SUMMARY
Decentralized Finance (DeFi) has revolutionized the way how digital assets are transferred across the globe. The emergence of a decentralized and permissionless money market has allowed anyone to take a loan seamlessly, unlike the tedious process of the traditional banking system.
Radiant (RXD), a peer-to-peer electronic cash system, leverages blockchain to distribute its ledger over a network of independent nodes to avoid a single point of failure. Moreover, Radiant uses a Proof-of-Work (PoW) mechanism that enables nodes to validate transactions appropriately while rejecting fraudulent and malicious ones.
Let’s dive deeper into Radiant, what exactly it is, how it is used, and how you can store Radiant.
Radiant (RXD) is a peer-to-peer electronic asset system that leverages the scalability and affordable fees of UTXO blockchains along with the smart contract capabilities of account-based blockchains. It leverages a hybrid UTXO and account-based Layer 1 architecture and a unique induction-proof system to validate transactions.
Radiant became one of the prominent Arbitrum-native DeFi platforms after the launch of its lending platform in July 2022. However, Radiant has progressed into an omnichain money market protocol with over $750 million in market size.
The newly evolved Radiant V2 platform went live in March 2023. Currently, Radiant V2 supports transacting Arbitrum, Ethereum Mainnet, and BNB Chain. Apart from omnichain functionality, Radiant V2 is known for its novel tokenomics solution called Dynamic Liquidity, which aims to align user incentives with the sustainability of the protocol.
As a decentralized and community-owned blockchain platform, Radiant offers a total supply of 21 billion RXD units, each with eight decimal places.
Radiant (RXD) is a decentralized peer-to-peer electronic cash system that leverages blockchain technology to distribute its ledger over a network of nodes. Moreover, Radiant offers a robust, scalable, decentralized, secure, and cost-effective platform for transactions and smart contracts. Thus, it can be used in the following ways.
RXD transactions are based on the UTXO model. The transactions are locked using a locking script called scriptPubKey that mentions the conditions that need to be met to spend the UTXO. Further, an unlocking script called scriptSig is provided to spend the UTXO to check whether the transaction is valid if the script processes without errors.
P2PKH is the most widely used locking or unlocking script pattern, where the locking script has the hash of a public key, whereas the unlocking script holds a public key and transaction signature.
The locking and unlocking scripts of transactions and smart contracts can be written using Radiant’s transaction scripting language. As a stateless and stack-based language, Radiant Script is not Turing complete, emphasizing the validation of programmable money rather than general-purpose computing.
Radiant boosts Turing complete smart contracts that have computing capabilities like Ethereum but with very low fees comparatively.
Mining
Radiant follows an innovative PoW consensus mechanism that is specifically designed to be more efficient than traditional cryptocurrencies like Bitcoin. Hence, it is ideal for crypto mining purposes as the Radiant blockchain offers more secure, decentralized, and stable transactions.
Crypto mining is a complex technological process that demands solving complex cryptographic problems to validate transactions and mine new blocks. RXD network pays miners transaction fees to validate transactions and execute smart contracts.
Users can leverage digital wallets like Electron-Radiant to manage their RXD coins. It is a desktop wallet that is available on GitHub.
RXD provides reliable digital asset management and ownership. Users can leverage NFTs that can be efficiently tracked on the Radiant Blockchain. Thus, users can track their digital assets.
Here are some ways to safely store Radiant (RXD) tokens securely. Let’s discuss a variety of wallet options that you can utilize.
Hardware wallets are one of the most reliable ways to store your Radiant tokens. These are offline devices that store your private keys, reducing the chances of hacking or other unauthorized access. Some popular hardware wallets include Ledger, Trezor, and KeepKey.
You can download the official Radiant wallet from the Radiant website. The Radiant wallet allows you to create a seed phrase that you should remember and store securely. Users should password-protect their wallets. The wallet offers a basic interface to send and receive Radiant coins while displaying multiple addresses linked to your wallet.
Another option for storing Radiant tokens is third-party software wallets. These wallets can be downloaded and installed on your computer or mobile device, often offering extra features and enhanced security, such as passphrases and hierarchical deterministic (HD) wallets. Examples include Electron Wallet and Chainbow.
HD wallets managed by Electron Wallet and Chainbow allow users to generate an unlimited number of child keys from a single master key. It makes it more convenient and secure to manage multiple addresses. Additionally, you can also add a passphrase to your wallet for an extra layer of security. The passphrase can be combined with your seed words to create different addresses, protecting your funds against malicious attacks.
CONCLUSION
Radiant provides an innovative, robust, scalable, decentralized, secure, and affordable platform for transactions and smart contracts. Moreover, the Radiant platform’s ability to merge liquidity across multiple blockchains opens up the possibilities of the DeFi arena to users. In summary, Radiant has overcome liquidity problems by adopting omnichain functionality, offering users a robust and reliable financial ecosystem.
~ Decentralization
~ Fast transactions
~ Affordable fees
~ Supports smart contracts and dApps
You can acquire Radiant by purchasing it on cryptocurrency exchanges that list the token. You can also earn by mining Radiant.
Radiant works on blockchain technology, which records all transactions in a transparent and immutable ledger. It uses a consensus mechanism to validate transactions and maintain the integrity of the network.
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