A decentralized finance protocol has launched its mainnet — describing it as a crucial step on the journey to a frictionless financial future.
Radix, which describes itself as a platform for smart money, is also launching Instapass with its Olympia mainnet — an optional user and developer service that delivers the world’s first single sign-on solution for building compliant DeFi.
The Radix mainnet is being positioned as a generational improvement in the history of decentralized ledger computing — and one that delivers 100 times more executional efficiency than the Ethereum Virtual Machine.
This comes hot on the heels of the project winning plaudits for addressing the scalability trilemma far more effectively than rivals in this bustling space.
Radix says it has established a strong track record by being the world’s first roadmap-driven DeFi protocol — issuing new releases and achieving exciting milestones at a pace that other networks cannot match.
Piers Ridyard, the CEO of Radix, said: “Since developing our groundbreaking cross-shard consensus algorithm, Ceberus, we have never wavered from our focus on the DeFi end game, a world of frictionless financial applications with no barriers to competition. To get there requires a clear, roadmap-driven approach to protocol development and a deep understanding of how the traditional world of finance works. Today’s battles of layer one/layer two DeFi supremacy are simply irrelevant compared with the real opportunity of mainstream adoption.”
One notable highlight in Radix’s range of products and services is Instapass, which delivers one-click compliance for any decentralized application.
Fragmentation in the blockchain industry has continually increased, and this is often deeply inconvenient for customers. That’s because they end up having to go through Know Your Customer checks with every single protocol they interact with.
Instapass eliminates this issue by ensuring that users only need to provide the necessary information to meet regulatory requirements once. From here, these credentials can easily be shared with their explicit permission to other DApps and financial applications they want to use, getting rid of huge amounts of repeated paperwork and friction for users while also significantly improving user onboarding for financial applications that require these checks.
In time, it’s hoped that Instapass will revolutionize the way DApps are developed. Not only will this make such apps far more compliant than they are now, but it will also reduce risk for businesses and ensure that cutting-edge software can reach the market faster.
The release of the Radix Public Network also enables those who own XRD, the platform’s native token, to contribute to network security through staking.
Radix says that 300 million tokens a year are rewarded to stakers, and tokens are also burned with each transaction that is successfully completed. This is not too dissimilar to EIP-1559, the upcoming Ethereum Improvement Proposal that is going to be introduced as part of the London hard fork in August.
Balder Romans, a partner at Maven 11, added: “Crypto is an economic revolution and the Radix team understands that as well as anyone. The smart money is coming into crypto fast and, as the platform for smart money, Radix is focused on – and executing for – the long game of DeFi. With the release of mainnet, they are becoming a legitimate player in the space.”
Radix’s mantra is “layer-one DeFi done right” — and with this new mainnet, it aims to deliver a decentralized network where developers can build quickly without the constant threat of exploits and hacks.