Radix is a decentralized ledger designed to support decentralized application creation, with a focus on DeFi use cases. The network uses a consensus algorithm called Cerberus to ensure security while offering linear scalability and also a programming language for Dapp development called Scrypto. Radix features its own execution environment, the Radix Engine, which provides developers with a range of asset-oriented features to expedite DeFi and Web3 development. The platform aims to serve as an alternative base layer to Ethereum for DeFi applications. It also has a native token, XRD, that enables holders to participate in the Proof-of-Stake consensus mechanism and earn rewards. 
Radix founder Dan Hughes discovered Bitcoin in 2012, and in May 2013, he created eMunie, which later became Radix. For the next five years, Hughes worked on developing consensus architectures to solve the issue of scalability. 
In 2017, Radix received funding from Taavet, co-founder of TransferWise, and LocalGlobe, a European VC, and the project was renamed Radix with Piers Ridyard joining as CEO. That same year, Hughes invented Cerberus, a consensus algorithm that provides unlimited linear scalability, making it possible for the network to support decentralized applications, especially in decentralized finance. 
In 2020, Radix launched Radix Tokens (Jersey) Limited, a token issuer, and holder of the Radix Foundation treasury. 
Radix's public mainnet launched in July 2021 after four years of active development and testing since the project's announcement in September 2017. The native XRD token was launched on the Ethereum network to aid in fundraising efforts. 
Radix Engine is an alternative approach to implementing assets in a blockchain platform, where tokens are treated as physical objects held in user-controlled accounts rather than separate entries in balance lists. The platform guarantees correct behavior through a finite state machine model, which makes errors like double accounting and reentrancy impossible. Radix Engine v2 expands on this model to include the computation of smart contract logic in an asset-oriented programming language, Scrypto, and introduces the concept of "resources" to handle asset transactions more intuitively. The platform also includes on-network templates of useful functionality called blueprints to further encourage modularity and reusability. The Radix Engine, running on a decentralized network, allows community collaboration and package manager-like functionality directly onto a common network. 
Cerberus is a consensus protocol used by Radix to facilitate decentralized DLT consensus. It is named after the three-headed dog in Greek mythology and utilizes a parallelized Byzantine Fault Tolerance (BFT) consensus process. The protocol is innovative and unique in its approach to achieving scalability in DeFi to enable mass adoption and serve multiple users. 
The Cerberus protocol works by splitting one blockchain network into several constituent parts, known as shards, which run in parallel to one another. Transactions are processed atomically on any of the shards with rules put in place to sequence transactions, merge the blockchain history, and avoid confusion. This approach to sharding is different from Ethereum's proposed sharding implementation, which has a limited number of shards. 
Cerberus also enables scalability through parallelism. Cerberus uses multiple concurrent timelines that only enforce the ordering of related events which allows for safe parallelism of consensus through state sharding, significantly reducing throughput limitations. 
The Radix Engine breaks down useful DLT application functionality into components that are functionally independent. These components are modeled as functional, separate entities that can be updated independently. The Radix Engine translates these components into discrete finite state machines, which easily translate into a shardable language Cerberus understands. 
Scrypto is a smart contract language developed by Radix Engine to complement its application environment. It is based on Rust, but with added specific functions and syntax for Radix Engine v2. Scrypto is an asset-oriented language that allows Rust-style logic to interact with assets as a native, first-class citizen, enabling developers to focus on their own business logic and rely on Radix Engine for the intuitive, safe handling of assets. 
Scrypto streamlines the development of decentralized applications (dApps) through its asset-oriented approach. Developers can create tokens and NFTs using a built-in function and store them in a temporary container called a bucket before storing them in a more permanent resource container called a vault. The Radix Engine's smart contract version, called a "component," holds vaults that contain all the resources owned by the component, which can be instantiated from a blueprint and become active for use on the network. With Scrypto, developers can focus on writing essential code and interact directly with tokens, pools, and users, encouraging the creation of next-generation DeFi applications. 
The Blueprint Catalog is a platform feature on the Radix network that offers developers a powerful tool for building and contributing to the platform. It enables modular deployment, versioning, and extension of Scrypto Blueprints, which can become de facto standards and encourage interoperability. Additionally, the on-network registry holds pre-built, well-maintained Blueprints for commonly used DeFi functionality. These modular solutions can be easily accessed, combined, and updated, and each Blueprint has a unique address with versioning support. While updating a Blueprint does not automatically update other components using it, developers can choose to adopt new revisions by making their own updates.
Developer Royalty System
Radix DLT introduced the Developer Royalty System, which offers the same kind of market-based incentives as mining, creating a direct developer-to-developer marketplace for useful functionality. It is made possible through the Blueprint Catalog and associated on-network mechanisms for using components to create applications and transactions. Developers can set royalties for each use of a component or blueprint in a transaction. Developers can tailor their royalties to suit the nature of what they build and how they expect it to be used, creating decentralized on-network revenue streams and business models. The system allows for automatic and guaranteed royalty payments on a per-transaction-use basis, and updating royalty pricing is also possible. 
The Radix protocol provides a decentralized marketplace for Scrypto code, where developers can add Blueprints to the Catalog and set their own per-transaction royalties. The Developer's Guide is a front-end service that presents the contents of the Blueprint Catalog and current instantiated Components, allowing developers to discover and integrate Blueprints into their own development. The Radix Foundation is currently developing the Radix protocol as a fully open-source code base and is committed to supporting developers at all levels.
The RADIX token, XRD, is the native token of the Radix Public Network. It has two primary uses: staking and transaction fees. As the base currency of the Radix Public Network, XRD could also be used by any Dapp within the Radix DeFi ecosystem. For example, it could be used as collateral in a lending protocol or as an intermediary facilitating exchange between other tokens. 
XRD is a fundamental part of Radix's Delegated Proof of Stake (DPoS) system, which uses XRD to secure the Radix Public Network against a type of attack known as a Sybil attack. XRD token holders vote on which validator nodes they would like to participate in consensus by delegating tokens to them. Stakers earn network emission rewards, and the top 100 validator nodes with the most delegated stake are chosen by the Radix Protocol as its validator set. The limit of 100 validators is expected to be removed, allowing for an unlimited number of validators, as part of the Radix Xi’an release. 
XRD is also used to pay transaction fees on the Radix Public Network, primarily to prevent spam transactions across the network. 100% of all transaction fees are burnt, i.e. the tokens used to pay the fee are destroyed by the Radix Protocol. 
XRD has a maximum supply of 24 billion tokens. At genesis, 12 billion XRD tokens (50%) were issued as follows: 
- 642 million XRD (2.7%) was allocated to members of the Radix Community who purchased XRD tokens at a price of $0.039 in the October 2020 Token Sale.
- 3,000 million XRD (12.5%) was allocated to early Radix Community members who contributed approximately 3,000 BTC between 2013-2017 to Dan Hughes who initiated the theoretical development of the Radix project.
- 200 million XRD (0.8%) was allocated to participants of the Liquidity Mining Program that took place between November 2020 to May 2021.
- 2,400 million XRD (10.0%) was allocated to RDX Works Ltd, which has funded and developed Radix technology since 2017 until the present day.
- 2,158 million XRD (9.0%) was allocated to Radix Tokens (Jersey) Limited, which is a wholly-owned subsidiary of the Radix Foundation.
- 600 million XRD (2.5%) was allocated to Radix Tokens (Jersey) Limited to fund grants to bootstrap the development of dApps and more on Radix.
- 600 million XRD (2.5%) was allocated to Radix Tokens (Jersey) Limited as a network subsidy.
Of these, 9.6 billion XRD tokens are fully unlocked and circulating, and 2.4 billion XRD tokens are indefinitely locked in the stablecoin reserve. The remaining 12 billion XRD tokens are minted by the Radix Protocol as network emission over an approximately 40-year period (300 million XRD per year) to serve as an incentive to stakers and validators in securing the network. 
e-Radix (EXRD) is a cryptocurrency and ERC-20 token that was launched in November 2020. It represents Radix's utility token XRD in Ethereum's DeFi ecosystem and is swappable for XRD. Its launch was part of a strategy to decentralize the Radix Public Network by distributing tokens widely before staking began under the Delegated Proof of Stake system. 
The release of Olympia marked the initial version of the Radix Public Network. Olympia introduced the native RADIX (XRD) token and established the foundational technology stack for Radix and Decentralized Finance (DeFi). 
The Olympia release included essential components that formed the core of the Radix ecosystem. It provided functionalities for token creation, transfer, and staking on the network. Olympia utilized an unsharded version of the Cerberus consensus algorithm, delivering a minimum throughput of 50 transactions per second, surpassing Ethereum's capacity by 3.5 times. These capabilities served as the foundation for future releases, ultimately leading to the Xi'an release, which aimed to achieve unlimited linear scalability through fully sharded Cerberus. 
Components of Olympia The Olympia release encompassed several components that played vital roles within the Radix ecosystem: 
- Radix Node software: Implemented the core Radix protocol, including Radix Engine v1 and unsharded Cerberus consensus. This software allowed individuals to operate nodes on the network.
- Radix Engine v1: The initial version of Radix's Ethereum Virtual Machine replacement. It served as a highly efficient and secure execution environment for testing the security and reliability of the system before adding further complexity.
- RADIX (XRD) token: The native token of the Radix network. XRD tokens could be staked for network security and emissions rewards, as well as used for transaction fees. eXRD tokens acted as a bridge to the Ethereum DeFi ecosystem, allowing for conversion between eXRD and XRD at a 1:1 ratio.
- Simple Token Creation: Radix Engine v1 enabled the creation, naming, minting, burning, and transacting of new tokens via the JSON-RPC Radix Node API. This feature provided flexibility for token issuers to represent various assets on the Radix Public Network.
- Radix Wallet: The initial release of the native Radix Wallet application, supporting easy in-wallet delegated staking. The wallet was compatible with any token issued on the Radix network and available for Windows, MacOS, and Linux, with future integration planned for Ledger Nano S.
- Radix Explorer: A website allowing users to explore the state of the ledger, including transaction details, wallet balances, and a list of active validator nodes eligible for XRD staking.
- Instapass: Radix's unique single sign-on approach to optional KYC/AML compliance for DeFi. Initially supporting Radix services such as Instabridge, it aimed to provide compliant and permissionless financial services for developers on the Radix network.
- Instabridge: Scheduled for launch on August 5th, Instabridge served as an easy-to-use token bridge connecting Radix with other networks, beginning with Ethereum. Initially, it facilitated the swapping of eXRD for XRD tokens on a 1:1 basis, with plans to expand support for additional tokens and networks in the future.
In December 2021, Radix launched Alexandria, introducing Scrypto and Radix Engine v2, offering developers a new smart contract development experience. With Scrypto tools, developers could build and run DeFi dApps, addressing the limitations of existing smart contracts. 
Alexandria provided an early release of Scrypto and associated tools, available on the Scrypto Github repo. Scrypto, based on the Rust programming language, offered asset-oriented features for writing smart contracts. The release included a simulator environment, enabling developers to build, test, and iterate Scrypto code on their local computers. It allowed code deployment to a simulated ledger and featured a simulated Radix Engine for code execution and validation. 
Developers had access to Rust cargo files, command line tools like resim and scrypto, documentation, tutorials, and code examples. Alexandria served as a catalyst for developers to start building and testing DeFi functionality immediately, with minimal changes expected for deployment on the mainnet during the Babylon release. 
To support developers, Radix established the Radix Developers Site as a central hub for information, installation instructions, and documentation. Blog articles and the DeFi White Paper provided insights into Scrypto's importance and asset-oriented approach. The Radix Developer Program offered workshops, hackathons, and a platform for engagement and collaboration. 
Completed on September 28, 2023, the transition from Olympia to Babylon on the Radix Public Network enables mainstream-ready Web3 and DeFi experiences. Initially set for June, additional time was allocated to address potential challenges, ensuring a smooth transition and minimizing last-minute delays. This upgrade introduces smart contract functionality, asset-oriented programmability, a new execution environment called Radix Engine v2, and enhanced security for DeFi users. 
The Babylon Wallet, available for iOS and Android, offers a secure way to manage accounts, hold assets like tokens and NFTs, and log in to Web3.0 applications without passwords using Personas. It also provides a Transaction Manifest for confident transaction viewing and signing. 
Upon the enactment of this update, the network enters a state where it ceases to process new transactions, and every node within the network performs a calculation to determine the final state of the Olympia network, subsequently saving these results. Throughout this process, Babylon nodes have been eagerly anticipating this moment and consistently verifying the status with Olympia nodes. Once the state calculation reaches its conclusion, the Olympia nodes transmit the finalized state to the Babylon nodes. Following this transmission, Babylon validators, constituting over two-thirds of the staked XRD tokens, undertake the task of ingesting this state information, marking the commencement of the transition to the Babylon network. 
- Radix Mobile Wallet: A secure and user-friendly mobile wallet for managing assets and interacting with Web3.0 applications.
- Radix Connector Extension: A browser extension enabling secure connections between the mobile wallet and dApps on desktop browsers.
- Radix Dashboard: An explorer for the Radix Network and a platform for staking, unstaking, and claiming XRD from validators.
- Developer Console: Tools for developers, including package deployment, raw transaction manifest sending, and dApp definition configuration.
- dApp Sandbox: A developer tool for experimenting with requests from dApp frontends to the Radix Wallet.
RCnet is a test network that went live on March 31, 2023, which primarily focuses on providing tools and standards for developers and early integrators in the Radix ecosystem. Here are the key aspects of RCnet:
- Transaction Review in the Wallet: RCnet introduces transaction review capabilities in the Radix Wallet, allowing users to see transaction details. This feature enhances the overall user experience and transparency.
- Core API for Integrators: RCnet offers a Core API that simplifies integration for key partners like exchanges. This API helps exchanges adapt to the unique transaction model of Babylon, streamlining their integration process.
- Personas and Data Sharing: RCnet enables personas in the Wallet, allowing developers to request personal data directly from Radix Wallet users. This feature enhances user privacy and data sharing capabilities within decentralized applications (dApps).
- Radix dApp Toolkit: The Radix Connect Button has evolved into the Radix dApp Toolkit, which provides a user-friendly interface for connecting wallets to dApps. It offers features like automatic session management, tracking, notifications, data caching, and more.
- Metadata and Standards: RCnet introduces metadata standards, allowing developers to specify information about components, packages, and resources outside of code. This metadata enhances integration between on-ledger and off-ledger systems and ensures consistent data display in the Radix Wallet and other clients.
- Radix Engine Toolkit: The Radix Engine Toolkit includes updates such as a TypeScript target for frontend developers, a command-line version for Scrypto developers, and functions for integrators to handle transaction building and signing.
On July 6, 2023, RCnet v2 was launched, focusing on two phases. Phase 1 introduces the "low level" components, including the node, Radix Engine, and Scrypto, while Phase 2, brings updates to the Gateway, Dashboard, Wallets, and related tools.
- Redesigned Authentication: Scrypto now features a new and improved developer interface for specifying authentication, making it simpler and more intuitive. This update caters to various developer needs, including components with no privileged access, those with single administrators, and those with multiple actors requiring fine-grained control.
- Native Pools and Pool Units: RCnet V2 introduces native blueprints for different resource pools, allowing users to contribute resources and receive corresponding "pool unit" tokens. These tokens represent a user's share of the pool, enhancing the Radix Wallet's recognition of pool units and shared liquidity applications.
- Improved Handling of References: The update makes it easier for developers to interact with components and resources outside their blueprint code. This improvement simplifies interactions between multiple components and resources, resulting in more straightforward code.
- Fee Table Adjustments: The fee table has undergone its first significant update, with relative costs of operations now tuned for better efficiency. Further adjustments, including storage costs and real XRD rates, are under consideration.
- Additional Features: RCnet V2 also includes various smaller additions, such as runtime cost tracking, human-recognizable transaction IDs, royalty settings, custom error messages, and more.
Phase 2 of RCnet V2 launched on July 26, 2023, bringing new preview versions of the Radix Wallet for Android and iOS, an updated Gateway and Dashboard, developer tooling enhancements, and the Radix Off-Ledger Authentication (ROLA) system.
- ROLA Support: ROLA allows off-ledger systems to prove control of on-ledger components without submitting transactions. This enables secure Single Sign-On for Web3 apps and proof of ownership for accounts and assets.
- Wallet Updates: Updated developer previews of the Radix Wallet for iOS and Android include Persona improvements, ROLA support, and in-app transfers of tokens and NFTs.
- Connector Extension Tweaks: The browser extension for desktop-mobile Wallet communication has been refined, addressing multiple connection issues and offering system notifications on Windows and Mac.
- dApp Toolkit Overhaul: The Radix dApp Toolkit presents a revamped √ Connect button for easy integration with various website styles, supporting ROLA requests. Compatibility with RCnet V2 is ensured.
On August 31, 2023, Babylon RCnet v3 was launched, serving as the final major test network release before the mainnet Babylon upgrade. In RCnet v3, not much changed for consumers, as the primary focus has been on stability and minor adjustments. This release included new preview versions of the Radix Wallet and compatible versions of various developer tools. For Scrypto developers, a new unit testing framework has been introduced to facilitate faster test creation for specific scenarios without the need to describe entire transactions. Decimal-related types for fixed precision math have also been improved to support real-world use cases and ensure proper handling of potential overflow situations. 
In July 2020, Radix partnered with ExpoLab, a data platform that studies and develops real-time transactional and analytical processing of distributed ledger technology (DLT). The partnership aimed to develop and verify a fast and secure fabric for financial transactions using Radix's platform built for fast and secure large-scale financial transactions on an open, permissionless network. Radix planned to validate the design of their Cerberus DLT consensus protocol with rigorous academic proofs, while ExpoLab could refine its tools and apply its knowledge to a real-world system. 
Object Computing and Noether
On August 13, 2020, Radix DLT announced a partnership with Object Computing and Noether DLT to develop an Ethereum-based smart contract platform for the Radix ledger. Object Computing provided consultation and custom smart contract development for enterprise customers, support the onboarding of new businesses and decentralized applications into the Radix ecosystem and developed enterprise-centric features for the Radix ledger software. Noether DLT's platform provides an extensible layer for Ethereum, EOS, and other smart contract systems to run on Radix. The partnership aimed to allow Ethereum DApps to migrate to the Radix ecosystem with minimal effort while providing them with the versatility of Ethereum smart contracts at the speed of Radix. 
On August 18, 2020, Radix announced its partnership with Ren. The partnership aimed to bring a fully decentralized wrapping solution to Radix through RenVM, which allows native assets to be locked and corresponding "wrapped" tokens to be minted on other public ledgers without centralized counterparty risk. The integration of RenVM helps Radix move closer to enabling seamless bridges between the Ethereum and Radix DeFi ecosystems, which will reduce fees and increase liquidity. 
"We are thrilled to be starting the work of integrating RenVM into the Radix public network, providing another low-friction bridge into the Radix ecosystem. Today, there are over $250Bn of crypto assets, with most of them locked out of DeFi. Ren’s innovations allow us to start unlocking that value, while retaining the trustless and permissionless nature of the underlying assets. We’re very pleased to be working with them to bring these assets to the Radix ecosystem as well." - Piers Ridyard, CEO of Radix.
On August 26, 2020, Radix partnered with Argent, a non-custodial decentralized cryptocurrency wallet, to offer a seamless mobile experience for all Radix token holders. Argent's mobile wallet provided Radix token holders with an easy and secure way to hold their tokens, as well as instant access to the DeFi universe, including one-click liquidity deployments to Uniswap, Kyber, and other platforms. Radix's ERC20 token became available on Argent's wallet, making it easier for users to access DeFi applications.
In October 2020, Radix partnered with Chainlink to integrate its oracle network into the Radix Public Network. This partnership aimed to provide developers and users of the network access to high-quality, secure, and accurate off-ledger data for creating innovative DeFi products. Radix created a new form of smart contracts called "components," making it easy for DeFi applications to be developed and deployed. Radix integrated Chainlink's widely-used price feeds, which are sybil-resistant, decentralized, and provide high-quality price data from premium off-chain aggregators. The integration started by adding two modules to the Chainlink Node software and creating the native Radix smart contracts needed to make Chainlink data available on Radix. 
On February 11, 2021, Radix announced it has partnered with Aave, Chainlink, Messari, mStable, and more to launch GoodFi, a non-profit initiative aimed at accelerating the adoption of decentralized finance (DeFi). GoodFi's goal is to get 100 million people to invest at least $1 in DeFi by 2025. 
On April 20, 2023, LayerZero announced its integration with Radix after the Babylon upgrade, enabling seamless cross-chain communication within the Radix ecosystem. LayerZero's blockchain messaging protocol connects over 30 blockchains, empowering developers to create interoperable dApps and fostering a unified digital asset ecosystem. This partnership aims to enhance user experience, expand the range of services and assets available to Radix users and developers, and contribute to the growth of a unified Web3 ecosystem. 
"Our mission is to make crypto accessible to everyday users. With the Radix platform being integrated with LayerZero, it is taking a significant step forward in achieving that goal. This integration will not only enhance the user experience on the Radix public ledger but also showcase the true potential of cross-chain interoperability." - Radix Tokens Jersey Director, Piers Ridyard
In July 2020, Radix raised $4.1 million in funding from London-based seed-stage VC LocalGlobe and TransferWise co-founder Taavet Hinrikus. With the funding, Radix focused on lowering adoption barriers and increasing on-ledger liquidity, providing a “frictionless access, liquidity, and programmability of any asset in the world.” 
In October 2020, Radix raised $12.7 million through a public token sale to support the development, growth, and decentralization of its platform for building and deploying DeFi applications. The sale saw participation from 652 contributors across 67 countries, subject to strict KYC/AML requirements and a minimum purchase of $5,000. The funds were aimed at incentivizing participants and ensuring sufficient decentralization of the public network. 
In March 2023, Radix raised $10 million in funding ahead of the introduction of its Babylon mainnet, which would enable smart contract capability on the Radix network for the first time. The funding round was led by investment firm DWF Labs, which has been investing heavily in the blockchain space recently, and gives Radix a valuation of $400 million. One of Radix's main goals is to mitigate the risk of hacks in decentralized finance through its Scrypto smart contract language, which provides developers with a tool for creating assets and setting rules for transactions. The Radix blockchain has over 50 projects building on it, offering trading, saving, lending, gaming, NFTs, and wallets. 
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