Quite a few people have heard about Jax.Network and what it holds in store for them. Therefore, before we explore how Jax.Network is useful in daily life, let us first understand what Jax.Network is.
What is Jax.Network?
Jax.Network is a blockchain-based system designed to offer excellent solutions for fintech. Its unique design helps to generate two cryptocurrencies known as JAX and JAXNET (JXN). JXN is issued on the beacon chain and has some utility purpose, such as registering new shards to scale the network. This native coin also reflects the value of the entire network as it is designed like any other digital asset such as ETH and BTC.
JAX, the second coin, is issued on the shard chains, the parallel payment channels of the Jax.Network ecosystem. These coins are scalable, decentralized, and stable. According to the creators of the JaxNet protocol, they seek to generate universal standard coins that will be used to quantify value.
The solutions of Jax.Network allows users to carry out a potentially unlimited amount of transactions per second. Jax.Network leverages its decentralized and secure network to outperform centralized payment platforms like Mastercard, Visa, etc. Now that we have an understanding of what Jax.Network is all about, let us look into its applications in real life.
Use cases of Jax.Network in daily life
Here are the different ways we can leverage Jax.Network in our everyday life:
Execution of day-to-day payments
The major reason why people cannot use cryptocurrencies like BTC, ETH, etc., for day-to-day transactions is due to their volatile nature. Jax.Network has made it possible to create JAX coins that will have stable value on the market without a need for a peg or some collateral assets. Users won’t have to worry about inflation, price volatility, and so on. With these stablecoins, you can conveniently pay for your grocery shopping, a cup of coffee, etc. Imagine having a currency whose value remains the same irrespective of the economic situation or geographics.
Fast and seamless cross-border transactions
With the help of Jax.Network, you can transfer money from your country of residence to another country seamlessly. People frequently have to wait days or even weeks to process cross-border transactions at a high cost. Jax.Network offers to process such transactions in a matter of minutes. This method is achieved by eliminating intermediaries in the payment process, and it also ensures a high level of transparency and authenticity. Also, the information regarding the transaction is securely saved on the Jax.Network ledger. The system also ensures that the transaction is cost-effective by eliminating commissions and other exorbitant charges.
Transparency and security of transactions
Another daily use of Jax.Network is the high-level transparency and security it brings for day-to-day transactions. Users don’t have to worry about saving their transaction records as they are automatically saved on the decentralized network. Besides saving the details of such transactions on the network, it is also available for anyone to see. The integrity of the data is maintained, and no one can tamper with it. Therefore, Jax.Network ensures that users’ payments and transactions are securely executed and authentic.
A collateral for DeFi
With the DeFi boom, staking and farming have become a norm. You can earn interest in locking your coins for some time. However, due to the high volatility of cryptocurrencies, dApps have resorted to stablecoins for staking. Otherwise, any slump might wipe out the interest you earned and leave users with potential losses. Stablecoins are, therefore, very useful for staking. However, as mentioned above, current stablecoins are pegged to the USD and very centralized or need excessive capital to maintain their value. You don’t have these drawbacks with JAX coins, making them a perfect candidate for farming and staking purposes.
A great source of income, especially for miners
On Jax.Network, miners work to contribute to the maintenance of the network at all times. Every miner gets compensated in proportion to the amount of computational power generated by them. There is an economic incentive that motivates miners always to make a profit. Indeed, when it is less profitable for them to mine JXN coins, they can switch to mint JAX coins, assuming there is a demand for them.
These miners get compensated in JAX coins that can be held or exchanged for fiat or other cryptocurrencies. Miners earn a good income for their daily services by working on the system, even when the crypto market crashes.
We have seen the several ways Jax.Network is useful in daily life, mainly in the area of financial transactions. It has made cross-border remittances so easy, cheap, and efficient. As the project grows, there is no doubt it will revolutionize the financial sector and make it more user-centric.