Securing the Layer One X ecosystem through MainNet Beta

The MainNet Beta period will run until April 2024 and is broken down into 2 phases establishing the progression of the development and security of the protocol.

In each phase, the development and security of the protocol will grow and add value to the protocol and its ecosystem. This will create a much more robust ecosystem for Layer One X at the full MainNet launch in April 2024.

MainNet Beta Phase One:

Ends 30th September 2023:

Claiming L1X Coins in August 2023

Coin generation and distribution will occur following the creation of the genesis block.

Once the L1X Wallet has been configured, users will head over to the Layer One X Website and connect a Wallet to claim coins (Detailed instructions will be released before the coin generation and release). This will allow users to claim their coins into a user’s wallet, which will then be ready to be staked at the Protocol Level.

Allocation-based vesting starts from the Genesis block, which is at the start of Mainnet Beta. Public sale tokens will also be available at Genesis block. See page 91 of the Whitepaper for more info - https://docsend.com/view/yxxumg97x5mzv77v

Start Building on L1X

Release of Smart Contract Standards and Interfaces that will allow developers, projects, and Web3 participants to start building custom contracts, deploy on the protocol and interact with Layer One X.

Smart contracts include Fungible and non-Fungible contracts, staking, swapping, lending and borrowing, tokenization of assets (NFT) and cross-chain contract hosting (for example, sale and leasing), and Health based smart contracts on a cross-chain level.

Documentation around Smart contract Interfaces, standards, configurations and developer documentations will be released that will allow developers to create an account in the developer portal and get their custom APIs to connect to the protocol. Detailed information and instructions will be released prior to the launch of Mainnet Beta.

Release of pre-compiled SDKs that will have integrated smart contracts primarily focussing on L1X Wallet and DeFi.

The Developer Portal that is already available will be hosting development documentation and tutorials on building with the Layer One X protocol with information on smart contracts, SDK, wallet, and improvements.

The Layer One X Explorer will be available to check the transaction information, block production, and network statistics between March and April 2024.

Launch of the L1X Wallet and Adoption

Release of L1X Wallet SDK that will allow the developers to use the library to send payloads to the protocol.

The L1X Wallet Google Chrome Extension will allow users to create Layer One X accounts and interact with smart contracts that are provided by the protocol and the applications that are built with and upon the protocol.

Users can use L1X Coins as Transaction Fees via the L1X Wallet on the Layer One X Network only for the Mainnet Beta Phase. P2P transfers of L1X Coins will be available in Q4 2023.

• An on-ramp option is proposed for Q3.
• You will have the ability to view your Full Validator Node NFT in the L1X wallet.

All contributors in the Public Sale that purchase 2,000 L1X Coins or more will receive early access to the L1X wallet (registration still required) and early access to P2P functionality.

Phase One of acquiring L1X Full Node hosting NFTs

The protocol will launch with boot-up nodes and genesis block that will enable transactions, block creation, and accounts to update the state of the decentralized database.

The protocol will be launched with an initial set of boot nodes that will be divided into Event Listener (type two node), Transaction Execution (type one node), and Signing-Broadcasting Nodes that will set the genesis block and at this stage; the network will be updated and upgraded only through system accounts regularly.

The L1X Node containing the Virtual Machine, Clustered Database, Discovery, Communication, and other services will allow developers to connect to the nodes, deploy contracts and allow interactions with the protocol.

During the Mainnet Beta Phase, One Public Sale period, Full Validator Nodes (FVN) and Event Listener Nodes (ELN) NFTs will be available. These NFTs will give the holders the right to run a node on the protocol. The number of nodes available to run will be capped in the first 12 months of the protocol.

Full Validator Node NFTs (type 1 node)

The minimum amount of Coins needed to host a Full Validator Node (type one) is 50,000 L1X Coins. This allows users to participate in the Consensus Mechanism. To host a FVN users must have a FVN NFT which can be obtained by those who acquire at least 50,000 Coins in the Public Sale. These contributors in the Public Sale will have the option to lock these 50,000 L1X coins to receive the minted Full Validator Node NFT.

Event Listener Node NFTs (type 2 node)

The minimum amount of Coins needed to host Event Listener (type two) is 10,000 Coins. This allows users to participate in the Consensus Mechanism. To host an ELN users must have an ELN NFT, which can be obtained by those who acquire at least 10,000 Coins in the Public Sale. These contributors in the Public Sale will have the option to lock these 10,000 Coins to receive the minted Event Listener Node NFT.

More information on the Full Validator Nodes, the Event Listener Nodes, and the associated NFTs will be released by the 1st of August 2023.

Participate in the Distribution of Network Activity Fees

There are two ways to participate in staking at the “Protocol Level.”

1. Hosting a FVN (Phase two Mainnet Beta)
2. Participating in the “Protocol Level” by delegated staking. (Phase one MainNet Beta)

For users wanting to stake Coins to a FVN, the minimum number of Coins that will be needed to stake into the liquidity pool at the Protocol Level is 100 L1X Coins. These L1X coins will be delegated to a FVN.

You will be able to delegate to stake your Coins to the full validator nodes shortly after the MainNet Beta launch. A “how to” of this process will be released in mid-August to ensure users understand the process.

Approx 10,000,000 Coins have been allocated for validator staking rewards during the MainNet Beta phase in addition to any transaction fee distribution generated on the protocol.

Launch of the L1DeX

Smart contract interfaces with the required methods and events will be provided to the developers to build their first Layer One X and X-Talk Smart Contract.

Launch L1DeX that will allow users to interact with MainNet Beta-ready smart contracts.

L1DeX will be the first DeFI project on Layer One X that will use the Layer One X DeFi SDK, allowing users to native and cross-chain stake, swap, lend and borrow with configurable Balancer Pools.

More information about the L1Dex will be available in their upcoming Litepaper.

Progressive Development, Scalability, and Security of the Protocol -

All of the items mentioned in Phase One of MainNet Beta contribute to the ongoing development, scalability, and security of the Layer One X protocol. The Layer One X team is committed to the long-term future of Layer One X.

Protocol Testing is an ongoing activity being conducted by the team at Layer One X, which will include all the components of Layer One X being tested and monthly reports being released up to the full MainNet launch currently scheduled for March 2024. These will be publicly released and contain Layer One X protocol updates and performance improvements.

MainNet Beta Phase Two:

1 October 2023 to April 2024

Continue Building on L1X

Launch pre-compiled SDK’s that will have integrated smart contracts primarily focussing on enabling Gaming and Healthcare capabilities.

The L1X ID will allow for account abstraction and securely hold your personal details, with built-in privacy.

There will be continued integration of additional L1X ID SDK capabilities. Further information will be released over the coming months.

Multi-Smart contract interfaces will be released that will focus on using multi-method and events structure for DeFi projects to “Plug and Play” with configurational options. This will provide and bootstrap multiple contract benefits from a cross-chain perspective.

The implementation of private networks, suitable for private or public sector use, further information to follow.

Increased L1X Wallet Adoption and utility

Ability to see the details of the L1X contract ID via the wallet experience. Enabling interaction with the L1X Smart Contract that enables permissions for other accounts.

During this phase, there will be the ability to customize the wallet experience including the integration of accounts and addresses into the wallet experience.

Launch of the full node hosting

Node NFTs holders will be able to start hosting Nodes in January 2024

Information about hosting Full Validator Nodes and Event Listener Nodes will be available in Q4 2023.

Information on the technical and hardware requirements and rewards will be released on August 2023.

Staged Public Sale

The Public Sale is planned to be conducted in two phases.

1. 50 million L1X Coins to Raise US$25 Million at 50 cents per L1X Coin (Phase One)
2. Phase Two probable raise of around US$50 Million capped at a total of 100 million L1X Coins for Phase One and Phase Two combined.

P2P trading

The ability to trade L1X Coins via Peer to Peer (P2P) trading will be available in Q4 2023. Access to P2P trading will be released in stages, commencing on a date determined by the Layer One X Foundation.

• Stage one will start in the first week of P2P trading and will be restricted to early investors and private sale contributors.
• Second-stage access will start in the second week and will be restricted to early investors, private sale contributors, and those who purchased 2000 L1X coins or more in the public sale.
• From the third week onwards, access will open to all.

Further details regarding P2P trading will be released in the latter part of Q3 2023.

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