Radix
Radix DLT (distributed ledger technology) is a full-stack layer-1 protocol that enables developers to create and scale decentralized finance (DeFi) systems without the threat of network congestion, smart contract hacks, and vulnerabilities. The Radix Engine is a scalable and safe execution environment that doesn't sacrifice composability. The Radix DeFi platform provides various alternatives to layer-1 protocols that are not suited for wide DeFi adoption. The beginning of the Radix token (XRD) goes along with the launch of the Olympia Main net. This marks the debut of the ERC-20 e-Radix token (eXRD token) as well as the basic technologies that will serve as the basis for any future protocol updates. Also, Radix simplifies the process for developers to build and launch scalable, decentralized applications using high-quality templates, or "DeFi Lego bricks."
Dan Hughes, an Englishman from Stoke-on-Trent, found Bitcoin in 2012. With his experience in making telecommunications technology, he could see how blockchain could have a huge effect on global finance and other areas. After researching Bitcoin for a year, he started eMunie (later called Radix) on BitcoinTalk in May 2013.
Dan spent the next five years focusing on the most critical concern of the time: scalability. He came up with and tested several consensus architectures, such as Blocktrees, Directed Acyclic Graphs (DAGs), Channeled Asynchronous State Trees (CASTs), Tempo, and Cerberus.
In 2017, Piers Ridyard became CEO, the project was renamed Radix, and it received further funding from Taavet, the co-founder of TransferWise, and LocalGlobe, a leading European VC.
In response to "The Great Financial Crisis" in 2008, Bitcoin was made to make the financial system more open and fair. But it hasn't yet used one of the most potentially game-changing parts of crypto: Decentralized Finance.
Decentralized Finance (DeFi) tries to create security, balance, and self-reliance, which are things that are often missing in a centralized society.
After going over the layer-1 protocol's whitepaper, it appears Radix offers a solution.
Radix is not a blockchain technology. It is an open, connected platform where all kinds of powerful DeFi apps can be built safely and securely. The growth of DeFi depends on the developers who are making the new decentralized applications that will replace traditional closed systems.
The same problems that are holding back developers also hold back DeFi. Before DeFi may actually get widespread adoption, a DLT platform must specifically address issues that DeFi developers suffer.
Radix's Cerberus Consensus tries to solve these problems. "Scalability" is solved by "pre-sharding" in Cerberus, which means that it won't split dApps or assets into a fixed number of shards (determined by code). It breaks it into almost an infinite number of pieces.
The entire ledger or chain is then mobilized, or made scalable, by this process. This lets it process transactions indefinitely through this "shard space."
Cerberus Consensus: Radix uses Cerberus as its consensus protocol. It uses a parallelized BFT (Byzantine Fault Tolerance) process to reach a consensus in a decentralized DLT. Using Cerberus, all transactions are put together atomically across multiple shards.
Radix Engine: This is Radix's specialized application layer, which makes it possible for a smart contract's code to interact with the blockchain. The layer powers the project's virtual machine (VM), which in turn runs the partial ordering system.
Components: Radix uses smart contracts called "Components." Components behave more naturally than smart contracts based on Ethereum, which makes it possible to have consistent, reliable, and predictable outcomes. Also, components are like DeFi Lego bricks that can be easily added to other applications.
Developer Royalties: The Radix system utilizes developer royalties to inspire developers to make contributions. But the project takes a different approach by using mining rewards, which are distributed self-incentives similar to those found in proof-of-work systems.
Radix has both a native token and an ERC-20 token. The names of these are XRD and eXRD. eXRD is entirely backed by XRD tokens in a 1:1 ratio. XRD is required to pay network fees and can be staked to secure the network under Radix's DPoS technology. The token can be used in the Radix wallet or through the API. The split between XRD and eXRD may vary if users choose one token over another at different times, but the total supply maximum supply for both remains 24Bn.
Radix DLT is making decentralized finance (DeFi) scalable by offering a full-stack, highly combinable, and scalable distributed ledger technology (DLT) solution. Additionally, the native XRD token contributes to network security. Also, the Ethereum-wrapped ERC-20 version of the token, e-Radix, or eXRD token, works perfectly with all decentralized finance (DeFi) applications in the Ethereum ecosystem.
Olympia Main Net grants XRD access to its native network. Also, Olympia Main Net includes Radix Explorer, Radix Desktop Wallet, and Radix Node. Radix is also changing the game for DeFi application developers with its Radix Engine and highly flexible "DeFi Lego blocks."
