As the race for the foremost blockchain solution heats, more crypto projects continue to throw their hats into the ring. The efforts of some blockchain projects cannot be overemphasized. Bitcoin’s influence on the market has facilitated the unparalleled exponential growth that the crypto industry has enjoyed over the last decade. This growth is despite the novel cryptocurrency’s shortcomings. Even though Bitcoin’s dominance by market capitalization has slowly waned over time, its hold over the future of blockchain technology remains ever strong.
Jax.Network enters the race, and it has made forward strides since it first appeared on the scene. The latest news out of the camp is Dr. W. Scott Stornetta joining Jax.Network as a project advisor.
Jax.Network is a scalable blockchain protocol anchored to the Bitcoin blockchain which runs on the Proof-of-Work consensus mechanism. Jax.Network solves the Blockchain Trilemma that plagues blockchain networks through its four building blocks. It uses a specific merge-mining technique that allows miners to mine multiple shards simultaneously while rewarding them in proportion to their contributions. It is also an open-source project. Hence, other developers can also build projects on the protocol, contributing to the growth of the network. Jax.Network issues two native coins, JAX and JXN, which serve as stable and speculative assets respectively.
Jax.Network, which already boasted an impressive international line-up, continues to add more respected names to its team. As part of the team’s efforts to build a hashrate-based stablecoin, it has turned to the services of Dr. W. Stornetta, one of the leading lights of the space. He comes on board as an advisor.
Introducing Blockchain Pioneer – Dr. W. Stornetta
Dr. W. Stornetta was one of the few people mentioned in Satoshi’s Bitcoin whitepaper – three times – and is widely regarded as a co-inventor of the blockchain. His work in collaboration with Dr. Stuart Haber, where he first mentioned the blockchain and a digital time-stamp to track transactions, was implemented in Satoshi’s Bitcoin blockchain vision. His work was featured in the New York Times in 1995 after receiving the Discover Award for Computer Software in 1992. He has a Ph.D. in physics from Stanford University. He is also an alumnus of MIT, Harvard, and Brigham Young University. These days, Dr. W. Stornetta works as a partner and Chief Scientist at Yugen Partners, a private equity firm that invests in blockchain-based startups.
He will lend his expertise and experience to Jax.Network, a company that was established in 2018 and has continued to thrive ever since. Dr. W. Stornetta has been around in the crypto space for a long time, and his presence on the team will also help Jax.Network avoid the pitfalls that have limited earlier visionary projects on their quest to propagate the financial system he pioneered with his work.
Dr. W. Stornetta finds the hashrate-pegged stablecoin that the Jax.Network team proposes quite innovative. His record as an industry visionary and experience in the blockchain sphere proves that he knows a worthy project when he sees one.
Any project within the blockchain space would benefit from the knowledge and expertise of Dr. Stornetta. Jax.Network finds itself in this coveted position with Dr. Stornetta on its advisory team. While we anticipate the official launch, there are enough reasons to be optimistic that it’ll be worth the wait.