Radix Distributed Ledger Technology (DLT) aims to replace blockchain technology. Find out how it plans to do that today in our review.
What Is Radix?
Radix is a Distributed Ledger Technology (DLT) platform that functions similar to blockchain – but in a superior way. Like many DLT platforms, the goal is to replace blockchain by offering a superior alternative.
Radix is expected to launch in Q3 2018. Right now, the official RadixDLT.com website has plenty of information about the platform and the technology behind it.
The name of the platform, by the way, comes from the math term “radix”, which refers to the number of unique digits, including zero, used to represent numbers in a positional numeral system. The radix for the decimal system, for example, is ten, because it uses 10 digits (digits 0 through 9). Radix is a synonym for “base”.
With that in mind, let’s take a closer look at how Radix works.
How Does Radix Work?
Radix is a distributed ledger technology, or DLT. The platform, like other distributed ledgers, preserves the total order of events, allowing for the trustless transfer of value. It also allows for timestamps and other functionality.
Radix will be suited for both public and private deployments, without modification. It requires no special hardware or equipment to run. In fact, Radix can fully run on devices as lightweight as Raspberry Pi. That’s why Radix could have particularly powerful implications on the IoT community.
Radix lets you achieve three core functions, including:
- Create your own assets, tokens, and coins
- Pay anyone, anywhere within 5 seconds
- Build fully decentralized applications
Radix aims to replace blockchain, which the team feels is an outdated and problematic technology. Radix replaces blockchain with its own “Tempo Ledger”, which consists of three core principles:
- A networked cluster of nodes
- A global ledger database distributed across the nodes
- An algorithm for generating a cryptographically secure record of timestamped events
Each instance of the Tempo Ledger is called a Universe. Any event within a Universe – like a message or a transaction – is represented by an object called an Atom.
Radix will also have its own digital token called the Radix Stable Token. That token will be initially set at $1 USD, although the value will float freely according to demand. Radix will not hold a token sale for its token, nor will it pre-mine the token. The company is avoiding a token sale because their project is almost complete: there’s no need for further funding to complete development.
Radix Crypto Coins, Tokens & Assets Blockchain DLT Service Benefits
Why is Radix seen as a better version of blockchain? What makes Radix special? Some of the specific advantages over blockchain include all of the following:
Current blockchains have struggled to scale. The bitcoin network is infamous for its low transaction throughput, high settlement durations, expensive fees, and congested networks. Various proposed scaling solutions have torn the industry apart. Radix provides “unbounded scalability”, according to the official website. Scaling the platform is as simple as adding more nodes.
No Trusted Third Parties Required:
The Lightning Network and other proposed scaling solutions have been criticized because they add centralization to a decentralized ecosystem. This creates the problem that cryptocurrency were trying to avoid in the first place. It also introduces a point of failure. Radix, meanwhile, requires no trusted third parties. There’s no proof of stake (PoS), no proof of work (PoW), and no master nodes.
Radix is Turing complete. Users can build and deploy anything from complex decentralized applications to simple smart transactions. As the official website explains, “If it can be expressed in code, it can be run on Radix.”
Code In A Familiar Language:
No Need For Special Software:
Radix can be run from any standard web browser. There’s no need to download a full client or run any other special software.
No Need For Overly Expensive Hardware:
Radix claims to be “IoT Ready” because users can run a Radix Client on devices as lightweight as a Raspberry Pi.
Radix provides all of the following unique features:
Radix is a modular DLT platform that uses consensus architecture as its core module. Network participants can support more modules to earn tokens proportional to the work required to support those modules.
Radix scales in an unbounded, linear fashion. Every node increases the overall throughput of the network. If the network needs to scale upward to accept more transactions, then more needs can be added to the network.
Radix emphasizes fast transactions. Transactions on the network confirm in 0.2 seconds and finalize in less than 5 seconds.
Near Zero Transaction Fees:
Transaction fees on the Radix public network are projected to cost the equivalent of 1 cent or less.
Stable Native Token:
Radix will have its own Radix Stable Token that will be a low volatility cryptocurrency. The price of the currency will be maintained by an algorithmic monetary supply policy of expanding and contracting coin supply. Then, price stability will be achieved using the decentralized network.
Ready For IoT:
You can run a full Radix Client on a device with 16MB of memory and a 100 MHz processor. This could make Radix the preferred choice for IoT communications.
Decentralized Debit Cards:
Radix is built with existing point of sale (POS) solutions in mind. In fact, anyone can use Radix to create their own debit cards.
Decentralized Asset Exchange:
The Radix public network will allow trustless trading of digital assets across a decentralized asset exchange.
Secure Instant Messaging:
Radix’s initial release will feature a secure messaging protocol.
The Radix ICO
Radix does not plan to hold a public token sale ahead of the launch of their network.
Radix is already far along in development and is on track to launch in Q3 2018. The development team doesn’t require additional funds for further development.
Radix’s team will also not pre-mine any Radix tokens.
There will be no hard cap on Radix Stable Value tokens. That’s because the tokens will follow a dynamic inflationary supply. Initially, the tokens will be valued at $1. However, value is not pegged to the dollar and will free float according to demand.
Who’s Behind Radix?
Radix’s team consists of a group of serial entrepreneurs, digital nomads, and experienced software developers. Key members of the team include Dan Hughes (Chief Technology Officer), who helped develop the software required to securely deploy NFC-based payments on mobile phones. He has previously built, run, and exited 3 successful software startups. He has also worked with bitcoin since 2011. For the past 6 years, Dan has been building, testing, and refining his own DLT protocols. Radix is the end result of that work.
Other listed members of the team include Piers Ridyard (Chief Executive Officer), Robert Olsen (Chief Operating Officer), and Stephen Thornton (Chief Scientist). Before running Radix, CEO Piers Ridyard co-founded Surematics, a Y Combinator S’17 company dedicated to creating the world’s first decentralized dataroom.
Radix is based in London, UK.
Radix’s Distributed Ledger Technology aims to solve a number of crucial problems with today’s blockchains, including poor scalability, increased centralization, price volatility, and inefficiency.
To learn more about the Radix project and discover how it intends to replace blockchain, visit online today at RadixDLT.com.
Radix is expected to launch in Q3 2018.