Originally posted 19th January 2021 Radixdlt.com/blog

A Radix Review of 2020

Early 2020

Radix’s focus on DeFi was driven by it becoming evident that DeFi applications built on top of legacy technology cannot scale successfully to meet the demands of an industry experiencing tremendous sustained growth, that is still only at the earliest stage of adoption.

One of the first major releases of 2020 was the Cerberus whitepaper. This academic level paper goes into detail of Radix’s revolutionary consensus mechanism, Cerberus. If you haven’t done so yet, you can read the Cerberus whitepaper published in March right now.

Cerberus put to the test

ExpoLab, working out of the University of California Davis Computer Science Department, used its ExpoDB exploratory data platform to study Cerberus’ performance against strict security, liveness and security parameters. The project team’s reputation and rigour of its consensus mechanism are undoubtedly important in the DeFi space; however, the mathematical proof and rock-solid performance data gained was invaluable and resulted in the publication of their own academic paper on Cerberus, which you can read here.


RPN-1 — Drop 1 Complete

The first step was to implement BFT (Byzantine fault-tolerant) 3-phase consensus, which provides the bedrock to build upon in a functional network. In fact, check out the demonstrations in this video to see an early network in action.

2020 was also a year for new partnerships

The first was Copper, who share Radix’s vision of a decentralized future. Copper upholds the highest security standards and were, therefore, the perfect choice to be our custodial partner for our ERC20 token launch. On top of this, it also means that we can use Copper’s custody platform as part of the Radix Wrapping Service. Each token supported by Copper opens up another gateway to the Radix DeFi ecosystem by becoming a bridge for the native Radix token and its ERC20 wrapped version which can participate in the Ethereum DeFi ecosystem.

Shortly afterwards, Radix joined the Ren Alliance alongside other major DeFi projects such as Aave, Kyber Network, Dai and several others to further our goal of providing wrapping services on the Radix Public Network. RenVM is a key enabler for Bitcoin, Bitcoin Cash and Zcash to access the Ethereum DeFi ecosystem. The partnership with Ren means Radix comes ever closer to enabling seamless bridges between the Ethereum and Radix ecosystems.

Noether DLT and Object Computing were the next to partner with Radix to develop an Ethereum-based smart contract for the Radix Ledger. This partnership will add another layer of versatility for users by allowing Ethereum dApps to migrate smoothly to the Radix ecosystem with minimal effort. Users will be able to harness Ethereum smart contracts’ power, but at the speed of Radix — an exciting proposition indeed. Object Computing’s proven track record of developing successful blockchain solutions, blockchain consultancy and custom smart contract development at enterprise level makes them a powerful ally as we build-up to the launch of the Radix public network.

As well as partnerships, Radix also announced a key integration with Chainlink, a leading decentralised oracle provider. This integration will give Radix developers access to a wide range of secure, accurate off-ledger data that will help recreate traditional financial services as dApps, as well as develop completely new and innovative DeFi products on the Radix Network.

Going Mobile

Best of both worlds

Traditionally token holders had to choose between earning rewards from staking tokens or retain token liquidity by not staking — StakeHound removes these limitations by creating stake-backed DeFi ready tokens. These stake-backed tokens give cryptocurrency the best of both worlds: liquidity and yield! Crucially, StakeHound token users need not choose between accessing Ethereum or Radix with their tokens, as StakeHound is cross-ledger by default.

With StakeHound, users can send Proof of Stake tokens (RADIX, XZT, ATOM, ALGO or DOT) to one of StakeHounds institutional-grade custodian partners. Users then receive a one-to-one representation of their original token on the Ethereum ledger, with an option for the token to be issued on the Radix Public Network set to come aboard this year.

StakeHound stakes the tokens it receives and distributes staking rewards directly to users as additional stake-backed tokens. Users can take their stake-backed tokens and use them in all popular DeFi applications, including Uniswap, Aave, Synthetix, etc., or swap their representative tokens back for their original tokens at any time.

Allowing users to enjoy the benefits of earning staking income while participating in DeFi at the same time is sure to be a driving factor in the growth of the industry.

Radix on the Messari Register

Radix’s commitment to provide the Messari Registry with regular project disclosures and updates (in addition to the measures set out in our DeFi whitepaper) are clear indicators on how Radix is creating a new digital commons for the wealth of the world built on the bedrock of trust and transparency.

E-Radix Token Launch

The E-Radix token sale lasted just two weeks and raised over $12.7 million from 652 participants from 67 countries. Everyone at Radix would like to once again thank our amazing community for your support in building the future of DeFi.

Shortly after putting eXRD into a circulating supply, the eXRD Community Liquidity Incentives program also launched. With 200 million eXRD being distributed, it’s well worth a look if you haven’t done so already.

eXRD is already listed on Uniswap, and this handy guide may prove useful if you are new to the platform. It was also recently announced that Bitfinex will be listing eXRD with trading starting on January 21st 2021.

Quantstamp brings security audits to Radix

Any Component created by Radix will be audited by Quantstamp and will be covered by Quantstamp’s Chainproof platform for market-driven smart contract insurance. This will bring the kind of confidence experienced in traditional finance and a welcome safety net for DeFi users funds if things go wrong.

Quantstamp’s impressive pedigree already extends to securing and insuring some of the highest-profile systems in DeFi such as the DAI Backstop Syndicate that maintains the economic stability of a DAI currency with a market cap of nearly half a billion USD. Other customers include Binance, Crypto.com, Ampleforth, and Chainlink.

RPN-1 Drop 2

There was also the need to build the ability for the network to then correctly select the official consensus validator node-set according to the nodes with the greatest delegated stake.

Drop 2 also introduced robust synchronization between nodes, including the ability to recover from crashes and resync with the network.

A new testing and monitoring infrastructure was also added, which was used in the longer-term testing of a 100 node network spread across different continents.

Drop 2 also progressed with building subsystems which will come into play in Drops 3 and 4, including:

  • An improved “pacemaker” — a part of the consensus mechanism that ensures consensus can always recover and proceed onward even with major network problems
  • The mechanisms for applying the different XRD fees required for different kinds of transactions
  • A “quorum timestamp” mechanism that we’ll need for the network to agree when it’s time for “epoch” changes — the points in time when the validator set and other network parameters can change smoothly
  • Client library updates to expose the new functionality we’re building

We even got ahead on some wallet work with an improved desktop wallet and a nice implementation of Radix on the Ledger Nano hardware wallet for secure holding of XRD tokens or any token issued on Radix.

Going into 2021…

To keep up with all our technical and non-technical developments, you can follow us on the Radix GitHub page, our Telegram Group, by subscribing to our email list and following our social channels listed on our Community Page.

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