Jax.Network launches a bridge for swapping its tokens from Layer 1 blockchain to Layer 2

June 06 16:00 2022
Jax.Network launches a bridge for swapping its tokens from Layer 1 blockchain to Layer 2

DUBAI, UAE – June 6, 2022 – Jax.Network, a company building an ecosystem of products and services based on energy, has finished the deployment of the bridge. Now miners can easily exchange their JXN to WJXN and cash out the mined coins via DEXs or CEXs.

The JaxNet protocol underlying the Jax.Network blockchain allows users to merge-mine its network together with Bitcoin. Thus, miners receive not only Bitcoin block rewards but JXN as an extra incentive. As mining takes place on Layer 1 and trading on Layer 2, miners need to exchange their JXN to WJXN in order to sell them and harvest profit.

The bridge supports a variety of networks, including the Binance Smart Chain (BSC), Ethereum, Avalanche, and Polygon which allow swapping JXN to WJXN at a 1:1 rate. The company also revealed plans to support more chains in the future. The fee for swapping is set at 15 WJXN, however, users need to remember that the network also collects a small fee. All bridge swaps are approved manually in a decentralized manner in order to mitigate early-stage risks, so the processing time may take longer than usual.

“We have deployed a simple version of the bridge, so miners can instantly cash out their coins. At the moment, we have added four networks but plan to extend to more blockchain networks in the future,” Vinod Manoharan, the Founder of Jax.Network revealed in a statement.

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. 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.

Media Contact
Company Name: Jax.Network
Contact Person: Viktoriya Nechyporuk
Email: Send Email
Phone: 97144225863
Country: United Arab Emirates
Website: https://jax.network/

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