Perth, Australia – (NewMediaWire) – March 17, 2023 – Layer One X (L1X), a brand new layer one blockchain, has achieved a groundbreaking milestone for cryptocurrency. On March 3, 2023, L1X became the first layer one blockchain to transfer assets between an EVM chain and a Non-EVM chain in a decentralized way.
This breakthrough solves an industry problem for cross-chain connections. It gets rid of the need for costly, and complicated bridges for transferring assets between blockchains. To date, blockchains have relied on bridges for cross chain transfers. Bridge exploits have cost the industry over $2 billion in the last 12 months. This innovation eliminates the need for bridges. Instead, it offers a cheaper, safer, and faster solution for developers and users. This makes it easier and more accessible to transfer assets between different blockchains.
This innovation lets different blockchains communicate and transact with each other. There is new potential for making more linked and inventive decentralized apps. Developers can now design apps that can work across different blockchain networks. For crypto users, this means more capabilities, safer transactions and better capital efficiency.
L1X delivers all four critical blockchain factors: interoperability, decentralization, scalability, and security. It does this without any compromises on its integrity. As such Layer One X is fast, secure and scalable with very low fees. The aim is to allow new businesses and use cases to adopt blockchain technology. Allowing interoperability gives existing blockchains the potential to work together to scale. All blockchains seek mass adoption and this could be a catalyst.
L1X delivers interoperability and scalability by introducing generic messaging and event-based interoperability. This move will open up new markets such as decentralized identification and multi-chain utility. It will also provide new opportunities for blockchain-based projects and companies.
To commemorate this historic achievement, L1X is minting a limited number of NFTs on the Layer One X chain. This collection will be the blockchain’s first official NFT. These milestone NFTs will become available through the “Historical X” NFT collection. This collection will grow to mark the achievements of L1X as it breaks new ground in the blockchain industry.
Layer One X is set to launch in August 2023. The network is powered by its L1X token, which is currently in its private sale round. To discover more about the capabilities of L1X, please visit l1x.foundation.
Ainslie McKeone – Layer One X Public Relations