Radix (XRD)
Radix is a decentralized, layer 1 distributed ledger technology (DLT) aimed at providing a platform for developers to easily create decentralized applications (Dapps). Radix was founded in 2017 by Dan Hughes, an experienced blockchain developer, and focuses primarily on decentralized finance (DeFi) use cases.
Overview
Radix is designed to support the development of decentralized applications through its consensus algorithm, Cerberus, which ensures security and offers linear scalability. The platform provides a programming language for Dapp development called Scrypto and features its own execution environment, the Radix Engine. This engine provides developers with asset-oriented features to expedite DeFi and Web3 development. Radix serves as an alternative base layer to Ethereum for DeFi applications and has a native token, XRD, which enables participation in the Proof-of-Stake consensus mechanism and rewards.
| Ticker | XRD |
| Category | Smart Contract Platform |
| Website | https://www.radixdlt.com/ |
| @radixdlt | |
| Telegram | radix_dlt |
| https://www.reddit.com/r/Radix/ |
History
Dan Hughes, the founder of Radix, discovered Bitcoin in 2012, which led to the creation of eMunie in 2013, later evolving into Radix. Hughes spent several years developing consensus architectures to address scalability issues. In 2017, Radix received funding from notable investors and was renamed, with Piers Ridyard joining as CEO. This year saw the invention of Cerberus, a consensus algorithm offering unlimited linear scalability. Radix's public mainnet launched in July 2021, followed by the release of its smart contract programming language, Scrypto, in December 2021.
Infrastructure
Radix engine
The Radix Engine provides an alternative approach to asset implementation on a blockchain platform, treating tokens as objects managed in user-controlled accounts. Radix Engine v2 extends this concept to include smart contract logic executed in Scrypto, an asset-oriented programming language. It introduces "resources" for intuitive asset transactions and includes on-network templates called blueprints to promote modularity and reusability.
Cerberus
Cerberus, Radix's consensus protocol, facilitates decentralized DLT consensus through parallelized Byzantine Fault Tolerance (BFT). This protocol achieves scalability by splitting the blockchain network into shards, processing transactions atomically across these shards. Cerberus enables scalability through parallelism, allowing safe parallel consensus via state sharding.
Scrypto
Scrypto is a smart contract language developed by Radix, based on Rust. It allows developers to interact with assets in a native, first-class manner, emphasizing an asset-oriented approach. Scrypto streamlines decentralized application development by providing built-in functionalities for token and NFT creation and management.
Blueprint catalog
The Blueprint Catalog is a key feature on the Radix network, enabling modular deployment and extension of Scrypto Blueprints. It supports interoperability and versioning, allowing developers to access pre-built solutions for common DeFi functionalities.
Developer incentivization
Developer royalty system
The Developer Royalty System on Radix offers market-based incentives similar to mining, creating a marketplace for useful functionality. Developers can set royalties for component or blueprint use, enabling decentralized revenue streams and business models.
Developer's guide
Radix provides a decentralized marketplace for Scrypto code, allowing developers to add Blueprints to the Catalog and set transaction royalties. The Developer's Guide aids in discovering and integrating Blueprints into development projects.
XRD
The RADIX token, XRD, is the native token of the Radix Public Network, used for staking and transaction fees. As the base currency of the network, XRD can be utilized within the Radix DeFi ecosystem.
Staking
XRD is integral to Radix's Delegated Proof of Stake (DPoS) system, securing the network against Sybil attacks. Token holders vote on validator nodes by delegating tokens, earning network emission rewards.
Transaction fees
XRD is used to pay transaction fees on the Radix Public Network, with all fees being burnt to prevent spam transactions.
Tokenomics
XRD has a maximum supply of 24 billion tokens, with allocations for community members, early contributors, and development purposes. The remaining tokens are minted over 40 years to incentivize network security.
EXRD
E-Radix (EXRD) is an ERC-20 token representing XRD within Ethereum's DeFi ecosystem, swappable for XRD. Its launch aimed to decentralize the Radix network before staking commenced.
Network upgrades
Olympia
Olympia marked the initial version of the Radix Public Network, introducing the native XRD token and foundational technology for Radix and DeFi. Key features included token creation, transfer, and staking, with an unsharded version of the Cerberus consensus algorithm.
Alexandria
Launched in December 2021, Alexandria introduced Scrypto and Radix Engine v2, offering a new smart contract development experience. It provided tools for building and testing DeFi applications in a simulated environment.
Babylon
Completed on September 28, 2023, the transition to Babylon introduced smart contract functionality, asset-oriented programmability, and enhanced security for DeFi users. The Babylon Wallet offers a secure way to manage assets and interact with Web3 applications.
RCnet
RCnet is a test network launched in March 2023, focusing on tools and standards for developers in the Radix ecosystem. It includes transaction review capabilities, a Core API for integrators, and a Radix dApp Toolkit.
Partnerships
ExpoLab
In July 2020, Radix partnered with ExpoLab to develop a secure fabric for financial transactions using Radix's platform. The partnership aimed to validate the design of the Cerberus consensus protocol with academic proofs.
Object Computing and Noether
In August 2020, Radix partnered with Object Computing and Noether DLT to develop an Ethereum-based smart contract platform for the Radix ledger, facilitating the migration of Ethereum DApps to Radix.
Ren
In August 2020, Radix partnered with Ren to integrate RenVM, enabling decentralized asset wrapping and seamless bridges between Ethereum and Radix DeFi ecosystems.
Argent
In August 2020, Radix partnered with Argent to offer a seamless mobile experience for Radix token holders, providing easy access to the DeFi universe.
Chainlink
In October 2020, Radix partnered with Chainlink to integrate its oracle network, providing high-quality off-ledger data for DeFi products on the Radix network.
GoodFi
In February 2021, Radix joined GoodFi, a non-profit initiative to accelerate DeFi adoption, aiming to engage 100 million people in DeFi by 2025.
LayerZero
In April 2023, LayerZero announced integration with Radix, enabling cross-chain communication and enhancing user experience within the Radix ecosystem.
Funding
In July 2020, Radix raised $4.1 million in funding from LocalGlobe and TransferWise co-founder Taavet Hinrikus, focusing on lowering adoption barriers and increasing on-ledger liquidity. In October 2020, a public token sale raised $12.7 million to support platform development and decentralization. In March 2023, Radix secured $10 million in funding ahead of the Babylon mainnet introduction, aiming to enhance smart contract capability and security.