Interoperability is crucial for collaboration and innovation in the blockchain industry. It enables cross-chain transactions and seamless interaction between multiple networks. By enhancing interoperability, developers are able to leverage the strengths of different blockchains and build decentralized applications (dApps). In an interview with TechBullion, Matiu Rudolph, the Chief Operating Officer at Layer One X, explains how their decentralized blockchain provides unrivaled interoperability, scalability, speed, and security for blockchain technology development.
Please introduce yourself.
My name is Matiu Rudolph, and I serve as the Chief Operating Officer for Layer One X. We are an exciting, new layer one blockchain that aims to redefine the use of blockchain and leverage its technology in innovative ways. We have a strong focus on interoperability, decentralization, security, and scalability. My personal journey with blockchain began in 2017 as an investor, and I quickly became fascinated with its potential. With a background in business management and a passion for learning and succeeding, working in the blockchain space has been a rewarding experience for me.
What is Layer One X and what inspired its creation?
Layer One X is a layer one blockchain that addresses the existing challenges of communication and value exchange between different blockchains. Currently, many blockchains operate in silos, making it difficult for them to interact and exchange value due to incompatible standards. While some solutions exist in the market, they still fall short in terms of true cross-chain connectivity, security, speed, and cost. Layer One X introduces a novel technology called X-Talk, which enables seamless cross-chain communication with any public, private, or hybrid blockchain. This fosters innovation, collaboration, and growth within the blockchain industry as it eliminates barriers to resource sharing and encourages developers to leverage the strengths of multiple chains.
Why is there a demand for interoperability, scalability, decentralization, and security in the blockchain industry?
The current cryptocurrency market is valued at $1 trillion USD, and blockchain technology has the potential to impact various aspects of our lives beyond cryptocurrencies. For instance, projects like Healthlink, which is built on Layer One X, aim to revolutionize the exchange of patient data and medical records among healthcare professionals. As the use cases for blockchain technology expand, so does the number of users. To accommodate this growth, blockchains must be scalable, providing seamless, efficient, safe, and cost-effective user experiences. Without tangible benefits such as convenience, reduced risk, or cost savings, users are unlikely to adopt blockchain technology. Interoperability, scalability, security, and decentralization are key components in delivering such benefits, and Layer One X is the first blockchain that combines all four without compromise.
What makes Layer One X stand out in terms of technology and protocol?
Layer One X offers a unique set of features that make it a powerful platform. X-Talk technology allows Layer One X to connect and communicate with any chain, including Ethereum, BNB Chain, Solana, Avalanche, Polygon, Arbitrum, Fantom, and Optimism. These chains collectively represent over 80% of the Total Value Locked (TVL) across all blockchains. Additionally, Layer One X implements a hybrid consensus mechanism called Proof of X (PoX), combining Proof of Stake with the ability for mobile-enabled devices to validate transactions. This increases scalability and allows for a large number of validators in the pool. Layer One X also maintains a maximum gas fee of 1 cent, making it cost-effective for users. Furthermore, the platform can recompile Web Assembly code into eBPF, enhancing the performance of Web3 games built on Layer One X. These features, among others, make Layer One X an attractive platform for developers to build their dApps.
How does Layer One X’s DeFi services facilitate interaction with existing and emerging blockchain networks?
Layer One X’s X-Talk technology enables unprecedented cross-chain communication in the blockchain industry. Smart contracts can now communicate with each other across different chains, opening up exciting possibilities for capital-efficient DeFi use cases. For example, users can access lending and borrowing services across multiple chains through a single interface, simplifying the user experience and increasing efficiency. This technology empowers developers to create innovative DeFi applications that we have yet to even imagine, making Layer One X a playground for the evolution of the DeFi space.
How can developers build and scale their dApps on Layer One X?
Layer One X provides developers with an opportunity to leverage cutting-edge technology through a simple implementation process. With access to a vast user base and capital across different blockchains, developers can accelerate the scaling potential of their applications. Layer One X offers impressive performance metrics, including 100,000 transactions per second, 500ms block creation time, 1.5-second transaction finality, and a maximum gas fee of 1 cent. These features empower developers to build and scale their dApps effectively on Layer One X.
Does Layer One X offer funding for web3 technology development? What industries do you focus on, and what does the grant package include?
Layer One X has established a $5 million grant program to support teams and projects pushing the boundaries of cross-chain applications. While our initial focus areas are DeFi, Gaming, and Healthcare, we are open to innovative ideas from other industries as well. The grant package aims to help developers bring their unique applications to life through financial support. This funding opportunity is part of our commitment to fostering the growth of web3 technology and encouraging creativity and innovation within the blockchain space.