Introducing Layer One X — the interoperable blockchain built to make multichain tech & decentralized networks accessible to everyone. Our layer-one infrastructure platform values decentralization, security, scalability & interoperability. Build on L1X and Interoperate at the same time.
TLDR: Introducing 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, but adoption has been slow due to challenges with scaling, decentralization, interoperability, and security. These challenges are known as the “Blockchain Quartet”.
Layer One X is a solution that aims 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.
With Layer One X, we believe we can overcome the current barriers to widespread adoption of blockchain technology.
Example of Problems with Interoperability in DeFi and how L1X wants 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 increases transaction fees by having to change consensus to consensus in order 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 of scalability and interoperability. While encountering the QUARTET of scalability, decentralization, interoperability and security L1X achieves all three without compromising either. Additionally, L1X has been designed with the below principles:
The solution should be democratic and applicable to:
- Any blockchain network — public, private, or hybrid
- Any industry use case — Financial Services, Supply Chain and Logistics, Healthcare, Government etc.
- The solution should enable new blockchain capabilities and industry use cases to be implemented using existing layer 2 technologies without the current limitations.
With these design principles, L1X offers the below-listed prominent features.
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 mechaism called proof of participation 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 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 Participation based consensus mechanism and an innovative integrity-based validation process that includes mechanism to integrity incase devices drop off the network.
Scalability: Leveraging the benefits of validation through 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. Interoperability at L1X benefits from one security layer as the base layer and still allowing developers and projects to customise their consensus architecture if they need to.
To date L1X is targeting interoperability with Solana and EVM-compatible blockchains such as Ethereum, Binance, Avax, Matic, Arbitrum, Fantom and Optimism with more chains continually added as development progresses.
The L1X protocol can democratize access to financial services by allowing people to spend a range of cryptocurrencies with merchants, big and small. This has the potential to create economic opportunities for those previously excluded from the traditional financial system & can 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 they do it.
Benefits of Layer One X
- One Protocol to build interoperable tokens, NFT’s and EVM Compatibility which allows to reduce complexity, achieve low transaction fees and high scalability at the same time.
- The L1X Virtual Machine allows to migrate EVM based contracts by changing the RPC endpoints and redeploying the smart contract completely avoiding the need to re-write. New Projects can build smart contracts on L1X Virtual Machine with Rust, Javascript or Solidity.
- L1X provides one stop solution to projects that would look for separate blockchains for tokens, NFT’s, bridges and MultiChain wallets. L1X provides a cohesive technology that will allow developers and projects to depend on a single consensus mechanism and build next-gen dApps.
- L1X DeX, built on L1X provides MultiChain wallet and MultiChain token and NFT access that will reduce the learning curve for new dApps users. The possibility of building dApps on L1X are endless.
- L1X Consensus is built to be stable, secure and scalable while maintaining decentralisation with a first of its kind hybrid consensus called proof-of-participation that takes staking and mobile-enabled validation into its lifecycle towards finalization.
Key Benefits for Developers
- L1X and its software has an open source non-compete Foundational structure. Developers can leverage the existing smart contracts that will allow them to easily build interoperable dApps, tokens and NFT’s, MultiChain wallet applications and more using the L1X Virtual Machine at low transaction fees, high transaction speeds and the L1X single Consensus making the application more secure. The secure API structure built by the foundation will allow the developers to build dApps with 30–40% more time efficiency.
- Developers can build new smart contracts using Rust and/or Javascript using the L1X virtual machine. Because L1X is EVM Compatible, developers can migrate and redeploy existing EVM smart contracts on the platform with ease.
- Developers will be provided grants of up to $5 Million to build innovative projects on L1X or migrate existing projects. The interoperable nature of the protocol will allow the developers to increase their learning curve horizon allowing them to onboard newer and more web3 applicable projects.
- Independent Software Vendors ISVs can easily add L1X capabilities to their products to give them a competitive edge. For example, Financial Services Banking Solutions apps can use L1X to enable faster cross-border payments, without giving away the secret to their success. An other example is tokenizing SaaS products that will allow the developer teams and projects to onboard newer users that are cost and subscription conscious.
Key Benefits for Participants
- Reducing the learning curve for new and existing users on the web3 by introducing decentralized technologies built on L1X protocol such as MultiChain wallet and MultiChain DeX that will allow them to focus on the application rather than the process of using web3.
- L1X will provide low transaction fees, fast transaction speed and security to participants.
Participants on L1X can earn rewards by being a part of the protocol as L1X makes use of mobile-enabled devices for verification in a secure manner.
Secure Mobile validation on the blockchain
The consensus at L1X uses an innovative hybrid protocol which are Proof-of-Stake and Proof-of-Participation. PoS allows the network to maintain uptime and provides stability to the network. To avoid accumulation of power to the full nodes; proof-of-participation is used that will allow devices to decentralize the validation in a randomised manner.
Nodes form the backbone of the blockchain and are responsible for validating and adding blocks of information to the chain. To do this, mining or staking is used, but the process can be slow and resource-heavy.
Layer One X is engineered to allow mobile phones to act as validators on the chain, in a randomized selection, changing the paradigm for node validation and allowing for scalability. This adds speed, decentralization because anyone with a phone can participate in validation, security because the selection of those validators are at random.
Layer One X Milestones
To date all milestones on the roadmap for Layer One X have been achieved with significant milestones in sight in 2023, which are on schedule to be achieved.
At Layer One X we have achieved each milestone to date on our roadmap. We’re connecting the worlds of digital and physical, DeFi and loyalty; of buying, selling, staking and earning. Our foundational, fast and secure interoperability is made to connect.
The L1X protocol can democratize access to financial services by allowing people to spend a range of cryptocurrencies with merchants, big and small. This has the potential to create economic opportunities for those previously excluded from the traditional financial system & can help reduce global poverty and create a more equitable world.
Secure. Fast. Everywhere.
About Layer One X
Layer One X is a trailblazing blockchain platform with a bold vision of revolutionizing the decentralized landscape. Unravelling exceptional interoperability, scalability, speed, and security, we stand as the only blockchain utilizing the groundbreaking X-Talk. With two powerful virtual machines — L1X core Virtual Machine and the innovative X-Talk Virtual Machine — Layer One X enables seamless native and multi-chain transactions, interaction, authentication, and smart contract invocation and implementation within Layer One X. Experience the fastest operating system on the blockchain, where efficiency and cost-effectiveness redefine the potential of decentralized technology.
Join us on this transformative journey as we pave the way towards a decentralized future!
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