Introducing Layer One X. The first interoperable blockchain built to make multichain technology & decentralized networks accessible to everyone.
TLDR: Layer One X — built to address the Blockchain trilemma of Scalability, Security and Decentralization, while also achieving cross chain Interoperability.
Blockchain technology has the potential to revolutionize many industries, however adoption has been slow due to challenges with scaling, decentralization, interoperability, and security. These challenges are known as the “Blockchain Quartet”.
Layer One X provides a solution to address these challenges by providing scalable, decentralized interoperability across different blockchains, including EVM and Non-EVM. We have made significant progress in our mission to create a decentralized, permissionless, and secure network that enables micro-validation and tokenization. With Layer One X, we believe we can overcome the current barriers to the widespread adoption of blockchain technology.
An example of problems with Interoperability in DeFi and how L1X seeks to solve: The Trading Volume to Total Value Locked in Bridges are less than 5% compared to more than 200% efficiency on DeX’s. Bridges have reduced transaction security and increased transaction fees, by having to change consensus to consensus for them to function. L1X combines Token creation, Smart contract Consensus and Interoperable Consensus into a single protocol with its unique “Get Decentralized as you go” Proof-of-Participation Consensus.
A new paradigm of scalability and interoperability
Layer One X (L1X) is a state-of-the-art blockchain that introduces a new paradigm shift in how we address the QUARTET of scalability, decentralization, interoperability and security. L1X achieves all four without compromising either. Additionally, L1X has been designed using the following principles:
The solution should be democratic and applicable to:
- Any blockchain network — public, private, or hybrid
- Any industry use case — Micro Payments, Financial Services, Supply Chain and Logistics, Healthcare, Government etc.
- The solution should enable new blockchain capabilities and be able to implement industry use cases using existing layer 2 technologies without the current limitations.
With these design principles, L1X offers the following prominent features.
The Layer One X infrastructure platform values decentralization, security, scalability & interoperability.
Decentralization: L1X provides decentralization in a true sense without any control of mining pools or token holders on the L1X blockchain. This is achieved by a hybrid consensus mechanism called Proof of X (PoX) that is a combination of proof of stake for Full Nodes and Proof of Validation for mobile-enabled transaction validation. More than 10,000 combined nodes (devices) would serve as validators in the L1X network from its launch.
Security: A high level of security is provided by employing an innovative Proof of X-based consensus mechanism and an innovative integrity-based validation process that includes an integrity mechanism in case devices drop off the network.
Scalability: Leveraging the benefits of validation using mobile devices, L1X offers a highly scalable network with fast confirmation and high throughput. L1X aims to achieve a transaction speed greater than 100,000 transactions per second from launch. The L1X network creates blocks in less than 500 milliseconds. The L1X network offers negligible transaction cost to finality i.e., less than $0.00001.
Interoperability: L1X enables the ability to exchange value across blockchains using a single protocol. L1X is designed to be democratic and applicable to any type of blockchain network (public, private, or hybrid) and any industry use case, including Financial Services, Supply Chain and Logistics, Healthcare and Government. The Interoperability of L1X benefits from a security layer as the base layer whilst still allowing developers and projects to customise their consensus architecture if required.
To date, L1X is targeting interoperability with Non-EVM and EVM-compatible blockchains such as Ethereum, Binance, Avax, Matic, Arbitrum, Fantom, Optimism and Solana with more chains being continually added as development progresses, like Bitcoin in Q2 2024.
Layer One X allows all chains to work interoperably, with the vision to unite the power of all blockchains to make them accessible to everyone.
The L1X protocol can democratise access to financial services by allowing people to spend a range of cryptocurrencies with merchants, ranging from high-value payments to micro-payments. This has the potential to create economic opportunities for those previously excluded from the traditional financial system to help reduce global poverty and create a more equitable world.
Migration: L1X provides the ability to migrate using smart contracts and describe business rules. Developers can easily take advantage of L1X’s capabilities through API’s or can build smart contracts on it with Rust and Javascript. L1X is also EVM Compatible allowing developers and projects to migrate their EVM project immediately and leverage the benefits of low fees, fast transactions and its interoperability feature. Businesses can easily reduce heavy upfront and maintenance costs without exposing how this is achieved, reducing the ability for hackers to exploit vulnerabilities.
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