Few months ago I thought there are only about four types of distributed ledger technology (DLT) variants. Recently I just learned a new DLT variant is around for over a year already. That is Radix.
First there was blockchain technology of which Bitcoin, the pioneering cryptocurrency was developed. Then there was Hashgraph, Directed Acyclic Graph (DAG), and Holochain.
I learned about Radix being another DLT variant from an article by Diego Geroni in 101blockchains.com. Although few reviews consider Radix as an “improved” blockchain technology, there are crypto writers who practically view Radix as a promising DLT variant and one of them is Daniel Jeffries of hackernoon.com on his article, “Blockchain, Your Days are Numbered.”
Basically, Radix is a new platform. Unlike Bitcoin and other most blockchain-based platforms, it is said to be scalable and easy to build on.
Radix, being a newly developed platform provide users with its Layer one protocol – the Radix protocol. Radix uses its own distributed ledger technology, where a database of records is not stored or confirmed by one central body. Instead, these take place on a network of computers.
It was reported that Radix DLT founder and CTO Dan Hughes spent seven years perfecting the code for the Radix’s public distributed ledger platform. Using Radix technology, start-up decentralized finance (DeFi) projects and developers can easily build with greater freedom.
Those interested to delve deeper into the technology behind Radix may visit this page on their website – learn.radixdlt.com/article/what-is-radix.
What is interesting with Radix is how it boldly depicts itself, offering a new Defi technology with the following presentation on their website as follows:
Following are some basic information about Radix in a coinmarketcap.com article.
“What Is Radix (XRD)?
Radix (XRD) is a layer-one protocol specifically built for DeFi purposes. Radix promises to be the “layer 1 DeFi done right” since it allegedly will prevent the ever-present danger of exploits and hacks without compromising scalability. It employs a new consensus mechanism called Cerberus, which is supposed to deliver the performance needed to fulfill its ambitious goal of creating a new, decentralized global financial system.
Radix also boasts its own version of the Ethereum Virtual Machine (EVM) called the Radix Engine. It allows developers to build for its ecosystem using pre-built Radix components. Combining all of these features, Radix aspires to replace leading DeFi chains like Ethereum and become the de-facto solution for decentralized finance in the future.
How Many Radix (XRD) Coins Are There in Circulation?
XRD will initially be an ERC-20 token used for staking, voting, and paying network transaction fees before transitioning to its final native state. The total supply of XRD is 24 billion, distributed as follows:
• 12 billion was allocated at the genesis of the Radix Public Network. 9.6 billion of these tokens are unlocked and part of the circulating supply; 2.4 billion are indefinitely locked in the stable coin reserve.
• 12 billion is being minted by the Radix Protocol as network emission to reward stakers and validators over an approximately 40 year period. Network emission commenced with the genesis of the Radix Public Network in July 2021.
Of the initial 12 billion, 4.41 billion were distributed as ERC-20 versions. These are distributed as follows:
• Community Contributions (3 billion): distributed to purchasers in the token sale that ran from 2013 to 2017
• Token Sale (642 million)
• Radix Foundation (568 million): Radix Tokens Ltd., a subsidiary of the Radix Foundation, will receive 200 million. 10 million ERC-20 XRD is allocated to marketing, subject to vesting.
• Developer Incentives (100 million)
• Network Subsidy (100 million)”
As of this writing, Radix is ranked #3057 with a market capitalization of $280,775,809 in the coinmarketcap.com and Radix coin XRD price is $0.06076.
For those considering to add Radix XRD in their portfolio, please be advised to do your own research before investing. Do consider that the information presented is not an investment recommendation.
