A powerful Web3 tech stack presented at RadFi 2022 to bring DeFi to a mainstream audience
At the RadFi 2022 event, the team behind Radix gave a detailed explanation of its high-performance Web3 technology stack. Through Radix, developers get the tools to bring Web3 and DeFi to the mainstream. So let’s dive in and learn more about it.
Radix is a Layer-1 network that enables developers to build fast, scalable, and secure DeFi dapps, protocols, and ecosystems. It also strives to remove the technology barriers limiting the expansion of DeFi by delivering a user experience ideal for driving such mass adoption. Therefore, Radix proposes a full stack approach, re-engineering consensus, DeFi application building, executable on-network code, user interface, and more.
- The problem with Web3 today
- The answer to scalability and eco-diversity: Cerberus Consensus
- The Radix Engine is built with security and efficiency
- Scrypto: the Web3 language for everyone
- The all-encompassing Radix Wallet
- Build, scale and thrive with Radix Babylon
The problem with Web3 today
Developers have spent countless hours and sleepless nights building the foundation of today’s Web3 DeFi experience. While decentralized finance has re-imagined the possibilities for people to conduct financial activities, it is far from ideal in terms of simplicity, ease of use, and total reliability.
DeFi has grown from $1 billion under management to over $40 billion in total value locked in just two years. That’s incredible. But it’s still only a tiny part of a $400 trillion global financial system.
DeFi needs to unleash its potential further, and it will take more than just education for the general public. But, more importantly, developers need access to powerful tools to effectively create consumer products that are as secure and easy to use as existing mobile app services like bank apps, Paypal, and such.
Much like Unity and Unreal Engine have revolutionized gaming product development, Radix wants to equip developers with tools that will allow them to express their Web3 ideas easily. The Radix technology stack has been designed to deliver user experiences and network infrastructure that can radically take DeFi mainstream.
The answer to scalability and eco-diversity: Cerberus Consensus
According to Radix, Cerberus is the world’s first consensus algorithm that does not break atomic composability as it scales. For example, at the moment, 69% of gas used by Ethereum transactions consists of three or more smart contracts. So why does atomic composability matter?
Atomic composability allows users to combine multiple decentralized applications and many tokenized assets into a single transaction. It lies at the center of Web3 ecosystem innovation, as atomic composability lets one dapp seamlessly interact with any other dapp.
Lego bricks are often used as an analogy to describe the composability of smart contracts. The combination of different lego bricks can generate many new and more powerful applications than the creator of each individual smart contract brick could have expected. As a result, scalability solutions that sacrifice atomic composability will jeopardize user experience and ecosystem diversity in the long term.
After almost a decade of research and prototyping, the team behind Radix designed Cerberus. This consensus algorithm can scale without compromising interconnectedness – atomic composability. It lays a solid foundation for all kinds of dapps to thrive.
The Radix Engine is built to be secure and efficient
The Radix Engine is the next layer of the Radix stack and helps to improve developer productivity significantly. With the Radix Engine, new token types, such as soulbound tokens, can be immediately deployed and compatible with all applications and wallets.
In addition, the Radix Engine makes asset security a primary function and prerequisite of the network rather than an afterthought. Hacks such as re-entrancy attacks, spend approval attacks, or signature manipulation attacks are either prevented or made much easier for a developer to avoid with Radix Engine’s asset-oriented style of development.
Scrypto: the Web3 language for everyone
The Radix network has its own programming language Scrypto, tailored to the needs of Web3 and DeFi. The language features intuitive coding and provides developers with the shortest path from idea to implementation. Not only that, Scrypto has always placed asset security as a priority.
Currently, Scrypto has become one of the fastest-growing languages in the field. Although Scrypto is not yet available on the Radix mainnet, over 5000 Developers have tried Scrypto in the past year. Using local development tools and test nets, the community has already created an abundance of tools and resources, ranging from decentralized exchanges, lending platforms, yield farming systems, DAOs, and more.
Everything needed to run a full-fledged DeFi ecosystem already exists open source, and therefore everybody can use it. Join the Radix developer community, and you’ll be ready for takeoff when the Radix mainnet’s Babylon upgrade comes in 2023.
The all-encompassing Radix Wallet
Web3 has incredible potential, but it has a poor user experience. To address this, the Radix team is currently building a Radix Wallet that’s in tune with the habits of regular users rather than just being a tool for tech savvies.
The Radix Wallet’s usability features are only possible using several technologies built into the Radix platform.
It is not an easy task to understand, use, and manage the seed phrases of crypto wallets. One mistake and users could lose a lot of funds. In response, Radix has rethought how accounts on the decentralized ledgers work and introduced Smart Accounts.
Unlike regular blockchain accounts, a Smart Account on Radix is more than just an address. Instead, it is a functional container for assets. Furthermore, they support multi-signature signing and multi-factor recovery on-chain, which means the Radix Wallet can recover your access without a seed phrase or without trusting a centralized service.
Personas allow the Radix Wallet to connect to dapps with more than just account addresses.. They enable the Radix Wallet to give users passwordless, personalized logins, and it is secure, decentralized, and anonymous. All users have to do is tap a button on their phone, and they can log in smoothly to any Web3 dapp on Radix.
Radix Connect creates a direct and secure connection between users’ Radix wallets on their mobile phones and their dapps on desktops. As a result, users can browse and explore various web-based dapps on their computers, while the control of their accounts and assets is always on the phone.
Users do not need to install a different desktop version of the wallet or browser extension to use the desktop version of the application.
On Radix, every token is a native asset rather than just balances in a smart contract. That means the wallet can always show you everything you own.
In other Web3 wallets, NFTs or LP tokens often appear meaningless in users’ wallets. They don’t show information like metadata, where they can be used, how they can be redeemed, etc. For each asset, the user must go to its website to search for the corresponding information. Such a user experience is not natural.
On the Radix Network, Native assets make digital ownership real; everything you need is in your wallet without any need for a special integration by either the wallet or asset.
When making a transaction, you must know what you will pay and what you will get. To make this possible, the concept of transactions on Radix is very different from other L-1 networks.
Transaction manifests show users what will happen when they sign a transaction. It also allows users to add their own rules for different purposes. For example, if you want to make sure that a token swap doesn’t return less than you expect, the Radix Wallet will include this “guarantee” in the transaction. If the swap comes back with less than you put in the guarantee, the transaction fails.
There’s no more signing hashes and hoping for the best. What you see in the transaction manifest is what you get.
The following video provides a detailed demonstration of the features
Build, scale and thrive with Babylon
The next phase of the Radix mainnet is called Babylon, which will go live in Q2 2023. A Babylon Alphanet test network has been up and running since September this year, and Babylon Betanet test network will go live in Q4 2022. As mentioned, developers have already started leveraging Scrypto and the Radix Engine to create powerful projects.
If you are curious about the potential of Radix, click the button below, and you will join all the other developers.
Learn more about Radix
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