The success of Bitcoin has primarily been due to its promise of a decentralized payment system. However, this dream has not come to fruition.
Most payment processing systems available today are centralized. These systems negate everything that cryptocurrency represents. Crypto owners want more than just owning crypto assets.
The future of crypto is in power to use these assets for day-to-day transactions. However, there is a need for a decentralized, secure payment processing platform for this to happen. It is the only way to avoid things like the recent Tron problem.
“All these blockchains that tried to scale and are scaling now because there’s not a lot of adoption happening. Right? The moment a lot of adoption happens, they will lose sync like this Tron problem,” Vinod Manoharan, Jax.Network’s CEO and founder, said.
The Tron problem started in January 2018. The blockchain project founded by Justin Sun was accused of plagiarizing the white papers of other blockchain-based projects. The founder claimed that the misunderstanding was due to volunteers who had translation difficulties.
More problems began to arise when Chen, the former CTO, claimed that the coin was becoming more centralized with Proof-of-Stake. This problem could have been entirely averted by the right payment processor aiding the process with Proof-of-Work.
How do you choose the right payment processor for your crypto assets? We have examined two big guns to determine their divergent opinions. Read on to know who has come up with a better-equipped payment architecture.
What’s the difference between JaxNet and Square?
Jax.Network is a blockchain project started in 2018. The aim of Jax.Network is to make its cryptocurrency a global payment solution due to stability, security, and decentralization at its core. Its blockchain has its stablecoin and is anchored to Bitcoin.
Square is a solution that provides people with the technology tools they need to sell products and services online and offline. The platform helps users to acquire the tools they need, whether it is software or hardware.
One of the solutions that Square provides is a payment processing solution. The tool Cash App helps people to buy and sell Bitcoin. The payments are anchored in your debit or credit card. You can buy or sell your Bitcoin at any time.
The Jax.Network ecosystem, on the other hand, has a stablecoin called JAX. This coin helps carry out an unlimited number of transactions daily. The JaxNet protocol relies on merged mining and Proof-of-Work to ensure a decentralized network.
The payment solution of Square is more centralized and controlled compared to the Jax.Network’s decentralized approach. Jax.Network has positioned the electronic cash ecosystem for high scalability.
You can check out the table to see the difference between the two.
|Crypto Activated||Yes (JAX and JXN coins)||Yes (Bitcoin)|
How is Jax.Network better positioned for scaling up?
Jax.Network adopts merged mining which enables higher scalability than other blockchain-based payment processors. Sharding combined with merged mining ensures that transactions and adoptions can go on at a high rate without the possibility of the nodes losing sync.
Jax.Network does not have the problem of validators taking polls, which unfortunately results in an inability to check the state of the blockchain. In the situation where there are node validators, only nodes understood by the validators will remain, while the blockchain itself will lose its decentralization strength.
On Jax.Network, you can carry out, theoretically (the network is now in the TestNet phase) an unlimited number of transactions on a decentralized channel. Since it is anchored to the Bitcoin blockchain, your transactions are secure.
The adoption of cryptocurrencies for day-to-day transactions is the next step in blockchain advancement. However, without the right payment network architecture, it would result in the loss of decentralization and security. Jax.Network is in the best position to facilitate mass adoption with its scalability proposition.