Global Merged Mining Alliance Launched by Syscoin and Jax.Network
Security is always on the top of our minds, which is why Syscoin remains dedicated to Bitcoin’s gold standard of PoW security, which we inherit via merged mining. We assert it is inherently more secure than PoS, which Ethereum 2.0 is migrating towards, plus it doesn’t cost miners any additional energy, making it carbon neutral. Furthermore, projects building on Bitcoin are good for the longevity of Bitcoin’s ecosystem as this incentivizes miners to continue providing their services despite Bitcoin block rewards continuing to dwindle. Even so, we see that many miners and blockchain ecosystem participants today are not familiar with the benefits of merged mining.
This is why Syscoin in combination with Jax.Network are launching the Global Merged Mining Alliance (GMMA), a collective enterprise of protocols and infrastructure projects working to bring more awareness to merged mining, and to expand Bitcoin’s network by nurturing complementary projects that help to ensure Bitcoin’s longevity. Syscoin and Jax.Network joined booths at Mining Disrupt in Miami to celebrate the new organization, and we are already receiving positive feedback from the Bitcoin mining community.
By supporting development of altcoin ecosystems on the Bitcoin network, GMMA will safeguard the entire Bitcoin ecosystem by creating strong communication networks around its most vulnerable attack vector — the mining pools that direct hash rate at tokens. To be a member of the GMMA, projects must run on the Bitcoin network and enhance the growth of ecosystem services, ushering in a new era of finance and Web 3.0. As it grows, the alliance has extended an open invitation to all merged mining projects, mining pools, and to anyone who supports or extends Bitcoin’s gold standard Proof-of-Work security, which, in the view of many, is inherently superior to Proof-of-Stake.
Merged mining is a sustainable security solution, with the potential to be the foundation for a thriving decentralized application (dapp) ecosystem, all pegged to the Bitcoin network. Much like entering multiple lotteries with a single ticket, merged mining allows users to take the BTC hash for a current block and apply it to different blockchains. With these additional rewards, there is more incentive for miners to participate and cause hashrate and overall network security to increase proportionately, with benefits to all participants. For merged mining projects like Syscoin and Jax.Network, merged mining offers a win-win scenario for Bitcoin miners who stand to gain riskless, additional profit for the work they are already performing to secure Bitcoin.
“The beauty of merged mining is that we can re-apply all of our hashing power to support multiple networks and build a thriving software ecosystem at the same time. However, merged mining is currently relatively unknown, under developed, and underutilized. The GMMA is here to change this.” — Jag Sidhu, Syscoin Lead Developer and Foundation President
“We are thrilled to partner with Syscoin to facilitate the development of the Bitcoin ecosystem,” said . “By aligning the self interest of miners with the best interest of the community at large, we’re contributing to the global blockchain industry and propelling innovation in the merged mining sector.” — Vinod Manoharan, Founder of Jax.Network
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform.
Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true scalability via ZK-Rollups and other Layer 2 technologies.
The project is represented by the nonprofit Syscoin Foundation which is registered in Eindhoven, Netherlands.
Jax.Network provides the technological infrastructure for a decentralized energy-standard monetary system. The Jax.Network blockchain is anchored to the Bitcoin network and issues two digital currencies JAX and JXN. JAX is a stablecoin pegged to the energy spent on mining, while JXN is an asset coin representing the value of the whole network. The Jax.Network team aims at making these coins a universal standard for the quantification of economic value. Established in 2018, the company united professionals from all over the world to build a blockchain network based on the Proof-of-Work consensus mechanism and pure state sharding as a scaling solution. Jax.Network uses a specific merge-mining technique that allows miners to mine multiple shards simultaneously without splitting their hashrate and get rewards proportional to their effort. Being an open-source project, the JaxNet protocol can be used by anyone to build new projects on top of it and contribute to the development of the ecosystem.
Jul 28, 2022 by Syscoin Foundation, Global Merged Mining Alliance