Radix (RDX)
Last updated
Last updated
(XRD) Radix (www.radixdlt.com) is the first layer-one protocol specifically built to serve DeFi. Radix is “layer 1 DeFi done right” because it is the only decentralized network where developers will be able to build quickly without the constant threat of exploits and hacks, where every improvement will get rewarded, and where scale will never be a bottleneck. The Radix Public Network was launched on July 28th, 2021, and is the first step on the roadmap to creating a new, decentralized global financial system by offering three huge improvements to DeFi technology that will be released over the next three years. What Makes Radix Unique? 1. 10x DeFi developer productivity. Right now, DeFi developers spend up to 90% of their time securing their code rather than building functionality. Despite that, there have still been over $285m of DeFi hacks, bugs, and exploits to date on Ethereum. To solve this, Radix is building a purpose-built DeFi programming environment called Scrypto, that will enable fast AND secure development, giving DeFi developers more time to focus on innovation rather than security. Scrypto is scheduled to be released in Q4 2021. 2. 100x DeFi execution efficiency. The Ethereum Virtual Machine (EVM) is where all DeFi smart contract logic is executed and it is SLOW. So slow in fact that it is one of the biggest bottlenecks of DeFi today. The Radix Engine is designed to change the game by replacing the EVM with a lean, mean, state-executing machine. You can think of it like upgrading a 20-year-old computer CPU to Apple’s best new processors. Incredibly fast, more energy-efficient, and able to do a whole heap of stuff in parallel. The Radix Engine v1 is released with the first Radix mainnet launch on the 28th of July 2021. The Radix Engine v2 is scheduled to be released in 2022. 3. 1000x DeFi scalability. DeFi on Ethereum is expensive to use. This is because it is not scalable, but popular, which creates a huge amount of congestion. What many underestimate is the sheer magnitude of transactions these systems will have to deal with as DeFi goes mainstream: to replace the global financial system will require processing millions of transactions per second, which is well beyond the capabilities of platforms like Ethereum 2.0 or Solana, and also completely beyond the capabilities of layer 2 scaling solutions. The Radix consensus algorithm, Cerberus, delivers something entirely unique to the blockchain industry - linearly scalable atomic composability for DeFi. This means the Radix system will deliver millions of transactions per second in an entirely DeFi native way. The fully sharded, linearly scalable version of the Radix public network is scheduled for the Xi’an release in 2023. Radix Features Radix is being built to deliver at each of the critical layers of the DeFi stack: the consensus layer, the application layer and the ecosystem layer. Combined, these give users and developers the tools needed for unparalleled scalability, ease of use, and liquidity potential. Application Layer - Radix Engine Today, DeFi developers have to choose between security and speed to market. For DeFi to continue to grow, Radix believes that developers need to be able to build fast without breaking things. To address this, Radix has a purpose-built DeFi programming environment that will enable fast AND secure development. The Radix Engine v2 is designed to bring the next generation of Secure-By-Design DeFi programming tools to help developers build complex financial applications with less bugs and less hacks. On Radix, developers will be able to quickly assemble DeFi applications from the on-ledger DeFi blueprint library. This is designed to deliver Faster-To-Market builds for DeFi app creators, as well as lower on-ledger running costs. Behind every successful DeFi component will be the potential for a successful developer. The Radix Dev Royalties are designed to provide on-ledger revenue for component contributors. This is intended to make sure that individual community members, as well as big projects, can become successful building on Radix. Radix Consensus Layer - Cerberus For DeFi to become the new global financial standard, it needs to be able to scale to meet global demand. Radix uses a proprietary consensus algorithm that enables unlimited linear scalability. This novel, academically proven consensus algorithm: Cerberus, provides the groundwork for the delivery of a public network with Linear Scalability. This means a public ledger could scale seamlessly to thousands of nodes and billions of users. Once delivered, this is designed to remove the congestion issues currently faced by Ethereum and others. Cerberus is designed to deliver True Finality, meaning that once a transaction is final, it is final. No waiting for several blocks and wondering if your transaction has gone through. More importantly, no rollbacks of dependent transactions. Lastly, Cerberus is designed to provide cross-shard Atomic Composability. This will allow DeFi applications on different shards to simultaneously work together without stalling other applications or transactions. This is a highly technical feat that, so far, only the coming Radix Public Ledger is designed to achieve. Ecosystem Layer At Radix, Improving Access for users is a key strategic goal. Radix founded GoodFi, a non-profit with the goal to get 100m users into DeFi by 2025 that already has members including Aave, Sushiswap, Chainklink, mStable, Terra & more. Radix has the ethos that the easier the ecosystem is to access, the more value can be brought on to the Radix Ledger. Liquidity is the lifeblood of any DeFi ecosystem. Radix intends to take a multi-pronged approach to Improving DeFi Liquidity. First, the Radix Engine v2 is designed to give developers the tools to quickly build liquidity incentives into their applications. Second, the Radix Ledger is designed to be low-cost and high-throughput, allowing liquidity to more easily and cheaply move between DeFi applications. Improving Access and Liquidity can also improve how attractive it is to build new DeFi applications on top of Radix. Improving Choice for the user is directly linked to improving Access and Liquidity. The Radix Engine v2 is designed so that as user choice grows, so too can the Radix developer ecosystem through the on-ledger developer royalty system and the blueprint catalog. Access, Liquidity, and Choice all feed and build on each other. At Radix this is called the DeFi Cycle, and outside of the technology, it is one of the most important factors in building traction in the ecosystem. Radix Token (XRD) XRD is the native token for the Radix Public Network. The Radix XRD token is a fixed supply token that is used to pay for transaction fees on Radix. All transaction fees on Radix are burnt, which creates a direct relationship between the frequency of token burn with the frequency of Network use. XRD can also be used by holders to participate in Delegated Proof of Stake (dPoS) on the Radix network and receive network emissions to incentivize staking. Radix Team Radix DLT founder, Dan Hughes, has been working on the problems associated with scaling public ledgers since 2013. In recent years the research work has expanded out to include academic collaborations, such as the research collaboration with the University of California Davis, and their dedicated blockchain research team. The team also includes YCombinator alumni, ex-Consensys engineers, and builders of professor-beating chess bots! The wide-ranging skills set found within Radix is augmented by backers and advisors that have founded and run multi-billion dollar businesses in finance and beyond.
