This layer 1 blockchain offers a unique decentralized interoperability solution

Blockchain interoperability is one of the most important goals to ensure that the industry becomes future-proof. Smooth communication across chains and flow of value is essential for efficient transactions and use cases. By addressing the fragmentation of Layer-1 networks, the blockchain industry can improve the user experience, open up new opportunities for collaboration, overcome speed and scalability limitations, and accelerate the adoption of the technology across all major industries.

The problem of cross-chain solutions

While blockchain market participants recognized the importance of interoperability long ago, we still do not have decentralized systems that can operate smoothly, securely, and at 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 across the entire blockchain space. The latest report from Chainalysis shows that 2022 was the worst year for cryptocurrency hacking, with cross-chain bridging accounting for about two-thirds of all crypto stolen, or about $3.1 billion in assets. The report noted: “A more desirable honey pot could hardly be imagined. If a bridge gets big enough, any flaw in its underlying smart contract code or other potential weaknesses will almost certainly be found and exploited by bad actors.”

Achieve interoperability without compromising security

Cross-chain communication is too important to be ignored simply because of security risks. Fortunately, some solutions enable blockchain interoperability while eliminating intermediary players such as bridges. One of the best examples is Layer One X (L1X), a decentralized Layer-1 network that achieves unparalleled interoperability and scalability without compromising security.

L1X eliminates centralized players and the need to rely on a central point of failure, such as a bridge. This makes communication across chains faster, safer and cheaper.

The goal of L1X is to unify all blockchains and unlock their full potential, providing decentralized multi-chain interoperability accessible to all users. Its proprietary virtual machine (L1X VM) is compatible with Ethereum Virtual Machine (EVM) Smart Contracts, enabling it to connect chains that account for over 80% of the total value locked (TVL) on decentralized finance (DeFi) protocols. These include EVM and non-EVM compatible chains such as Ethereum, Solana, Binance, Polygon, Avalanche, Arbitrum and Optimism. L1X will further expand its network by unlocking access to more chains to make Web3 more accessible and less fragmented.

L1X focuses on a proprietary generic messaging and protocol standard for cross-blockchain event triggering for multiple assets and functions. For example, users can lock an NFT on one blockchain and borrow on another while using the L1X VM.

The L1X VM also allows direct development on the VM for scalability and security, with plans to make it Turing complete.

While previous decentralized networks scratched their heads over solving the blockchain trilemma, L1X focuses on what it calls the “Blockchain Quartet” by achieving all four critical elements of a decentralized network without compromise: interoperability, decentralization, scalability and security.

L1X partnered with Prysm Group for tokenomics and is designed with scalability and speed in mind. The network is working to achieve 100,000 transactions per second with near-instant block creation. The blockchain not only achieves interoperability, but aims to put the world’s 8 billion smart devices to work for micro-validation. L1X integrates a unique hybrid consensus mechanism that enables fast confirmation and higher throughput. L1X combines proof-of-stake with chipset-equipped devices as democratic validators to ensure decentralization and ensure full node responsibility.

L1X enables chains to connect via decentralized interoperability, and aims to collaborate rather than compete with other blockchains. In this way, the crypto market becomes less fragmented while all blockchains and DApps are able to scale and realize their full potential. In addition, Layer One X is holding a private 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. This way, Web3 users can easily take advantage of all the protocols on L1X through a single wallet, including the ability to store health records, assets and more on-chain.

Blockchain interoperability as a catalyst for mass adoption

By achieving blockchain interoperability, the technology can accelerate mass adoption across all industries.

Due to Layer-1 networks operating independently of each other, it is difficult for private users and companies to take advantage of the features offered by each network. Once a higher degree of interoperability is achieved, users do not need to use multiple wallets and cryptocurrencies to engage in each separate network.

Interest in integrating blockchain solutions is at an all-time high, and interoperability is essential to ensure mass adoption.