Radix DLT – Complete Tutorial for Beginners =

Blockchain and the crypto market have one very big problem that can’t seem to be solved: scalability. The problem with every coin so far has been that the more people use it, the more expensive, slower, cumbersome and therefore more unusable the cryptocurrency becomes.

It is the bottleneck for the crypto world when we look at mass adoption. Until recently, no project had managed to solve this, but Radix DLT did it!

Radix DLT shows that they can solve all the problems that other projects run into and this could just become the first real challenger of Bitcoin and Ethereum!

We’ve seen a lot of them say they can do this and we’ve seen a lot of them fail, so we’re careful these days before making a statement like that, but Radix DLT is such a special player in this market that we have very high expectations of them!

View quickly

 

  • View quickly
  • What is Radix DLT?
  • What makes Radix special?
  • Technology from Radix
  • Scalable and decentralized
  • Radix solves the most important problems
  • Advantages and disadvantages of Radix
  • Team, advisors and partners Radix
    • Dan Hughes
    • Piers Ridyard
    • Adam Simmons
    • Leroy Margolis
  • Radix’s token
  • Radix’s ICO
  • Where do you buy Radix?
    • Buy Radix from Uniswap
    • Help, I don’t see my Radix in Metamask?!
  • Providing liquidity for Radix through Uniswap
    • Remove Radix from the liquidity pool
  • How do I buy Radix?
  • Discontinue Radix
  • Conclusion

What is Radix DLT?

Radix DLT, also known simply as Radix, is a new blockchain and crypto coin that focuses mainly on decentralizing financial services, also known as DeFi. DeFi stands for Decentralized Finance.

Radix wants to solve the pain points of today’s (central) financial systems and the pain points of blockchain. The techniques that Radix uses are building the next generation of financial apps and services.

Radix’s public ledger ensures that the potential that has always been present in decentralized technology is finally being realized in the right way. People have been working on this for years, but in all that time it has not been possible to actually realize it.

In fact, the potential in this is so great that DeFi is expected to become the fastest growing economy, with an expected market value of $64.5 billion in May 2022. And Radix wants to be the main driver for it!

Do you want to know what Radix is? In the video below from AllesOverCrypto, Matt explains what Radix is and how this blockchain, which can process up to 1 million transactions per second, works.

 

What makes Radix special?

There are several blockchains that focus on financial services. For example, consider Ethereum. Yet there is something that makes Radix different and special. Radix uses a number of other techniques that make it incomparable to Bitcoin or Ethereum.

For example, Radix uses the consensus algorithm Cerberus.

This algorithm makes Radix linearly scalable, meaning the ledger can scale up to thousands of nodes and billions of users without any issues. This is a problem with Ethereum, for example. Radix is therefore the first platform that appears to be infinitely scalable without compromising the decentralized nature of blockchain.

Cerberus also ensures that the transactions made are eternally fixed. Has a transaction been made once? Then there is no way to reverse it.

Finally, DeFi applications can work simultaneously with Radix without any problems. That is very clever, because Radix is the first platform that makes this possible.

In addition, Radix is also lightning fast. It can process transactions at lightning speed and super cheaply, which can make it very beneficial to use Radix for financial services and products.

Technology from Radix

It is difficult to build decentralized platforms for finance (DeFi). When not done properly, it can cause a lot of problems. Public ledgers can also provide decentralization, but were never designed to provide an uncompromising financial infrastructure.

Radix builds on the technology of Bitcoin and Ethereum to provide better DeFi services. The techniques behind this are Cerberus and Radix Engine. Radix Engine is a developer interface that enables rapid implementation of the public ledger using a secure-by-design environment.

This technique enables greater liquidity, which companies, governments and consumers can benefit from by linking their applications to Radix’s APIs. The APIs also ensure that Radix can scale up a lot faster. That is something that has never happened before with a blockchain.

Scalable and decentralized

In 2019, the Radix team managed to process 1 million transactions per second. That’s a throughput five times that of the NASDAQ at its peak!!

Building on this success, the Radix team has developed a newer version of Cerberus to scale not only transactions, but also dApps.

The scalability of Radix is very special. Bitcoin and Ethereum, for example, are running into the problem that they can hardly scale anymore. The blockchain is becoming so large that it is almost impossible to participate in the blockchain.

It also takes them a very long time before a transaction is processed. It is a problem that not only the 2 giants, but the entire crypto world has been struggling with since the beginning.

A problem that no project has solved yet, except Radix! It is therefore definitely a coin to keep an eye on!

 

Radix solves the most important problems

Radix solves many problems that central financial systems encounter.

For example, it is difficult to build decentralized financial services (DeFi) platforms. When it is not done properly, it can cause many problems.

Public ledgers can also provide decentralization, but were never designed to provide an uncompromising financial infrastructure.

A DeFi platform has a number of requirements for it to succeed. It is important that such a platform can process transactions quickly and for low costs. No one wants to pay $20 to complete a 10-minute transaction. The system must also be watertight. People should be able to trust the system and not doubt whether their money is safe with the DeFi platform.

The third problem that many DeFi platforms run into is that they are not scalable enough. For example, consider Ethereum or Bitcoin. Because these blockchains are so large and use certain techniques (such as the consensus algorithm), it is almost impossible to scale up.

Radix solves all these problems. Due to the technology that Radix uses, transactions are fast, cheap and safe. The applications are scalable, and Radix can connect to DeFi dApps without any issues.

Advantages and disadvantages of Radix

You probably already have an idea of the benefits of Radix:

  • It is the first blockchain to save a million transactions per second!
  • Without this being at the expense of decentrality
  • This makes it the first cryptocurrency that has a chance to challenge the big boys like Bitcoin and Ethereum
  • You can easily run dApps on it
  • It could just be the coin that ensures mass adoption in the crypto world

However, Radix also has a disadvantage, albeit a very small one.

It could just be that the banks also want to use Radix’s technology, but it does not seem to be ideal for that. Suppose someone wants to look up someone else’s balance, then access must first be obtained to the correct part of the blockchain and then the entire blockchain must be searched.

Such a thing takes a lot of time, and because of this it can take a lot of time before you can withdraw money from an ATM. There are solutions to this problem, but they are not very practical for the long term.

Team, advisors and partners Radix

Radix is led by Dan Hughes (CTO), Piers Ridyard (CEO), Adam Simmons (Head of Strategy) and Leroy Margolis (Head of Finance). The team consists of people with different backgrounds and experiences. As a result, there is a lot of knowledge within the team, which benefits Radix.

Dan Hughes

Dan is the founder of Radix. He did that after he sold IP for NFC payment chips. He also helped build T-Mobile’s first mobile platform. In this video you can hear Dan talking about the Radix Engine.

 

Piers Ridyard

After Piers left his previous company (DLT), he came to Radix. At DLT he was mainly involved in syndicated insurance contracts. In this video you can hear him talk about Radix.

 

Adam Simmons

Adam is an expert in digital marketing. He previously helped build a video platform with more than 35 million active users per month.

Leroy Margolis

Leroy has gained a lot of experience in the banking world in the past. With his experience, he wants to determine the next growth phase of Radix through financial strategic objectives.

Radix’s token

Radix’s token is called RADIX ERC20 (E-RADIX). They have already put the ERC20 token on sale before launching the network, in order to promote the distribution of the stake and ensure decentralization before Radix launches.

This is necessary to guarantee the security of the network right from the start.

Radix’s ICO

Between October 8 and October 22, 2020, it was possible to buy Radix as an ICO. At that time, 642 million tokens had been made available for sale. The sale would continue until all tokens were exhausted, or the end date was reached.

The tokens could only be paid for with dollars or Ethereum, and a minimum investment of $5,000 was required to get in. It was only possible to buy directly from Radix, and not through an intermediary. They have raised almost 13 million dollars with this.

Where do you buy Radix?

Radix has been for sale on the decentralized exchange Uniswap since November 17, 2020 and was also included on the central exchange Hotbit shortly afterwards. There is a good chance that the coin will soon also be for sale at many other large central exchanges. However, not much is known about this yet. So just wait!

Buy Radix from Uniswap

To buy Radix at Uniswap it is useful to have a hardware wallet. We are a fan of the Ledger Nano X. In this blog you will find a detailed explanation about this hardware wallet from Ledger.

  1. Create a free account at Binance, verify yourself and deposit euros on the platform (you can now deposit euros directly on Binance via iDEAL)
  2. Buy USDT with your euros and buy USDC with it. These are both crypto coins that represent the value of 1 dollar. We need USDC to buy on Uniswap Radix.
    >> Link to EUR/USDT trading pair>> Link to USDT/USDC trading pair
  3. In addition, buy a bit of Ethereum on Binance to be able to pay the transaction costs later.
    >> Link to EUR/ETH trading pair
  4. Download the Metamask extension and install it in your browser. Metamask is a wallet and gateway to applications.
  5. Connect your hardware wallet and connect your hardware wallet to the Metamask extension
  6. Transfer USDC and Ethereum from Binance to your hardware wallet. You will use the USDC to buy Radix and you will use the Ethereum to finance transactions
  7. Go to the Radix website
  8. Click on Uniswap at the top of the Radix website to go to the correct Radix address on Uniswap
  9. Click on Trade
  10. Check USDC and eXRD addresses. The correct addresses are:
    Radix (eXRD): 0x6468e79A80C0eaB0F9A2B574c8d5bC374Af59414USDCoin (USDC): 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
  11. Flip the trading pair so you can swap USDC for eXRD.
    IMG
  12. Swap your USDC tokens for eXRD tokens by clicking “MAX” and then proceed with the swap. The Ethereum network will handle your transaction and within 10 minutes you will have your Radix on your hardware wallet.
  13. Congratulations, you now own eXRD! eXRD is Radix’s cryptocurrency.

Help, I don’t see my Radix in Metamask?!

Don’t panic, you can easily load the coin into Metamask. To do this, follow the steps below.

  1. Open the Metamask extension and login to your wallet
  2. Click on “Add token”
  3. Click on “Custom Token”
  4. Enter the following token address to find Radix
    0x6468e79a80c0eab0f9a2b574c8d5bc374af59414
  5. And click next to manually add Radix to your Metamask
  6. Finally, click next once to add the eXRD to your Metamask!
    IMG

Providing liquidity for Radix through Uniswap

Now that you have purchased Radix, you can provide liquidity via Uniswap. This facilitates the tradability of Radix.

 

Remove Radix from the liquidity pool

  1. Go to the Radix rewards page
  2. Click on “Connect wallet” and connect to your Metamask Wallet. If you have used a hardware wallet before, you connect it to the computer so that it can be connected to Radix from the Metamask Wallet
  3. You should now see an overview of the number of LP tokens you have deposited on the Radix Rewards page, along with the amount of bonus you have received.
  4. Click on “withdrawal all” at the bottom so that you transfer all your deposited LP tokens back to your hardware wallet
  5. Confirm the transfer. This may entail quite a bit of cost since the Ethereum network is very expensive these days
  6. Once the LP tokens are back on your hardware wallet, go to “Pool” at Uniswap.
  7. Make sure there is a connection to the hardware wallet. You should now see eXRD/USDC as a pool. Click on it and indicate that you want to withdraw 100% of the coins from the pool and confirm the operation with your hardware wallet
  8. You have now successfully got your eXRD and USDC back on your hardware wallet!

 

How do I buy Radix?

Buying Radix on Kucoin is a piece of cake. With this explanation you will be the proud owner of EXRD within a few steps.

  1. Sign up to Kucoin for free here
  2. At the top, press Assets
  3. Press Deposit at USDT
  4. Set up your Google Authenticator (very simple)
  5. Generate your own “Deposit Address” and copy it.
  6. Create a free account on Bitvavo via this link
  7. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  8. Deposit money into your Bitvavo account via iDEAL
    Click here for more information about Bitvavo if you need it
  9. Buy Tether (USDT) and then send it to the deposit address you copied.
  10. Wait until the USDT is on Kucoin
  11. On KuCoin, go to Exchange and click EXRD
  12. Purchase the desired amount of Radix.

Discontinue Radix

Recently you also have the option to strike your own Radix! Wondering how you can also generate passive income in this way? View the full Radix staking manual here, including a step-by-step plan, so that you can strike your own Radix today!

Conclusion

Radix is therefore one of the most promising cryptocurrencies of the moment. Radix’s technology in particular gives this blockchain a lot of potential, which is also the reason why many people joined during the ICO.

Because this blockchain is so scalable, it is also perfect for decentralized financial services. In addition, Radix can process transactions super fast, for a very low price.

Because financial applications can be linked to Radix, it has a lot of potential to become an important platform within the world of financial services.

Radix is expected by many people to become the new and better ‘Bitcoin’. That is quite a statement, because so far no coin has managed to come even close to the king of crypto coins.

Nevertheless, for the first time in a very long time, we have the feeling that there is a coin with Radix that at least has a chance! It remains to be seen, of course, until we know whether Radix will actually fulfill this role.

Have you become interested in Radix? We understand that. It is wise to read thoroughly about Radix before you make a choice to invest in it. The Radix website contains a lot of information, and it is therefore best to read further there:

  • Radix Factsheet Download
  • Information about the Token Sale
  • Get in touch with the team via Telegram
  • Radix DLT Twitter account

 

 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2024 Cryptocoin Budisma.net