The Bitcoin whitepaper was released a little over ten years ago, and the technology contained within its pages has revolutionized the world since then. The blockchain space has outperformed every other industry since its debut, and it continues to build up a head of steam. The industry owes much of its success to the novel cryptocurrency – Bitcoin. Even though Bitcoin was decades ahead of any currency issued by traditional financial systems, there were debates on how to improve its performance.
Bitcoin forks have attempted to pick up the slack, but none have enjoyed nearly as much success as the novel cryptocurrency. The team at Jax.Network, with Dr. W. Scott Stornetta as an advisor, is bullish about its ambitions to achieve this goal.
How is Jax.Network better?
Jax.Network is an open-source protocol tied to the Bitcoin network with the objective to build a universal standard for quantifying economic value. It has two native coins (JAX and JXN) serving specific functions – one is used as a speculative asset, while the other is a stablecoin.
Jax.Network employs a unique merge-mining approach. This technique allows users to mine multiple shards simultaneously, and it also rewards them in proportion to their contribution to the network. Its open-source nature means that third-party developers and teams can also build on top of its protocol contributing to the development of the entire ecosystem.
So far, the outlook for Jax.Network remains positive, and much of this is due to the relentless hard work and talent of the team, which consists of professionals in their respective fields. Not many projects have the co-founder of the blockchain on board; Jax.Network does. Dr. Stornetta joins the team as a project advisor.
Dr. W. Scott Stornetta
Dr. Stornetta has a physics Ph.D. from Stanford University and is an alumnus at Harvard, MIT, and Brigham Young University. He appeared three times in the Bitcoin whitepaper presented by Satoshi Nakamoto. These mentions were in reference to his work with Dr. Stuart Haber, where Dr. Stornetta first outlined the prospect of a blockchain that uses digital time-stamping to record transactions. This piece of literature went on to win the Discover Award for Computer Software in 1992 and was featured in the New York Times in 1995.
Dr. Stornetta is a supporter of the hashrate-pegged stablecoin innovation that Jax.Network has been developing. He joins the project as an advisor. His knowledge, experience, and perspective would be an advantage to any project, especially one that builds off the technology he pioneered. His presence will also add invaluable foresight to an early-stage project in a relatively young industry.
Prospect for the future
The scientific method starts with an observation and progresses through the stages of hypotheses testing until a conclusion is reached from the collected data. Dr. Stornetta’s record shows a meticulous dedication to these methods. So, one can only assume that he’s on board with Jax.Network because of the team’s brilliance and the project’s potential. All eyes are on Jax.Network now as we anticipate the delivery of its products. By all indications, it is going to be good!