PART 1. Introduction of Jax.Network project and community questions.
Hello, Satoshi clubbers and guests of this site. Okey today we talking about A Scalable, Decentralized Stablecoin for DeFi.
Jax.Network is anchored to the BTC blockchain that follows the JaxNet protocol and issues scalable, stable, and decentralized JAX coins.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about Jax.network
The reward pool is 500$
Leading the AMA our clever and fun admins:
Mary | Satoshi Club – @Satoshi_club
Andrés M. | Satoshi Club – @AndresM77
The Representative of the project:
Lucas L – @lucasleger – Chief economist @Jax.Network
Vinod Manoharan – @vinodm89
Introduction of Jax.network project.
Mary | Satoshi club:
Hello, Satoshi club! We are happy to announce our ama session with JAX.network! Welcome to Satoshi club😀
Andrés m. | Satoshi club:
Hi there. Another ama session is here, today our guest are @lucasleger and @vinodm89. Welcome to Satoshi club!
Lucas l:
Hi everyone! Happy to be here
Vinod manoharan:
Thanks, guys, for having us here!
Andrés m. | Satoshi club:
Welcome guys, how are you doing?
Mary | Satoshi club:
Hello, guys! Sorry, our bot is a bit crazy today 😂
Vinod manoharan:
All good! Hope everyone here is doing fine too!
Lucas l:
Great, hope you do too
Mary | Satoshi club:
Let’s start our ama 🚀
Andrés m. | Satoshi club:
For sure, excited for this ama, our community is excited as well, more than 18k members online 🥳
Vinod manoharan:
Great! A special hello to everyone who’s online then!
Lucas l:
Let’s start then!
Mary | Satoshi club:
And let’s start with the intro 😄 Please, tell us about yourself and your roles in JAX.network😄
And of course, our members want to know what is JAX.network👏
Vinod manoharan:
I am Vinod Manoharan, I am 32 years old from India based out of Kyiv, Ukraine. I have been an entrepreneur in the network security, on-demand services, online gaming industry over the last 10 years.
I am a co-founder of JAX.network
Mary | Satoshi club:
Hello, my neighbor 😂 привіт
Vinod manoharan:
In a nutshell, JAX.network brings a decentralized scalable stable-coin to DeFi backed by BTC hash rate.
Lucas l:
Sure, I’m the chief economist. I’m french I’m responsible for designing the economic incentives at the protocol level. I heard of bitcoin first time in late 2011 and got interested in the economics behind it. But do not hodl :). Before JAX.network, I was working on a phd on smart contracts and their microeconomic foundations.
Vinod manoharan:
Well, hello @mary, my wife is russian, btw 🙂
Lucas l:
Same here haha
Mary | Satoshi club:
Wow, you were so early! But I am sure you will hodl JAX😉
Lucas l:
No mistakes this time!
Vinod manoharan:
In our network, users will have to hodl “jxn” – our asset coin.
Lucas l:
Yes, we have 2 coins on the network
Mary | Satoshi club:
Ahaha, guys 😂 nice to e-meet you! Say hello to your wifes 👋
Andrés m. | Satoshi club:
Great concept, what features do make it scalable?
Mary | Satoshi club:
Oh, sorry, but now we know ticker!
Vinod manoharan:
So, we scale only cryptocurrency transactions. Smart contract scaling can happen on layer 2. We are able to scale as we enhance the bitcoin protocol with proof-of-work sharding.
Lucas l:
Future ticker yeah, the network is still on closed testnet.
Mary | Satoshi club:
As I know you were developing JAX.network since 2018, right?
Andrés m. | Satoshi club:
Interesting, we have some community questions regarding that😁
Vinod manoharan:
Yes, that’s right.
Lucas l:
Of course, happy to answer, we’re here for that
Vinod manoharan:
Great, happy to answer any questions that the community might have!
Mary | Satoshi club:
And now are you going to the finish line👍
Lucas l:
Yes, we’re very close now, so we want the community to know more about the project.
Mary | Satoshi club:
Let’s start 🚀🚀🚀
Vinod manoharan:
I look at it like we are going to begin competing. I personally estimate our progress to be at 0.5% of what we have to achieve, which is to bring cryptocurrency payments to everyone in the world.
Andrés m. | Satoshi club:
Well let’s proceed then, thanks for the great introduction👏
Mary | Satoshi club:
Sure, we will see much more! Exciting future ahead
Preselected questions about the Jax.network DeFi project.
Andrés m. | Satoshi club:
Q1 from telegram user @cryptofollower
JAX.network was live last year, but went a little bit silent this year. After that, suddenly we’ve heard that JAX.network announced to anchor to the bitcoin network. Why the project was silent for a while and what is the idea behind to anchor to the bitcoin network? What is behind that decision and what benefits will that bring to the project?
Vinod manoharan:
Ok, designing a decentralized stable coin is pretty challenging due to koomey’s law. We had to push a lot of improvements to our protocol in order for us to be able to achieve what we wanted: to design an ideal stable coin that could be mass-adopted by everyone in the world.
So, we were actively under research and development over the past few years.
Our recent innovation was what we call a “proof of value” / “proof of burn” mechanism where a native digital token can maintain its unique value by using a Coinbase level hack and still get to reuse the security of the bitcoin network.
Due to this cost-of-minimum-security advantage and the liquidity of bitcoin, it became an easy choice for us to anchor to bitcoin. This decision was taken after very careful research.
Tldr:
1) BTC anchoring along with our proof of value mechanism helps us borrow the security of the bitcoin network.
2) we are able to improve the bitcoin network by bringing scalability and stability to this ecosystem and also benefit from the liquidity of bitcoin without having to build liquidity for our coins: JAX / jxn
Mary | Satoshi club:
As you told before you are in close testing phase now, can you tell us some insights how is it going?
Vinod manoharan:
Yea, our blockchain network is running on our internal servers as a testnet. You can expect the public testnet this month!
So, people will be able to interact with our blockchain and check the code later this month.
Andrés m. | Satoshi club:
What are the use cases of each coin?
Mary | Satoshi club:
Everyone will be able to test?
Lucas l:
Miners, developers yes.
Mary | Satoshi club:
Gotcha, thanks 👍
Vinod manoharan:
Jxn / JAXnet => an asset coin which is used:
1) to pay for the security of JAX.network by incentivizing bitcoin miners to merge-mine JAX.network
2) as gas fees for exchange agent listing transactions and other critical transactions
3) to incentivize miners to defend the beacon chain that holds the shard registry
4) to reflect the value of the transactional payments ecosystem of JAX.network
5) to incentivize miners to defend the bitcoin network when the BTC reward drops to 0
JAX => a decentralized stable-coin for the defi ecosystem backed by BTC hash rate.
Lucas l:
To rebound. We wanted to decouple digital assets from transactional coins. For instance, when you hold one eth, it becomes very unclear how to qualify it economically. Therefore, we have 2 coins. For different use.
Vinod manoharan:
Ok, one addition. Yes, we also use JXN for economic reasons, to decouple the economics of coins from the security model incentives. This is the reason why most cryptocurrencies are treated as assets and not as currency.
Mary | Satoshi club:
I like this structure 👏 can’t wait to see how this will work!
Andrés m. | Satoshi club:
Thanks for the clear answer, would you like to add something before the next question?😃
Great clarification.
Q2 from telegram user @meml97
I read that merged mining proof or MMP is the backbone and the key innovation of JAXnet protocol. Can you tell us more about this? What is this merged mining proof that has been implemented on JAXnet and why is it the backbone of it? What makes it so important? Also, you’ve said that is the key innovation, what makes it so innovative comparing it to other mining schemes?
Lucas l:
That one is for @vinodm89 😄
Mary | Satoshi club:
Sure😄
Vinod manoharan:
Ok, so usually scaling by allowing merge-mining kills weak nodes from participating in the network. This is because merged-mining is a way of increasing the block-size.
What we have created with our MMP is a new data structure, more like a Merkle proof of Merkle proofs which helps us equitably split the reward for miners regardless of how many shards they mine.
For example, if the difficulty of the network is d, then let’s say the total JAX coins issued would be d.
Then, if a miner merge-mines 10 shards, then the reward for the miner is split as d/10. If a weak miner mines one shard, then he gets d/1. This way we can allow merge-mining to defend the network without killing weak nodes and hence decentralization.
The MMP helps us figure out how many shards a miner has been mining in a cheap way (in terms of the size of the data structure). More details are available on our technical paper which you can find here: https://arxiv.org/pdf/2005.01865.pdf
Mary | Satoshi club:
Which equipment required to mine?😄
Lucas l:
It’s sha-256 consensus algorithm
Vinod manoharan:
More info:
Imagine a Merkle tree built with multiple leaf nodes.
Each shard is supposed to be entered at a certain leaf node. For example shard 1 on leaf 1 and shard 2 on leaf 2 and so on.
If a miner doesn’t mine shard 1 and 2, we can analyze the merged mining proof and figure out how many shards he has mined without sharing the entire Merkle proof paths, hence considerably reducing the size of the Merkle proof.
Lucas l:
Any bitcoin asic should be able to merge-mine our network
Andrés m. | Satoshi club:
What benefits pow sharding brings you that other protocols don’t?
Mary | Satoshi club:
Awesome! As I know that mining in early stages of projects always profitable😉
Lucas l:
Indeed
Vinod manoharan:
1) proof of stake sharding has data availability problems which a lot of protocols try to solve. We believe there’s no safe solution for this problem. Hence, we avoid it with math.
2) long range attacks are always a concern for pos networks.
3) it’s not possible to create a decentralized stable-coin using pos without employing pow mining. There’s a project called “themelio” which tries to do that.
4) even if a magical solution exists for addressing the data availability problem, proof of stake sharding will kill decentralization as there will be too much data to verify. At this stage, you would be better off using Amazon AWS.
Lucas l:
There’s also an economic problem to solve. With pos, it is more efficient to reach a consensus when the block reward is low (Saleh, 2020). But on our shard, our block reward is proportional to the aggregated hash rate. This conflict made us choose pow over pos
Mary | Satoshi club:
It makes sense 👍
Andrés m. | Satoshi club:
I agree with you guys, you did a great choice.
So, I think the question is covered, let’s proceed with the next one 🥳
Lucas l:
Yes
Andrés m. | Satoshi club:
Q3 from telegram user @antoni_azx
As I understand, JAX.network is entering the market with a stablecoin proposal, how do you plan to approach the issue of the adoption of your products in countries that suffer from hyperinflation every day? Is JAX.network a solution to the lack of decentralized payment methods in this type of population?
Vinod manoharan:
Yes, exactly! We hope one day we will be the main currency for countries that suffer from hyperinflation. Thus, helping them progress faster!
Mary | Satoshi club:
How will your stablecoin be more attractive than others already on the market?
Lucas l:
We are targeting the remittance market first in order to increase liquidity on the exchanges for our transactional coins. We argue that the markup is lower than current stablecoins, therefore cheaper for people who need to send money abroad.
Vinod manoharan:
USDT/ USDC /BUSD => a centralized smart-contract operated by some financial institutions. A crash would crash all of defi and people would lose a lot of money.
A crash could come from mismanagement, governments freezing bank accounts/collateral.
Our solution is fully decentralized, hence doesn’t suffer any regulatory / compliance risk and due to this fact, the mark-up rates will be much lesser compared to that of USDT.
As a second step, we would work with providing a decentralized money API to defi DAPPs. In other words, you can go to bed peacefully holding 10,000,000,000 JAX than 10,000,000,000 USDT
Lucas l:
Yes, our coin is not pegged to fiat or uses collateral. We use intrinsic data and a market-driven approach to ensure stability
Vinod manoharan:
Or even 100,000 for that matter.
Mary | Satoshi club:
Yes, I won’t argue with you about decentralization 👍
Vinod manoharan:
Haha, thanks 😂
Mary | Satoshi club:
That’s a dream!
Andrés m. | Satoshi club:
Currently, where we can buy jxn and JAXnet token?
Vinod manoharan:
Won’t be soon!
Lucas l:
We’re not listed yet, as we’re still on testnet
Andrés m. | Satoshi club:
Any approximated date to official launch? 😃
Vinod manoharan:
We will get it listed soon. Right now, we are finalizing our testnet. So, by q3 2021, you should find them listed.
Mary | Satoshi club:
We are waiting for q3😉
Vinod manoharan:
Q3 2021. We are trying to push it ahead. Everything is in place! Just need to test everything and get the protocol audited. There shouldn’t be any big issues.
Andrés m. | Satoshi club:
So excited about it.😁
Mary | Satoshi club:
Btw, will you have any sales, etc?
Vinod manoharan:
Yes, we have some private sales going on now. Soon, we will have a public sale.
Mary | Satoshi club:
When do you plan it? Any terms?
Lucas l:
If you’re a BTC miner then you’re welcome to participate in our private sale now. Our goal is to attract BTC miners to engage in partnerships and build synergies.
Andrés m. | Satoshi club:
Thanks for share it. Time to go with the next question, would you like to add something?
Vinod manoharan:
All good!
Andrés m. | Satoshi club:
Q4 from telegram user @nataliyakil
JAX. Network had the honor to co-organize the 9th blockchain conference in Kyiv, Ukraine, that took place on May 19, 2021. What was the purpose of this conference, what presentation did your team give? I know that Ukraine has been under strict quarantine for a long time with periodic lockdowns. In this regard, how was blockchainua organized, how did it go, and how was JAX.network accepted at the conference? Did you acquire something new for the further development of the project thanks to this event? Can you tell us about any other significant events for JAX.network?
Lucas l:
Let’s move forward
Vinod manoharan:
The conference went well. Ukraine is where our r&d team is based out. We have long-term plans for this market. We work with the primary event organizer in Ukraine. When our network goes live, we plan to organize more hackathons and issue grants and investments to developers who would want to build on top our blockchain.
We do events right now with the goal to get the word out and to inform people about our protocol and make partnerships with investors/miners.
After our main network goes live, we will then organize events to develop the ecosystem by issuing grants to developers and teams to build on top of our blockchain platform.
Andrés m. | Satoshi club:
Do you have some photos of the conference to share with us?
Lucas l:
Article at Medium
Mary | Satoshi club:
Do you plan to visit more blockchain conferences in the nearest future? As I know we will have a big one soon
Andrés m. | Satoshi club:
Amazing, that’s we need to increase the adoption.👏
Lucas l:
I’m going to Miami along with some members of the team. Happy to catch up there. Especially if you are a BTC miner, we believe we can bring value to you. Please dm me after this ama.
Lucas l:
Aha
Andrés m. | Satoshi club:
See you there I hope😁
Mary | Satoshi club:
Oh, we are waiting for photos and reports from you😂 Thank you for your answers! Ready to proceed?
Vinod manoharan:
Haha, not sure if you are being sarcastic, but you can check the photos on our JAX.network Facebook page. 😂
Vinod manoharan:
Yes, let’s go!!
Mary | Satoshi club:
No, I am not sarcastic! I like everything about your project and want to follow it👍
Andrés m. | Satoshi club:
Q5 from telegram user @asela1112
Your website states that the $JAX coin is a stable coin, and it will better than BTC due to the deflationary of BTC. It means, $JAX coin is like USDT, USDC, DAI. $JAX coins are only consumption purposes for the transactions and JAXnet are the assets that users should hold to commercially benefit. What are the benefits that the JAX network users receive by holding $JAXnet? Do you think, $JAX coin will get more attention like BTC throughout the crypto ecosystem? If yes, what are the strategies that JAX network team expect to launch in order to accomplish that goal?
Mary | Satoshi club:
A bit covered before
Lucas l:
Yes. BTC is used for hoarding, and not much as electronic cash, unfortunately. We’re planning to compete with stablecoins on the market. Our competitive edge is that we do not need a peg or use collateral to maintain value. Our shard coins are strictly printed on demand. For that, you need to send your BTC and JAXnet (our asset coin) to an invalid address, while you keep your tx fees. Therefore, you have an opportunity cost to mine JAX. Since miners are profit motivated, they have now an alternative to print different coins based on demand across the network. Also, our reward function allows us to peg the value of the coin to the marginal cost of the BTC hash rate.
Andrés m. | Satoshi club:
Could you tell us about the tokenomics of JAX and JAXnext, has been max supply established?
Vinod manoharan:
We believe that our solution is the only way to create a decentralized stable coin and that our cryptocurrency will be more famous than USDT.
Mary | Satoshi club:
I will need to send BTC and JAXnet or one of these assets? Can you explain an example? For example, I want to print 10000 JAX
Vinod manoharan:
We will first focus on:
1) remittance market
2) promoting JAX coins as a replacement for USDT in the crypto space.
3) bringing JAX coins to mass adoption by building a visa/MasterCard like service for end consumers.
It’s more of a statistical burn. You don’t send money anywhere. For example, when you mine BTC cash, you actually give up your BTC reward. In other words, you send your BTC to an invalid address (in theory ). So, in order to print JAX coins, you have to give up your BTC reward + jxn reward.
If you would like to print 10,000 JAX coins, then the network difficulty should be worth $10,000 and you will have to give up your BTC + jxn reward and the protocol will then issue you 10,000 JAX coins.
Lucas l:
No, there’s no max supply. JAXnet block reward is 20 coins per block (every 10 minutes on average) after 5 years. So it’s a bit more than 1 million coins per year. Before that we have a higher block reward to compensate our premine (40mil coins). As for JAX, no max supply either since it’s a purely transactional coin and supply is based on demand only, so we removed the inflation risks here.
Mary | Satoshi club:
Thank you for the clear explanation!
Andrés m. | Satoshi club:
Smart strategy!😃
Mary | Satoshi club:
Guys, are you ready for the 6th and last question from this part?
Vinod manoharan:
Yes!
Andrés m. | Satoshi club:
Q6 from telegram user @aqillaa
Can you share some more insights on #JAX.net as to the long-term plans of the project keeping in mind the stakeholder’s interest & adoption in the real world without compromising on regulatory front?
Vinod manoharan:
Good question! It’s definitely going to be a legal challenge to bring JAX coins to adoption.
But ultimately, we think people will love decentralized stablecoins and governments will have to work with the different liquidity-providing entities to maybe move to a transactional-tax scheme.
Mary | Satoshi club:
Yes, those who are in crypto for a long time prefer decentralization 😄
Vinod manoharan:
The long-term plan is to get JAX coins to be used as the universal standard for quantification of economic value. Also, for the philosophers out there (like me), JAX coins could actually help catapult humanity to being a type-2 civilization.
Lucas l:
True. And yet we still use centralized stable coins.
Mary | Satoshi club:
Ahaha😂 every day
But with JAX it will change soon👍
Vinod manoharan:
How come it helps us become type-2? Because ultimately, everyone wants to print money. Due to our reward function, this is possible only for people who are able to innovate in energy efficiency and computing technology innovators.
Hopefully, by the end of this year, we will start eating into the market share of USDT.
Andrés m. | Satoshi club:
Type 2? 🤔
Mary | Satoshi club:
And it’s perfect 🤩
Vinod manoharan:
Type 2 on the Kardashev scale! My apologies for being a bit philosophical!
Vinod manoharan:
https://en.wikipedia.org/wiki/kardashev_scale
Lucas l:
Yeah, let’s move to live questions!
Mary | Satoshi club:
Sure 👍
Andrés m. | Satoshi club:
Oh great, haha, happy to learn something new today, that’s what our group aims. For sure, thank you so much for your time and clear questions.
Mary | Satoshi club:
Let’s go 🚀
PART 2.Questions about the Jax.network project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Jax.network crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @highpee
POS is known to be very EFFICIENT as well as convenient as parties are able to reach a consensus with ease. However, you said your protocol will use Proof-Of-Work Sharding. How is this different from Proof-Of-Work and why do you prefer to use this?
Vinod Manoharan :
Yes, as mentioned earlier in the chat, there are few reasons we chose PoW over PoS. It is true that parties will reach consensus efficiently on PoS as long as the block reward is low, so stalkers are not diluted, and the number of nodes is rather low. This is at odds with our reward function on shards, which is proportional to the hash rate. This function is key as it maintains all shards equal. A PoS consensus would break down the incentives.
Q – 2 from a telegram user @Denybela
Can you explain why Jax network mining is so different from bitcoin mining and the like? How are miners on the Jax Network incentivized?
Lucas L:
The mining algorithm is actually not different than BTC, you can merge-mine our network without losing anything. You still use SHA-256.
Q – 3 from a telegram user @Anjan336
Is $JXN is really Same as $USDT? I read this on Your Telegram group?
Lucas L:
No, we use the BTC hash rate cost to stabilize the value. Coins are printed on demand. So, we don’t use fiat as a peg as it is only useful for the people using this fiat on a daily basis. Personally, I don’t use USD at all. What we argue, however, is that our coin is cheaper to exchange than USDT.
Q – 4 from a telegram user @Jonahapagu
Jax network intends to achieve A Scalable, Decentralized and Secure Blockchain by anchoring to Bitcoins’ blockchain. The project that comes to mind which has a similar aim of bringing scalability to Bitcoin is Blockstacks, which at the moment is more popular than Jax Network. So how is Jax Network different from Blockstacks, do you see Blockstacks as a competitor in terms of what both of your projects intend to leverage on Bitcoin’s blockchain for, and how do you intend to remain a key player among projects who intend to achieve scalability by anchoring to Bitcoin blockchain?
Lucas L:
Hello! Good question. As far as I know, Blockstack is a smart contract platform. We don’t do that. We bring scalability for electronic payments. The core concept is to compete with stablecoins, which are centralized or heavily collateralized. So, that’s how we differ from Blockstack in the first place. Actually, this project would benefit from the stable value of our coin, bringing DeFi to the BTC ecosystem.
Q – 5 from a telegram user @Ashia_24
How can you see your project 5 years from now? What will you do to achieve that vision?
Vinod Manoharan:
In 5 years from now, we hope that we will be the standard stable-coin for DeFi and the crypto currency space.
I envision that people will use JAX as collateral for scaling smart-contracts on Layer 2 and we will have decentralised communities operating on top of their own philosophy / laws over the internet.
1) We are building our stable-coin, bringing awareness to people about the advantages of a decentralized stable coin.
2) We will promote Layer-2 smart contracts which can promote organizational systems and other dApps on top of our blockchain.
3) We have to grow the community and give away grants to many talented members to bring our coins and protocol to mass adoption.
Hopefully, JXN price would be worth as much as 1/3 of BTC price itself as ultimately we improve the shortcomings of the BTC network.
Q – 6 from a telegram user @captainprice111
Our vision is to organize the universe based on merit and value.”It’s great that you care about this for your project. Could you tell us about your security protocol? Trust is very important in the crypto world today, how can you get traders to trust you more?
Vinod Manoharan:
You could get a technical/economical due diligence done on our protocol and you will see for yourself that the protocol is as decentralized as Bitcoin. You don’t need to trust us, check it for yourself.
Q – 7 from a telegram user @Pratze
After checking and learn about Jax Network in your site, I found interesting statement. You said only 2 ways to get income or profit from Jax Network. The first is with becoming a miner and the second is with becoming one of ‘transfer agents’. So actually what is this transfer agent mean? How do the system and mechanism work to get income? And what must I do to become a transfer agent?
Lucas L:
Our shards are independent of each other. In order to proceed with cross-shard transfers, you need an intermediary. This is the role of the transfer agent. Anyone who has enough liquidity on a shard can enjoy transaction fees by exchanging this liquidity with other shards plus a transaction fee. At a later stage, anyone with liquidity will be able to stake it on our layer 2 solution and get some interest. But that is for later as we’re busy building the network.
Q – 8 from a telegram user @Smaviatalib
Where do you and the team see the world of blockchain being in years to come and how will change the landscape of the no cryptocurrency space in years to come?
Vinod Manoharan:
Blockchain has it’s application in removing corruption, reducing governance costs and also establishing money precisely.
I personally envision a world with:
1) Decentralized communities
2) Transaction based taxes
3) Homeland security governed by the state
4) Bordless migration
5) Humanity being in a quest towards efficient energy consumption technology
And this is the ultimate purpose of blockchain technology. Humans couldn’t do this earlier because we were lacking this technology and we simply tried to create central bank currencies to address this issue. Now, with Satoshi’s innovation, we are able to improve upon our organizational systems including money and governance.
Q – 9 from a telegram user @xperia3
Can you tell about the decentralization of the Jax Network? Many projects mislead investors by introducing themselves as decentralized but afterward it appeared they were quite centralized. Does Jax Network really decentralize? Will Jax Network stay decentralized?
Vinod Manoharan:
Jax.Network blockchain is as decentralized as Bitcoin. Maybe slightly lesser as we employ sharding. I understand your concern about the claims of other projects, we are not one of them. You are welcome to do your research.
Q -10 from a telegram user @meml97
I read that one of the benefits that Jax.Network offers to it’s users is that you have a stablecoin that it’s not exposed to the centralization risks that USDT, BUSD, and many other existing stablecoins currently have. Can you tell us more about this your stablecoin? How is it possible for it to not suffer from the speculation and other problems stablecoins deals with at this moment? What makes it different? Also, what advantages does this bring to users xx?
Vinod Manoharan:
Our decentralized stable-coin is based on the hash rate of the network which is a decentralized metric. Other stable coins use a centralized oracle / manual intervention in the case of USDT. This centralization is risky for DeFi.
ADDITIONAL QUESTIONS
Q -11 from a telegram user @Ajpaa
What are the unique features and development in your ecosystem to achieve mass adoption? How soon should we be expecting this adoption? Are there any difficulties you are facing in achieving these goals?
Lucas L:
Our unique feature is to provide a decentralized stablecoin that scales. Adoption comes obviously from users. How do you entice them to use our coin? First, transaction fees will remain low as we scale. Second, we argue that our market markup is lower than other stablecoins, making it cheaper to transact with and send cross-border transactions. yes, the biggest difficulties were the designing of the stablecoin and make sure that shards can be created on-demand. It’s a grind and a lot of research.
Q -12 from a telegram user @Shaa93
You said: “One is the scalability problem, the second is people don’t use cryptocurrency on a large scale so there’s the mass adoption problem, and the third thing is insecurity.” How does JaxNet plan to promote?
Vinod Manoharan:
That’s a long-term marketing and market-making game. DM me and I will share our business strategy.
Q -13 from a telegram user @VenomOct
What are the advantages for users with $JAX tokens? can they make decisions in society? Do you have plans for NFT Farming, IDO, or other rewards like Staking, as well as mobile apps?
Vinod Manoharan:
They can earn more JAX by staking JAX for cross-shard transactions.
Q -14 from a telegram user @Smaviatalib
What are you major goals to achieve in the next 3-4 years? And What are your plans to expand and gain more adoption?
Vinod Manoharan:
1) Eat into USDT market share and surpass USDT.
2) Promote dApps to use JAX as their native stablecoin.
3) Bring JAX to use for day to day payments instead of USDT in your Visa/MasterCard
4) Promote decentralized governance applications so people can build their own communities and govern themselves while the state takes care of physical security.
Q -15 from a telegram user @lusiana_lambreth
How can we support your project? and what feedback would you give to the community?
Lucas L:
In a lot of ways! You can participate in our future bounties, review or code on GitLab, engage your community around you, participate in our public sale, which will be announced in our telegram chat, and ultimately, start using our coins😀
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the Jax.network project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: Jax.network
Telegram group | Academic paper| Tweeter | Website | Facebook
