After giving a presentation on the current state of decentralized finance (DeFi) and the steps that need to be taken to improve it on December 8, Radix announced its plan and vision for payments with the launch of its mainnet, Babylon, which is expected to take place in June of next year. CEO of Radix DLT, Piers Ridyard, noted that decentralized finance always leaves you worrying whether your money, especially given the industry’s $6 billion smart contract hacks labeling crypto, DeFi, and Web3 as currently just ‘a big glorified tech demo,’ however he highlighted that ’Radix technology stack works together to create a platform for radically better Web3.’ Cerberus is the Radix consensus algorithm, and Ridyard defines it as the world’s first consensus algorithm that does not break atomic composability as it scales.
Web3 potential
The RDX Works team has worked to provide users with genuine decentralization as well as a user experience that is just as secure and straightforward as what they are used to in conventional forms of financial transaction processing. CPO Matthew Hine gave an example of utilizing the wallet with the game ticket at a basketball match, purchasing products, and applying discounts:
Radix Babylon
In particular, Radix is slated to become the first DeFi network with a comprehensive technological stack with the next Radix Babylon mainnet upgrade, allowing for a mainstream-ready user experience, which will be delivered in the form of the Radix Wallet. What’s more, the CEO of Radix DLT noted: Meanwhile, Babylon mainnet ships in Q2 2023, which is ‘when the current running Radix public network gets upgraded to include the full power of the Radix Engine, Scrypto, and the Radix Wallet.’ When the Web3 ecosystem on Radix goes live, users, assets, and decentralized applications (dApps) can begin flowing into the Radix public network. Watch the full video:
