The blockchain technology market has grown progressively, and this revolutionary technology’s future is undoubtedly bright. According to a publication by Fortune Business Insights, the blockchain market was worth $4.67 billion in 2021 and valued at $7.18 billion in 2022. The report further projected that the market will hit $163.8 billion by 2029 at a compound annual growth rate of 56.3%. However, industry experts say the mainstream adoption of blockchain technology will greatly depend on the different chains’ interoperability.
Layer One X (L1X), a permissionless, decentralized, and scalable blockchain protocol, has turned the tide on interoperability challenges. On March 3rd, 2023, Layer One X became the first blockchain protocol to successfully achieve a decentralized transfer of crypto assets between an Ethereum Virtual Machine (EVM) and a non-EVM chain. The achievement is a huge milestone for cross-chain interoperability. It will undoubtedly pave the way for new possibilities for developing more connected and innovative decentralized applications. The L1X blockchain will officially launch in August 2023.
Overview of Layer One X Blockchain
Layer One X is a decentralized blockchain protocol designed to provide arguably the fastest and most efficient cross-chain interoperability, speed, scalability, and security. The blockchain is also designed to enable micro-validation and tokenization. With the architectural design of the L1X chain, developers and users alike can seamlessly move crypto assets, data, tokens, etc., across chains securely and at an affordable rate. The L1X virtual machine on Rust can execute over 100,000 transactions in a second, with lower transaction fees.
L1X’s decentralized cross-chain asset transfer solution has created a safer, cheaper, and faster alternative to bridges. It has made cross-chain asset transfers readily accessible and seamless for both developers and end-users. The successful decentralized transfer of assets from an EVM chain to a non-EVM chain and vice versa by L1X has afforded developers the opportunity to build more interoperable applications that work efficiently across different blockchain protocols.
Security-wise, L1X is protected by mobile proof-of-participation and proof-of-consensus. The blockchain deploys zero-knowledge proof to validate fast transactions without mining or specialist hardware. Additionally, any smart device can participate in the decentralized consensus mechanism.
L1X Architectural Design
The L1X chain comprises initiators, validators, and constructors. Initiators are the nodes that introduce the transactions into the Layer One X network. Their job is to ensure the basic validation for compulsory information before forwarding the transaction for validation. On the other hand, the validators are nodes that can validate the transactions based on account state history. Within the L1X ecosystem, active mobile devices possessing limited resources are effectively utilized to fast-track the transaction validation process. The constructors are nodes saddled with the responsibility of synchronizing the global state and creating blocks. For fast and secure transaction validation, the L1X chain creates a minimum of 4 groups of nodes, and the count is directly proportional to the number of active nodes within the network. For more details on the architecture of L1X, visit the project whitepaper.
Conclusion
Layer One X is undoubtedly in the prime position to champion the next phase of blockchain technology, especially in terms of the interoperability of chains. By delivering on all four of the “blockchain quartet” of scalability, interoperability, decentralization, and security, while ensuring the integrity of its system, the future looks great for both L1X and the blockchain industry. You can visit the website for more information and updates on the upcoming launch and investment opportunities.
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