nakamoto. Each review relates to his work with Dr. Stuart Haber. This article provides an introductory perspective on the use of digital timestamps to record blockchain transactions. This work later won the Discover Award for Computer Software in 1992, and was published in the New York Times three years later.

More information about JAX.NETWORK here
Dr. Sternetta joined Jax.Network as a consultant to share his knowledge, perspective and experience. He believes that the company has the ability to build on what he originally proposed and create a decentralized payment solution for everyday payments, also known as “electronic money,” as Bitcoin envisioned it.

When asked about the project, Dr. Sternetta said, “I met the Jax.Network team at a blockchain conference in Dubai, UAE, and became interested in their idea of ​​a hash rate-linked stack currency. I think Jax.Network can become a very important infrastructure for the ecosystem because it The Bitcoin protocol expands by introducing Proof-of-Work and decentralized stacks powered by Bitcoin hashs to address the scalability and volatility pains that hold back mass production and introduce payments into cryptocurrency.”

Benefits extending to the Bitcoin network
Looking at the project in more detail, Jax.Network includes clean state hashing, which ensures that transactions, validators, and computations are shared across fragments. As a result, future transactions do not require knowledge of the past. Another important feature is built-in mining, a method used to extract two or more strings simultaneously to protect blocks using a flexible and balanced mining reward system. Also of note is the decentralized transmission system and the universal reward function.

By combining these features together, Jax.Network will also bring the benefits of the original Bitcoin network. Because Jax.Network is stable bitcoin; The project could also help ensure the stability and scalability of the blockchain ecosystem.

Source: CoinTelegraph