Kyiv, Ukraine, July 22, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) Jax.Network, a blockchain company extending the Bitcoin protocol and issuing decentralized and stable JAX coins, collaborates with Distributed Lab, a blockchain expertise center, on the development of a crypto bank for processing instant Layer-2 transactions on the Jax.Network blockchain.
“We are always happy to help blockchain projects to grow and develop. Jax.Network is an open-source project, so that by helping this company, we help the entire community. We hope that our collaboration will bring great results.”, Pavel Kravchenko, the co-founder of Distributed Lab, stated.
Distributed Lab was set up in 2014 as a blockchain company specialized in the creation of innovative financial products, educational events, and conferences. The team aims to build the Financial Internet, where every accounting system in the world can communicate and interact with each other freely.
As Distributed Lab has vast expertise in the areas of blockchain applications and tokenization, the partnership is expected to quickly roll out the first commercial application connected to the Jax.Network blockchain to bring about initial adoption.
“Distributed Lab is a pioneer in building blockchain-based financial applications. It was a natural choice for us to build, with their expertise, a centralized implementation of our exchange hub as a crypto bank, a critical Layer-2 application which provides instant transaction finality for merchants and users.” Vinod Manoharan, the founder of Jax.Network, explained.
Jax.Network is anchored to the Bitcoin blockchain that follows the JaxNet protocol and issues scalable, stable, and decentralized JAX coins. 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. It 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.