BlockX Chain
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BlockX Chain

Multichain Settlement on the BlockX Network: How it Works

The BlockX ecosystem has already established itself as the finest blockchain in the world for corporate securities issuance. Over time, the BlockX network has proven to be capable of helping institutions transform real-world assets into blockchain-backed digital tokens. That needs no further emphasis.

In this post, our focus will be on the multichain settlement capabilities of BlockX. A feature that is severely lacking among other asset tokenization chains and platforms.

What Does Multichain Settlement Mean?

For a blockchain to be labelled as capable for multichain settlement, it means that such blockchain does more than just token issuance or support token exchange. The multichain settlement encompasses transaction processing speed, message encryption capacity, and scalability. Any blockchain that supports securities issuance but struggles with any of these cannot be considered to be capable of multi-chain settlement.

BlockX MultiChain Attributes

Purpose-Specific Chain

Blockchains such as Ethereum, Polkadot, Cardano, and the likes are general-purpose chains that have scalability infrastructures and can accommodate multiple and varying kinds of projects. For this reason, on-chain throughput and protocol-specific transaction frequency vary.

As a result, processing speeds fluctuate and response time can become inconsistent. Leading to longer processing duration and costly gas fees. Overall, general-purpose blockchains do not provide the most efficient platforms for securities.

The BlockX blockchain, on the other hand, is purpose-built for securities and asset-related protocols. It supports securities tokens and is built to serve this purpose alone. Technically viable and sound for notary services, all protocols on the BlockX blockchain can be customized to the specificity of each project, leveraging BlockX for security, smart contract configuration, and timely transaction processing.

Proof of Stake Consensus

BlockX runs a Delegated Proof-of-Stake mechanism. This facilitates transaction processing and ensures proper node operation and transaction validity.

BlockX further guarantees on-chain security by ensuring that validators stake a specified amount of BCX tokens. These stakes are used as collateral within the BlockX network. Operations and management are all coordinated within the BlockX chain. In turn, the smart contracts sustain operations and control virtualized BlockX nodes.

Efficient and Scalable Chain

One of the most unique features of BlockX is that it is totally scalable and can be customized to the taste of any kind of securities-related project on the blockchain. This is how it works:

BlockX as a multichain settlement network utilizes virtualization for nodes segmentation. This ensures that varying projects on various scales can deploy on BlockX utilizing the most proportionate amount of resources that they require.

Young and emerging projects can start on a small chain, while established projects can launch on a larger scale. BlockX also ensures smooth scaling for smaller projects as they grow and seek to expand the capacity of their protocols.

You should read: How Securities on the Blockchain could Revolutionize SMEs

Highly Resilient Chain Network

BlockX chain network is run by several nodes simultaneously. Through the delegated proof-of-stake mechanism, the BlockX system is fail-safe.

The DPOS provides a system where one-fail nodes or even a handful, do not hinder the functionality of the entire BlockX ecosystem. In the event of a failed node, resources and operations are reallocated to other nodes within the ecosystem.

It is quite easy to delegate operations to other functional systems when there are multiple consensus validators working simultaneously.

Fully Customizable Chain

We already mentioned node virtualization as a key component of BlockX. This concept also helps BlockX to create a fully customizable platform for all protocols. Protocols on BlockX do not need to wait until a general network update is done before they effect solutions on their projects.

Project-specific functionalities and new services can be created into each protocol. This saves time and increases efficiency. Projects will have access to lots of protocol-enhancing tools like oracles, storage, specialized verification, and more.

All ethereum-compatible dApps and protocols can seamlessly integrate and function with Dapps on the BlockX network. As a result, multichain capabilities and cross-chain settlement can be easily implemented on BlockX.

Also read: Blockchain Solution for Central Bank Digital Currency

BlockX’s Multichain Settlement System in Practice

On-Chain Transaction

BlockX has a robust suite that permeates easy on-chain transaction processing across different securities protocols. Projects running on BlockX can seamlessly facilitate transactions on the BlockX relay, based on programmable smart contracts features that are built-in.

BlockX has the capacity to simultaneously process thousands of transactions per second across multiple hosted layer 2 securities project solutions operating on varying functions. Transaction record-keeping and chain databases are carefully stored for future reference and easy data recall.

Off-Chain Transaction

The capabilities of BlockX is not limited to on-chain actions. It also extends to incorporate off-chain functionalities. This is made possible through the BlockX dedicated Oracle that serves as the link between on-chain and off-chain data sources.

BlockX Oracle connects the BlockX core to external systems, thereby facilitating the execution of smart contracts based on inputs and outputs in the real world. The oracle provides a way where BlockX seamlessly accesses existing legacy systems, advanced computation and data sources.

Oracle creates a hybrid smart contracts environment where on-chain codes and off-chain infrastructures are combined to support protocols on BlockX to react to real-world events.

Advantages of BlockX’s Off-chain/On-chain Transaction Capabilities

Blockchain technology has shifted away from its early days. As more and more industries continue to discover its relevance to their space, there has been an increasing demand for blockchain technologies to process large amounts of transactions in the shortest time possible.

This has been a major stumbling block for early blockchains like Bitcoin and the ethereum network. BlockX is among the new generations of chains that have the capacity to complete several thousand transactions per second on-chain.

This ensures maximum security as there is no lag time. Simultaneously, it builds investors’ trust and confidence over time. BlockX’s ability to execute independent, project-specific smart contracts also builds the foundation for sustained project innovation at intervals.

Off-chain transactions on BlockX goes beyond getting information from other data sources. Its single most important value lies in the ability to keep the protocols on BlockX relevant as they are directly in tandem with information in the real world.

Our recommendation: CBDCs: The next frontier for Blockchain investment and Adoption

Participate in the Blockx End Sale Round

Following the successful completion of our Pre-Seed sale first round on Exmarket Community, we are pleased to inform you that the round is Sold Out. However, private sale round on our website is Live. We invite interested participants to check out our website to get started.

Join the sale today! To get started, follow this link

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akinremi opeyemi

akinremi opeyemi

A highly creative mind with exceptional financial market, cryptocurrency analysis, content creation/marketing, SEO and digital marketing experience