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.
The Rexx Network Chain can be introduced 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 through its innovative blockchain solutions created for sectors ranging from digital payments and gaming to supply chain management.
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: With the blockchain, transactions are processed at lightning speeds of up to 4500 transactions per second, surpassing many leading blockchains. Boasting an average block time of less than 0.3 seconds, Rexx stands out as 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.
The Rexx Network (blockchain) employs a Proof-of-Stake (PoS) consensus mechanism. In this system, authorized validators are chosen 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’s PoS consensus rewards participants to act honestly, as they are rewarded with new tokens for their stakes. Validators are selected by the smart contract without human involvement, fostering a more sustainable and reliable blockchain ecosystem where those who stake more have better opportunities to participate in the consensus process and earn rewards.
The evolution of the Rexx Network chain unfolds across three key stages:
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.
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.
The third and final stage is dedicated to upgrading the network’s capabilities and fostering a dynamic blockchain ecosystem featuring multiple rollups. Rexx 3.0 aims to amplify scalability, interoperability, and overall network resilience, creating a prosperous environment for a diverse range of decentralized applications and services.