Top Things You Should Know About Radix (EXRD)

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Radix

DeFi aims to replace traditional financial systems by fast, interoperable DeFi financial apps. The ability to compose a single transaction, making use of multiple autonomous smart contracts, is energizing much of the DeFi innovation and excitement on Ethereum today. DeFi must be able to support a tremendous number of DeFi apps simultaneously, while running each app at high throughput, without compromising decentralization. Radix intends to remove the technology barriers limiting the expansion of DeFi by building a layer-1 protocol. This is a full stack approach, re-engineering consensus, distributed virtual machines, executable on-ledger code, DeFi component building, and DeFi application building. Re-shaping finance will be a 40 year sprint.

Idea

A Backend developer is the creator of apps/systems, like DeFi apps, that an app created by a frontend developer may use. Radix form of smart contracts, Components, are built in a way that more closely models real-world expectations for finance. Components are built from finite state machine logic, and define their behavior by Actions. Radix uses the FSM-based Radix Component model. Each token can be its own independent Component with Actions (like change owner) that define their behavior. When multiple Components are required for a single transaction, all of the Action-driven state changes of the various Components in the transaction mesh together like gears in a gearbox.

Radix is developing a new, specialized language that called Scrypto. Scryptos syntax should be familiar to developers who have worked with functional languages. The Component model is a much more purpose-built solution to making the Radix network programmable for the world of finance assets and applications.

Foundation

Radix Foundation is developing the Radix protocol as a fully open source code base. The Components Catalog and Developer Royalties provide the foundations of a fully decentralized marketplace for Component development. On one side of the market, developers of Components may freely add them to the Catalog and set their own per-transaction royalties. On the other side, developers have access to immutable on-ledger data telling them what the transaction fees will be.

Components

New Components start life as Scrypto code that is deployed into the Component Catalog on the Radix Network itself. Instantiated Components are like inactive templates or blueprints that anyone may use to create multiple active Components patterned after the original in the Catalog. An Instantiated Component has its own unique identity on the network, and its Actions become available for use by users. Radix is a permissionless DLT network suitable for DeFi applications. The core concept is that the developer of any Component may specify a royalty in RADIX tokens (the native Radix utility token already used for transaction fees to node-runners) for each usage of that Component in a transaction. This isn't an app store where one must pay for access to Components; it is an entirely per- transaction-use fee.

Developer Royalty System

Royalty system allows developers to set specific pricing (for any of the four types of usage) for specific other developers (via developer ID) or Components. Developers may tailor their royalties for each of these type of usage to suit the nature of what they build and how they expect it to be used. This opens up substantial flexibility for creating decentralized on- LEDGER revenue streams and business models. The Developer Royalty System provides the right incentives at the application layer of Radix to rapidly grow the platform into a vibrant, interoperable, and open DeFi application ecosystem for developers and users. The Radix Foundation will explore ways in which it can offer the same to developers, multiplying the royalty rewards paid by users.

Radix Cerberus

Radix's Consensus algorithm, Cerberus, is designed around a concept called pre-sharding. It splits the ledger into a shard space of a number of shards so large as to be practically unlimited. Each shard, with its local BFT instance, can run completely independently, as can any emergent multi-shard instance for a given transaction.

Radix Engine

Radix VM must solve another substantial problem for DeFi scalability: concurrency. Even if Cerberus gives us excellent ability to parallelize transactions of unrelated things, many DeFi applications are intended to handle many concurrent transactions for highly related things. Radix Engine makes this hybrid solution possible through two elements: Action-based requests and dynamic localization. Radix Engines is the only layer-1 protocol designed to scale a highly interconnected, high-demand DeFi ecosystem. A request to multiple Actions may be composed together in a single request (optimistic or pessimistic), collecting the summed inputs and producing a summed output. Radix VM is able to arbitrarily create, and change, that mapping as required to maximize throughput.

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