Blockchain technology has grown to become one of the most important and pivotal pieces of technology in the world. For years, developers have continued to make progress with optimizing the functionality of blockchains and ensuring that everyone - from cryptocurrency investors to others who simply want to use blockchains - is able to do just that.
Interestingly, there are now several blockchains available in the world. Many of these serve specific purposes, with all promising to provide heightened levels of functionality for anyone who would like to use them. However, while the landscape is growing at an impressive rate, a significant trend appears to be the continued fragmentation of blockchain operations.
Today, blockchains appear to work in silos. They do their thing on their own, operating in an isolated manner and seemingly catering to the needs of their users and their users alone.
For many experts, this isn’t necessarily the right way to go. These people argue that if the blockchain space is truly to reach its full potential, then it is important for individual blockchains to work together and be interoperable. Essentially, it should be possible for someone to move assets from Ethereum to Solana and vice versa.
The argument for interoperability is simple - when blockchains can work together, everyone can access more resources to operate, and issues like scalability deficiencies and other operational woes will finally be conquered.
One blockchain development platform that is heavy on interoperability is Layer One X - a layer-one blockchain service that is compatible with several other top blockchains. We spoke to its developers about the vision for Layer One X, as well as how they believe the industry should progress going forward.
1. What are your views on blockchain interoperability?
To date, layer one blockchains have not been built with interoperability in mind. As such, the crypto ecosystem is currently fragmented. Current interoperability solutions have resulted in a big risk to users, who are forced to use centralized and unsecured intermediaries such as bridges in order to transfer assets cross-chain.
The lack of decentralized interoperability between blockchains doesn’t just mean blockchains work in silos resulting in fragmentation, it also limits the abilities of each blockchain and the dApps that build on them to scale and innovate.
Interoperability has turned into a buzzword that each chain uses, however, to date, decentralized interoperability has not been delivered. Even ‘interoperable’ chains like Polkadot only achieve their interoperability within their own ecosystem. What is lacking is true decentralized interoperability at the layer1 consensus - until now.
2. What do you think is the competitive advantage of Layer One X?
Layer One X's competitive advantages include interoperability, decentralization, scalability, security, low transaction costs, and compatibility with major blockchains. These advantages make it a highly versatile and accessible platform for users, developers, and dApps.
Layer One X can connect with any chain, whether private or public, EVM or NON-EVM, making it highly interoperable. It allows smart contracts on different chains to communicate and collaborate with each other, making it the first blockchain to deliver decentralized interoperability across EMV-compatible and the Solana blockchain.
Layer One X is highly decentralized, ensuring that no single entity can control the network. This makes the platform more secure and resistant to attacks. Layer One X has extremely low transaction costs, with the cost to complete a transaction at less than $0.01 per transaction. This makes it highly affordable and accessible to a wide range of users.
L1X’s is currently interoperable with eight major blockchains, which represent over 80% of TVL across all chains. This makes it highly versatile and capable of handling a wide range of use cases.
3. How do you think interoperability helps to improve blockchain scalability?
Decentralized interoperability removes complexity for developers and dApps. For dApps this means greater network effects and user engagement, as decentralized applications and services can leverage multiple blockchain ecosystems.
Removing bridges and the security risk they bring results in a more efficient and secure value transfer between different blockchain ecosystems. When users and applications can trust and benefit from the interoperability between chains it will result in increased adoption and mainstream acceptance of cryptocurrencies and blockchain technology.
When chains can transfer without bridges it eliminates most of the risks and increases trust in the crypto ecosystem. This will attract new use cases, businesses and users to the blockchain and increase its scalability. Truly decentralized interoperability also allows all chains and the dApps that build on them to access liquidity across the entire crypto ecosystem.
4. What are the practical applications of your platform?
Layer One X will not only be able to transfer assets between any chain but also logic, which for the very first time will allow smart contracts on different chains to be able to communicate and collaborate with each other, ushering in the dawn of true cross-chain collaboration. Put simply, Layer One X is purpose engineered for mass adoption and mass use case.
Layer One X is the very first layer one blockchain to deliver each part of the blockchain quartet, which is Interoperability, Decentralisation, Scalability and Security, without having compromised on any of them. Layer One X is built to harness smart devices for the micro-validation of transactions. This enables decentralization at scale and also encourages mass adoption.
Layer One X's is capable of reaching a transaction speed of more than 100,000 transactions per second, with blocks forming in fewer than 500 milliseconds. The platform has extremely low transaction costs, with the cost to complete a transaction at less than $0.01 per transaction.
In addition to decentralization, interoperability, scalability and security Layer One X has the capability to connect to any chain private or public. These capabilities open up new use cases for blockchain technology.
What this means for users, developers and dApps, is that Layer One X will provide users an experience that is simpler, safer, faster, cheaper and offers more choice than anything they have experienced to date. Practical applications include Gaming, De-Fi, Digital Identity, Supply Chain logistics, to name a few. As L1X can connect to any chain, public or private, it opens up new use cases and industries that have not yet used the blockchain.
5. What blockchains can be compatible with Layer One X at the moment?
Layer One X has the capability to connect to any chain, private or public, EVM or NON-EVM, it is currently interoperable with ETH, BSC, Avax, Matic, Arbitrum, Optimism, Fantom and Solana where these 8 chains represent over 80% of TVL across all chains. Layer One X is doing something no blockchain to date has been able to deliver - decentralized interoperability across EMV-compatible and the Solana blockchain. As development continues, the platform will continue to incorporate additional chains.
6. What are your plans for this platform’s future?
Future plans for Layer One X include incorporating additional chains and technologies, as well as expanding its user base and use cases. Layer One X aims to drive mass adoption of blockchain technology by providing a simpler, safer, faster, and cheaper user experience. Additionally, Layer One X aims to stay at the forefront of blockchain innovation by continuing to develop new features and capabilities that push the boundaries of what is possible on a layer one blockchain.
