DUBAI, United Arab Emirates, July 28, 2022 (GLOBE NEWSWIRE) — Jax.Network, a blockchain merge-mined with Bitcoin, has announced the launch of the Global Merged Mining Alliance (GMMA) today. Together with Syscoin, they aim at contributing to the development of the Bitcoin network by supporting projects building on top of the world’s first blockchain.
“The beauty of merged mining is that we can re-apply all of our hashing power to support multiple networks and build a thriving software ecosystem at the same time,” said Jag Sidhu, Syscoin Lead Developer and Foundation President. “However, merged mining is currently relatively unknown, underdeveloped, and underutilized. The GMMA is here to change this.”
As it was reported, Jax.Network partnered with Syscoin earlier this month and now they unveil plans to create the GMMA. The alliance will push forward the adoption of the Bitcoin network as well as enhance its security by helping merge-mined protocols, mining pools, and other platforms contributing to the Bitcoin ecosystem to succeed in their missions. More projects are expected to join the GMMA in the near future.
It’s important to highlight that merged mining is considered one of the best ways for Bitcoin miners to earn extra profit without losing hashrate or increasing operational costs. Moreover, projects anchored to Bitcoin can not only offer higher rewards to miners but also leverage the security of the Bitcoin network.
“We’re thrilled to partner with Syscoin to facilitate the development of the Bitcoin ecosystem,” said Vinod Manoharan, Founder of Jax.Network. “By aligning the self-interest of miners with the best interest of the community at large, we’re contributing to the global blockchain industry and propelling innovation in the merged mining sector.”
Jax.Network is an open source project that provides the technological infrastructure for a decentralized energy-standard monetary system. The Jax.Network blockchain is anchored to the Bitcoin network and issues JAX, a stablecoin pegged to the energy spent on mining, and JXN, which is an asset coin representing the value of the whole network.
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform.