Jax.Network Reveals an Energy-Efficient Money System Called Jax.Money and Invites Everyone to Try It
June 8, 2022 – Dubai, UAE – A new stablecoin payments system based on energy spent has been audited by CertiK and launched on June 8, 2022 by Jax.Network. The DeFi platform offers a way to create localized derivatives such as JAXUD (JAX Dollar) and JAXRE (JAX Rupee), as well as opportunities to earn high-yield payouts.
“We have been working on the development of this decentralized platform for almost 9 months and now we are happy to finally open access to it for everyone. We sincerely believe that this is a revolutionary concept, which can only be compared to Henry Ford’s energy currency. In a way, we are bringing his theoretical thoughts on the matter to real life,” explained Vinod Manoharan, the founder of Jax.Money.
The main objective of Jax Money is to create localized derivatives linked to a stablecoin subscribed to Energy (WJAX). WJAX is backed 1:1 by JAX, which is created on Jax.Network’s shard chains as a result of burning BTC and JXN block rewards. Thus, we argue that JAX is related to the hash rate or, in other words, the cost of energy spent on mining. Thus, the price of 1 JAX should not be valued higher than the cost of producing it.
To put it simply, Jax.Money is the platform where you can exchange your WJAX for JAXRE and JAXUD and use them as a store of value or a medium of exchange. The system also offers several passive income generation initiatives, including liquidity stakingVRP staking, liquidity farmingUBI initiative, sponsorship program, etc.
The yield is paid in WJXN-2 (Wrapped JXN), a utility token issued on the Jax.Network blockchain. This token can be seen as a reflection of the network’s success, as its price is expected to rise with growing demand and mass adoption of Jax.Network.
About Jax Money
Jax.Money was founded in 2021 by Vinod Manoharan, the founder of Jax.Network, and launched in April 2022. Backed by a team of professionals around the world, together they aim to bring a cheap and convenient to the world. Jax.Money is a payment system issuing localized stablecoins with 100% on-chain reserves backed by expended energy, or Proof-of-Work. This platform offers users to obtain JAXRE and JAXUD at lower markup fees than traditional fiat representations, such as INR and USD, and use them as a store of value or a medium of exchange .
Jax.Network provides the technology 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 tied to the energy spent on mining, while JXN is an asset coin representing the value of the entire network. The Jax.Network team aims to make these coins a universal standard for quantifying economic value. Founded in 2018, the company brought together professionals from around 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-extract technique. It allows miners to mine multiple shards simultaneously without dividing their hashrate and get proportional rewards for their efforts. Being an open-source project, the JaxNet protocol can be used by anyone to build new projects on it and contribute to the development of the ecosystem.