What is Radix?


#1

Radix is a new platform, like Bitcoin or Ethereum, but scalable and easy to build on. Instead of using blockchain, we started from scratch with a completely new design so that every person and device in the world could use the Radix ledger without centralization or compromise. We created building blocks for developers, making applications, tokens, and coins as easy to deploy as possible. It’s fast, it works and our test net is already live.

It is a speedy alternative to blockchains and DAGs. It uses both the passage of logical time and database sharding to create an immensely secure and scalable system for the storage and accessing of immutable data and decentralized logic.

Decentralized Ledger Technology (DLT) offers a powerful new platform for the storage, verification, and use of digital identity. One that is cryptographically strong, very difficult to hack and steal, and one in which the infrastructure it works on is antifragile; a term that means it is resilient even in the event of a massive disruption.

Prior to the creation of Radix, the predominant technology for building and deploying DLT was blockchain, a technology that allows many computers to agree on a single version of events, without any center to the system.

This is a powerful concept as there is no one place to attack or disrupt. It provides certainty of data integrity, and trust in the transactions conducted using it. But it has a major drawback - it does not scale very well.

This has not been a major problem for the relative niche use cases that it has been used for so far. However as the applications that can be built using the technology have broadened, the technical limitations have become clear. Specifically the block size limit, which means the maximum throughput a blockchain can cope with is around 500 transactions per second. If you compare that to Visa, which is 2,000 transactions per second, blockchain is clearly not ready for mainstream applications.

Limitations of currently decentralized ledgers:-

  1. They cannot scale to meet demand
  2. Consensus is inefficient and resource intensive
  3. Networks are prone to miner centralization
  4. Smart Contracts are complex and expensive to use
  5. Volatile cryptocurrencies cannot be used as cash

The Radix ledger eliminates all of these limitations.

It has been the result of 6 years of research and development into a number of unsolved computers science problems. It is a decentralized ledger which is redundantly replicated but without the drawbacks of inefficient uses of a large amount of power, and blockchain’s inability to scale to millions of simultaneous users, without significant compromise or centralizing.