The battle between the newly developed Layer 1 is getting hotter than ever. While the community's attention is focused on the two brightest rookies currently, Aptos and Sui, there is still another Layer 1 project called Radix that has been developing stably recently, with a fixed resolution. aimed specifically at the decentralized finance (DeFi) market.
What is Radix?
Radix is a Layer 1 blockchain protocol that focuses entirely on building the necessary infrastructure to develop DeFi projects on the ecosystem. Radix claims to eliminate the risk of hacking and data mining on the project, and shorten the project development time.
As a Layer 1 protocol, Radix optimizes cross-shard synchronization, allowing applications to scale to multi-chain without compromising the security and interoperability of the contract.
Radix issues 2 tokens, $XRD, the project's native token, and $eXRD, the corresponding ERC-20 token that runs on the Ethereum network. $eXRD can be swapped 1:1 for $XRD.
Mechanisms from Redix Can Change the DeFi Game
The Scrypto Programming Language
Scrypto is designed to be different, asset-oriented. This means that, instead of having to rebuild all the logic for assets and tokens in the project's own smart contracts, developers using Scrypto can take advantage of the native tools built into Scypto. to create tokens and define the rules for how they can be traded.
This will generally make it easier for developers to build and scale Dapps, while eliminating the risk of network congestion, smart contracts being hacked, or unwanted information being exploited.
Cerberus Consensus Mechanism
This is the mechanism that Radix uses.
With the Cerberus mechanism, all transactions are aggregated across multiple shards.
A blockchain that can be sharded into independent pieces increases scalability and allows nodes to run on lower-end devices, making the platform accessible to a broader audience. This will be essential for scalability if DeFi is mass adopted and serves billions of users.
Radix Engine
Radix Engine works similarly to EVM (Ethereum Virtual Machine), virtual machines that handle smart contracts on the Ethereum network.
However, the design of Radix Engine is entirely different from EVM and all other smart contract platforms. It is a unique tool specifically designed to enable secure DeFi development at scale.
For a particular application, if the number of nodes in the network increases suddenly, the network's traffic will also be increased accordingly, thanks to the Radix Engine, thereby supporting the growth of blockchain in general and Dapps in particular. long term side.
How Radix Solves DeFi's Backlog
Nowadays, it's becoming more and more common for a blockchain to get hacked and stolen, costing developers time to find and fix deadly bugs. this.
Scalability and security issues still exist on current layer 1 blockchains, including chains using the Solidity programming language or projects using EVM-based.
The nature of Radix's Scrypto and Radix Engine programming languages both work similarly to support tools. This prevents developers from complicating asset management on the platform, so they can focus on building the DeFi project's mechanism as they think it should without encountering security barriers. secret. In short, these tools make dApps faster and more secure.
To concretize this statement, Radix mentioned on their platform that a dApp like Uniswap can be developed from scratch in just a few days, using the Scrypto programming language and using only 150 lines of code (instead of about 700 as of now).
Tokenomics
Radix has a native token on the platform of $XRD and a token $eXRD on the Ethereum system.
$eXRD is fully redeemable with a ratio of 1:1 with the $XRD token.
XRD will be used to pay network fees and can be staked to ensure the security of Radix's DPoS (Proof-of-Stake) system.
The system's tokens can interact through the Radix wallet and wallets on other platforms.
The allocation of $XRD and $eXRD is subject to change as users at one point will want to use one more than the other, but the maximum total supply for both is still 24 billion tokens.
Summarizing
Radix's Cerberus Consensus Mechanism and Scrypto programming language are really worth noting for DeFi developers, with solving the majority of the problems they face. The current marketcap is only 275 million USD according to Coinmarketcap data, which is too low compared to a Layer 1 that supports niche mining, DeFi.
The above is only personal opinion, not investment advice. Please research carefully before choosing to invest in Radix.
