Layer One X (L1X) now supports Ethereum Virtual Machine (EVM) compatible and non-EVM blockchains, allowing users to transfer assets without relying on bridges.
Scalability and interoperability
Many teams have tried to roll out a decentralized cross-chain interoperable project for asset transfers between projects regardless of their EVM or non-EVM structure. Until now they have failed.
Due to the siloed nature of blockchains and the barriers of cross-chain transfers, centralized exchanges have been controlling the market, being the only convenient way for users to move assets across chains.
Bridges have been another viable alternative to move assets in a decentralized manner, but it has also been a target for hackers looking to exploit liquidity pools. The constant attacks on bridges also impact the pace of crypto adoption globally as projects fear exploits and subsequent loss of funds. Bridges that have yet to fall prey to hacks usually demand high transaction costs for complicated asset transfers.
Layer One X is building an alternative. The cross-chain layer-1 platform was created with the “Blockchain Quartet” of interoperability, decentralization, scalability, and security without sacrificing the integrity of its structure while enabling cheap and secure asset transfer.
Layer One X allows for greater capacity with fewer integrations
L1X is currently conducting a private round sale which will end on Mar. 31, 2023. Afterward, the platform will launch at scale in August 2023.
The platform aims to innovate and release a solution that allows blockchains to communicate and users to transfer assets. In this way, its creators hope to open up new possibilities for revenue streams and business models.
By connecting decentralized applications (dapps) and blockchains, L1X technology could become a game changer, accelerating crypto adoption. This is because its solution aims to remove the need for vulnerable bridges, reducing the frequency of web3 hacks and loss of assets.
This would increase user reliance on crypto projects. L1X is designed for scalability and speed. Also, with its hybrid consensus mechanism, it can achieve up to 100,000 transactions per second (TPS).
The platform also has a micro-validation design that allows it to utilize millions of smart devices to improve its confirmation speed. The architecture also leverages the speed and security of smart devices to reduce barriers to entry which typically slow down mass adoption.
With secure interoperability, developers can build dynamic smart contracts on L1X.VM or EVM. Meanwhile, end users can access a large pool of assets, providing more options. This, in turn, increases capital efficiency and higher capabilities to easily move data, digital assets, content, and tokens across chains, securely and at low cost.
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This article has been originally published at: https://crypto.news/layer-one-x-achieves-cross-chain-capability-to-drive-blockchain-interoperability/