Syscoin’s dedication to the highest level of security permeates everything we do, from the first chain on our Layer 1, all the way up through the rest of our architecture. It is why we believe in Bitcoin’s gold standard, Proof-of-Work model, and utilize its network via merge-mining to secure our own. In many ways, Syscoin itself is an upgrade to Bitcoin that enables it to achieve much more than it can on its own, like securing smart contracts on both layers of our NEVM chain. This is why we are proud to announce a new strategic partnership with Jax.Network, who shares our belief in Bitcoin, and a commitment to work together to further the Bitcoin ecosystem far into the future.
Jax.Network has taken a novel approach to classifying the value inherent in the Bitcoin Network by building the technological infrastructure for a decentralized energy-standard monetary system. Essentially, Jax.Network assigns value to the energy required to mine Bitcoin via their stablecoin, JAX, and their JXN asset coin, which represents the value of their entire network. JAX are mined on their shard chain in accordance with a block reward that is proportional to Bitcoin’s hash rate, and is the world’s first mineable stablecoin. As for JXN, they are mined on beacon chains with a fixed reward per block. Both tokens are stackable on Layer-2 yield farms.
Like Syscoin, Jax.Network utilizes Bitcoin merged mining to secure its network, so we are both aligned on the number of benefits this offers. We like to term merge-mining as “green” because we are simply recycling energy already being spent by Bitcoin miners to secure additional networks without additional taxation while also offering greater security than Proof-of-Stake alternatives. This offers a win-win scenario for miners because they are able to earn more rewards without any loss of hashrate or increased operating costs. Merge-mining is also healthy for the Bitcoin Network because it offers additional incentives to continue securing the network even as Bitcoin block rewards decrease over time.
Vinod Manoharan, Founder of Jax Network, had the following to say about the partnership.
“There are a few projects that use a merge-mining algorithm and even fewer that merge-mine Bitcoin. Like Jax.Network, Syscoin is one of those unique projects. Thus, we decided to unite our efforts in an incredible endeavor we will be revealing at Mining Disrupt. Find our co-hosted booth there to get all the details first!”
Together, Jax.Network and Syscoin will champion the advantages of Bitcoin merged mining to the blockchain community to increase awareness of the concept presented by Satoshi himself over a decade ago. We both see this as the beginning of a beautiful relationship and are excited to be cosponsoring Mining Disrupt in Miami on the 26th through 28th of this month. If you are in attendance, be sure to come by and see us!
Regarding the partnership with Jax.Network, Jag Sidhu, Syscoin Foundation President and Lead Developer stated,
“It is rare to find other projects who truly understand the overlooked benefits of merged mining, let alone provide their own real utility required to push the space forward by essentially making Bitcoin more valuable. It’s always a joy to work with people who share your values, and Jax.Network aligns with ours at a core level. I look forward to seeing the reception to what we have in store to reveal at Mining Disrupt.”
About Jax.Network
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.
