[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"11444497-8d91-4a92-8548-bead6fee78dd","updated_at":"2022-07-12T12:35:00+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"DeFi applications on the Ethereum network are prevailing its power in assisting users to engage in digital activities. Opting for a suitable network among a plethora of available blockchains to access these apps is necessary. Radix Protocol was born to satisfy the requirements of DeFi services. Let’s take a deep dive into Radix Protocol and its XRD token!","sapo":"DeFi applications on the Ethereum network are prevailing its power in assisting users to engage in digital activities. Opting for a suitable network among a plethora of available blockchains to access these apps is necessary. Radix Protocol was born to satisfy the requirements of DeFi services. Let’s take a deep dive into Radix Protocol and its XRD token!","title":"Radix Protocol (XRD): Is It a Good Investment?","content":"

Overview of Radix Protocol

Radix Protocol, based on distributed ledger technology, is a smart contract Layer-1 protocol designed for supporting decentralized finance services in a faster and easier manner, solving the barriers of DeFi.

Radix full-stack platform facilitates developers to build and scale DeFi applications quickly without the threat of network congestion, smart contract hacks, and exploitation.

Radix uses a proprietary programming language called Scrypto through asset-oriented programming to eliminate the risks of attacks.

Radix is capable to optimize synchronization between shards, enabling multi-chain scalability without compromising on security.

History of Radix Protocol

Dan Hughes, an expert in distributed ledger technologies, discovered Bitcoin in 2012. After researching Bitcoin for a year, he founded eMunie on Bitcointalk in May 2013.

In 2017, after Piers Ridyard joined as CEO, the project was renamed Radix with further funding raised from Taavet, the co-founder of TransferWise and LocalGlobe, a leading European VC.

Radix derived the benefits from the invention of Cerberus in 2020 as the world's first cross-shard consensus protocol.

In June 2021, Olympia Mainnet was launched, marking the genesis of the Radix Public Network.

Afterward, Scrypto, a proprietary programming language, was released in December 2021.

On November 14, 2021, following the explosion of the crypto upturn market, the XRD token hit the all-time high ever at the price of $0.6538,

About Radix Protocol (XRD) token

Radix Protocol (Symbol: XRD) is the native governance and utility token fueling the Radix network, initially built on the Ethereum platform with the ERC-20 standard, then moved to the RADIX chain.

The XRD token serves the following utilities:

Transaction Fee: XRD token is used as a payment method for transactions within the Radix network.
Staking: XRD token is staked to boost the network security based on the Proof-of-Stake mechanism.
Reward: Stakers will receive inflation rewards for locking their XRD tokens in the network.

How Radix Protocol works

Radix network is operated by three components working in conjunction, including:

Cerberus Consensus Mechanism: Radix uses a new consensus algorithm, a scaling solution for blockchain, called Cerberus using a parallel BFT (Byzantine Fault Tolerance). Cerberus allows transactions on Radix to settle faster with much lower fees than on Ethereum.
Radix Engine: As an environment for developers to reduce the risk of smart contract attacks and mining, Radix Engine acts as a decentralized "self-incentivized developer ecosystem" to promote community development. Radix Engine derives its programmability from Finite State Machines (FSMs).
Component: Smart contracts that the Radix engine creates are Components. Components operate more intuitively than Ethereum-based smart contracts, enabling the generation of consistent, reliable and predictable results. Components act like DeFi Legos, easily integrated into other applications.

Features of Radix Protocol

Radix stands out among other protocols in supporting developers to build dApps, specifically:

Minimize smart contract over-exploitation
Create faster interactive apps
Provide incentives to foster a decentralized community of developers
Scale applications without lowering aggregation

Outlook on XRD token

The appearance of the Radix project grants developers more opportunities to build perfect decentralized applications as well as resolving the existing problems of blockchain technology.

Radix attempts to provide DeFi developers with a secure environment where they can focus on technological innovation instead of concerning about cyber attacks.

Radix projects’ potential seems to be one of the key factors exerting a huge impact on the price of its XRD token. At the time of writing on July 12, 2022, the XRD price is staying at $0.06202, holding the 57th rank on the crypto market.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, play trading game and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[],"image":{"fileName":"radix-protocol-xrd-deep-dive.png"}}]

Radix Protocol (XRD): Is It a Good Investment?

Related topics