Blockchain interoperability is one of the most important goals to keep the industry viable. Seamless communication between chains and the flow of value are essential for efficient transactions and use cases. By solving the problem of layer 1 network fragmentation, the blockchain industry can improve the user experience, unlock new collaboration opportunities, overcome speed and scalability limitations, and accelerate the adoption of the technology across all major industries.
The Problem of Internet Solutions
Although blockchain market participants have long recognized the importance of interoperability, we still do not have decentralized systems that can work together smoothly, securely and on a large scale. Today, cross-chain communication relies on intermediate platforms such as bridges.
The problem is that bridges have proven to be the weakest point of security in the entire blockchain space. Last report from Chainalysis shows that 2022 was the worst year for cryptocurrency hacks, with cross-chain bridges accounting for about two-thirds of all stolen cryptocurrencies or assets worth about $3.1 billion. The report noted, “A more desirable bait could hardly be imagined. If a bridge gets big enough, any bug in its underlying smart contract code or other potential weakness will almost certainly end up being discovered and exploited by attackers.”
Achieve interoperability without sacrificing security
Communication between networks is too important to be neglected just because of security risks. Fortunately, some solutions provide blockchain interoperability while eliminating intermediaries such as bridges. One of the best examples is Layer one X (L1X), a layer 1 decentralized network providing unrivaled interoperability and scalability without sacrificing security.
L1X eliminates centralized players and the need to trust a central point of failure such as a bridge. This makes interconnection faster, safer and cheaper.
The goal of L1X is to unify all blockchains and unlock their full potential by providing decentralized multi-chain interoperability available to all users. Its own virtual machine (L1X VM) is compatible with Ethereum virtual machine (EVM) smart contracts, allowing it to connect chains that account for more than 80% of total value locked (TVL) on decentralized finance (DeFi) protocols. These include EVM and EVM-incompatible chains such as Ethereum, Solana, Binance, Polygon, Avalanche, Arbitrum, and Optimism. L1X will continue to expand its network by opening up additional chains to make Web3 more accessible and less fragmented.
L1X focuses on a proprietary universal messaging and protocol standard for triggering events between blocks for multiple assets and functions. For example, users can lock NFTs on one blockchain and borrow on another using the L1X virtual machine.
The L1X VM also allows you to directly develop your VM for scalability and security, and the plan is to make it Turing-complete.
While previous decentralized networks have puzzled over solving the blockchain trilemma, L1X focuses on what it calls the “blockchain quad”, achieving all four critical elements of a decentralized network without compromise: interoperability, decentralization, scalability, and security.
L1X has partnered with Prysm Group for tokenomics and is designed with scalability and speed in mind. The network is working towards reaching 100,000 transactions per second with almost instantaneous block creation. Blockchain not only provides interoperability, but also aims to make the world’s 8 billion smart devices work for micro-verification. L1X integrates a unique hybrid consensus mechanism that provides fast confirmation and higher throughput. L1X combines proof-of-stake with chipset-powered devices as democratic validators to enable decentralization and ensure full node accountability.
L1X allows chains to connect through decentralized interoperability and seeks to cooperate rather than compete with other blockchains. Thus, the crypto market becomes less fragmented, and all blockchains and DApps can scale and reach their full potential. Moreover, Layer One X keeps closed sale round with the aim of providing equal investment opportunities to all investors.
L1X’s vision is to put Web3 users first and then allow protocols to be built around their needs. Thus, Web3 users can easily use all protocols on L1X through a single wallet, including the ability to store medical records, assets, and more on the network.
Blockchain Interoperability as a Catalyst for Mainstream Adoption
By achieving blockchain interoperability, the technology could accelerate mass adoption across all industries.
Because Layer 1 networks operate independently of each other, it is difficult for individuals and businesses to take advantage of the features offered by each network. When a higher degree of interoperability is achieved, users will not have to use multiple wallets and cryptocurrencies to interact with each individual network.
Interest in integrating blockchain solutions is at an all-time high and interoperability is critical to ensure mass adoption.
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Credit : cointelegraph.com
