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The Jackal Protocol is a decentralized data storage platform and Cosmos application-specific blockchain designed to offer secure, efficient, and robust data storage solutions. It operates on a Proof-of-Stake consensus mechanism, ensuring scalability and stable operation. The Jackal Protocol uses the inter-blockchain communication protocol for enhanced interoperability.
The protocol utilizes its native utility token, JKL, for transaction processing, data storage fees, validator node operations, and governance votes for resource allocation within the network.
One of the key features of the Jackal Protocol is its decentralized nature, distributing data across multiple nodes in the network. This significantly reduces the risk of a single point of failure and ensures the overall integrity and availability of the data, even if one node were to be compromised.
Furthermore, the protocol incorporates advanced cryptographic techniques and employs end-to-end encryption to maintain the privacy and confidentiality of the stored data.
Overall, the Jackal Protocol provides a secure, efficient, and user-friendly platform for data storage, making it a valuable tool in today's digital age, where data security and privacy are paramount.
What is the JKL token used for?
JKL is the commodity that powers and secures the entirety of Jackal Protocol.
Transaction: Users are required to pay fees (gas) in JKL tokens for processing transactions on the network.
Accessing Storage Space: JKL tokens are used to access data storage space on the network.
Securing the Network: As the Jackal Protocol is a Proof-of-Stake (PoS) Cosmos L1 blockchain, JKL can be delegated to validators to secure the network and earn JKL rewards. Otherwise known as staking or staked tokens.
Governance: Staked tokens grant on-chain governance participation within the Jackal Protocol to vote on text, software, spend, and other governance proposals.
Incentives: JKL tokens are used to incentivize various network participants. Storage providers can earn tokens for offering their storage space, and validators can earn tokens for maintaining network security.
These functionalities make the JKL token an essential component of the Jackal Protocol ecosystem, supporting network security, governance, and economic activity.
How Many JKL Tokens Are There in Circulation?
Jackal Protocol launched its mainnet on October 27, 2022 with 100 Million JKL tokens created at genesis. Additional tokens are issued each year to support the network as block rewards, of which 40% goes to token stakers and 60% to storage providers.
Where Can I Buy JKL Protocol (JKL)?
JKL is available for trading on a growing number of decentralized exchanges, with cryptocurrency and stablecoin pairs currently available.
The Jackal Protocol stands out for several key reasons:
Decentralization and Security: Unlike traditional storage solutions, Jackal Protocol decentralizes data storage across a network of nodes. This decentralized architecture reduces the risk of a single point of failure and ensures data integrity through redundancy and automatic healing if a node is compromised.
Immutable and Verifiable: Leveraging blockchain technology, Jackal Protocol guarantees data immutability. Once a file is stored on the platform, it cannot be tampered with or altered, providing a level of data integrity that traditional systems cannot match.
Programmable Privacy: Jackal Protocol provides an unprecedented level of privacy and control over data. Its advanced cryptographic techniques ensure that only authorized parties can access the stored data, providing a unique solution for maintaining privacy in a scalable cloud environment.
Interoperability: Built on Cosmos SDK and using the Inter-Blockchain Communication protocol, Jackal Protocol can interact seamlessly with other blockchain networks, providing a high degree of flexibility and interoperability.
Economic Incentives: The protocol uses its native JKL tokens to incentivize network participants, including storage providers and validators, fostering a healthy and self-sustaining ecosystem.
Governance: JKL token holders can participate in the governance of the protocol, voting on various proposals and changes, empowering the community and promoting a democratized decision-making process.
The live Jackal Protocol price today is $0.211653 USD with a 24-hour trading volume of $41,431.96 USD. We update our JKL to USD price in real-time. Jackal Protocol is down 8.47% in the last 24 hours. The current CoinMarketCap ranking is #4160, with a live market cap of not available. The circulating supply is not available and a max. supply of 400,000,000 JKL coins.