Everything You Need To Know About Rexx Network Chain

Everything You Need to Know About Rexx Network Chain

On February 17, the Rexx Network unveiled its innovative blockchain, the cornerstone of the Rexx Ecosystem. This groundbreaking blockchain initiative aims to revolutionize the Web3 landscape by providing robust support for Rexx’s diverse array of decentralized applications.

Offering tailored solutions for industries such as online gaming, news, payments, and supply chain management, the Rexx Ecosystem seeks to redefine how we interact with technology.

By harnessing the power of the cutting-edge Rexx (blockchain) Network chain, the project aims to usher in a new era of transparency, security, and efficiency.

The launch of the Rexx Network chain marks a significant step towards creating a dynamic and interconnected digital ecosystem that caters to various sectors, promising a future of decentralized possibilities.

About the Rexx Network chain

Introduce the Rexx Network Chain as a Layer 2 public blockchain platform designed for lightning-fast transactions and minimal processing fees.

Engineered with Solidity (the same programming language that EVM uses) and built on top of the Ethereum blockchain, Rexx empowers developers to construct highly secure and rapid, EVM-compatible decentralized applications (Dapps) across diverse sectors.

Developed as an Ethereum Virtual Machine (EVM)-compatible blockchain, it integrates a comprehensive suite of tools and features to enable the seamless development of cutting-edge decentralized applications across industries.

Launched on February 17, 2024, the Rexx Network chain (Rexx 1.0) represents a crucial milestone in blockchain evolution, leveraging Ethereum’s core protocols to deliver top-notch security, cost-effective transaction speeds, and robust smart contracts.

With its cutting-edge features like EVM compatibility and low-cost blockchain transactions, Rexx aspires to redefine traditional systems. Additionally, its innovative blockchain solutions are created for sectors ranging from digital payments and gaming to supply chain management.

Rexx Network Chain Specifications

Type: L2 Blockchain

Transaction Speed: 7000 transactions per second on devnet

Transaction Fee: ~$0.00061

Block Time: 3 seconds

Transaction Finality (duration): ~ 15 sec to 45 sec

Independent Blockchain:

The Rexx Network chain operates as a standalone blockchain, created exclusively for the Rexx Ecosystem.

Providing autonomy and self-sufficiency in its functioning, the network allows for independent governance and unique features without relying on external networks.

Ethereum Compatible:

The blockchain maintains full compatibility with Ethereum, ensuring seamless integration with existing and future Ethereum-based tools and applications, including dApps.

Developers can use Solidity and EVM-compatible tools to build on the Rexx blockchain effortlessly.

Native Compatibility:

The blockchain boasts native compatibility with various applications and protocols, simplifying the development process and enhancing interoperability.

Supports Staking and Community-Based Governance:

Another major benefit of this blockchain is that it supports token staking, allowing users to earn rewards by locking their tokens in the contract.

The community-based governance of Rexx allows users to have a say in decision-making processes.

Rapid transaction processing:

The blockchain processes transactions at lightning speeds of up to 4500 transactions per second, surpassing many leading blockchains.

Rexx boasts an average block time of less than 0.3 seconds, making it one of the swiftest blockchain platforms out there.

Cost-efficient: The transactions on this network are processed at just $0.00061 each. Rexx Coin users enjoy additional transaction fee discounts, making it an economical choice for blockchain-related transactions.

Security is paramount in this use case of Rexx Ecosystem with authorized validators possessing verified identities. The network maintains full transparency as a public blockchain, ensuring easy redressal of disputes and verification of transactions.

Proof-of-Stake Consensus

In the Rexx Network (blockchain), the Proof-of-Stake (PoS) consensus mechanism empowers authorized validators selected based on their staked tokens to create new blocks and validate transactions to support the network.

This consensus mechanism helps enhance network security and efficiency by reducing transaction time, cost, and environmental impact.

The network rewards participants who act honestly in its PoS consensus by issuing them new tokens for their stakes.

The smart contract selects validators without human involvement. Consequently, it fosters a more sustainable and reliable blockchain ecosystem. Additionally, it ensures that those who stake more have better opportunities to participate in the consensus process and earn rewards.

Upcoming Stages in Rexx Network Development

The evolution of the Rexx Network chain unfolds across three key stages:

1. Rexx 1.0 (Already Launched):

This initial phase marks the development of fundamental aspects of this network, laying the groundwork for its blockchain architecture and functionality. It was successfully unveiled on 17 February 2024.

3. Rexx 3.0:

Building upon the core Rexx 1.0 Network, the second phase focuses on enhancing user experience and network performance.

With an increased emphasis on promoting greater developer engagement, Rexx 2.0 aims to attract and empower developers to contribute and build robust applications on it.

3. Rexx 3.0:

Rexx 3.0 dedicates the third and final stage to upgrading the network’s capabilities and fostering a dynamic blockchain ecosystem featuring multiple rollups.

The aim is to amplify scalability, interoperability, and overall network resilience. Consequently, this will create a prosperous environment for a diverse range of decentralized applications and services.