Blockchain's Siloed Networks: Why Bridges are Doing More Harm Than Good
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Interoperability between blockchain networks is crucial for the growth and adoption of blockchain technology. Each blockchain operates independently, creating barriers for asset and data transfer. Imagine a world where communication or email wasn’t possible between a Microsoft and Mac computer, or if each computer/smartphone brand could only access custom apps and specific networks built for that device!
Interoperability is often considered the ultimate goal for siloed blockchain networks as it is essential for productivity, seamless value transfer, data sharing, and asset management.
Overcoming the Challenges of Interoperability and Cross-Chain Communication
The inherent issue with blockchain interoperability is that different blockchains are unable to communicate and exchange information directly with each other due to their incompatible designs and technologies. This results in siloed networks and limits the potential benefits that could be achieved through seamless interoperability between different chains.
To date, bridges have been the only available solution for transferring assets across chains. However, they are prone to exploits and have often resulted in significant financial losses. Bridges also pose significant centralization and security risks, hindering the development of a truly decentralized ecosystem.
There is now a new solution being offered at the smart contract level. Layer One X (L1X) has developed its own Virtual Machine to provide native-direct connectivity between chains, without the need for bridges. A world first, this layer one, will provide access to all chains in a safe and efficient manner.
The L1X revolutionary development in interoperability, or X-Talk, enables multiple blockchains on different networks to exchange and leverage each other's data. It seamlessly transfers digital assets, and for the first time logic, executing smart contracts cross-chain, without handing the control of assets to a third party such as a bridge.
Layer One X has the capability to connect to any chain, private or public, EVM or NON-EVM, offering true native interoperability. This groundbreaking tech is compatible with ETH, BSC, Avax, Matic, Arbitrum, Optimism, Fantom and Solana, which 8 chains represent over 80% of TVL across all chains.
The ability for Layer One X to transfer assets and logic between different chains revolutionises smart contract applications and will pave the way for different chains to be able to communicate and collaborate. Layer One X is built to unite chains, ushering in the dawn of true cross-chain collaboration.
"Layer One X is committed to creating solutions that encourage collaboration, innovation, and mass adoption of blockchain technology.
Our revolutionary solution is poised to change the way assets are exchanged in the blockchain ecosystem."
- Founder Kevin Coutinho.
Currently, smart contract code needs to be rewritten for each specific blockchain, which is time-consuming, resource-intensive, and limits the potential audience for dApps built on top of these smart contracts. By enabling the transfer of logic in smart contracts across incompatible blockchains, Layer One X eliminates the need to rewrite each blockchain's smart contract code. This provides a solution to the current state of fractured blockchain ecosystems, where different blockchains operate on different consensus mechanisms, protocols, and programming languages.
The ability to write smart contract code once and deploy it on multiple blockchains can provide significant benefits to dApps and their users. It will increase efficiency, drive accessibility and reduce risks. Ultimately this will lead to a superior user experience and wider adoption of dApps.
Layer One X represents the next step in the evolution of blockchain technology, incorporating X-Talk for seamless cross-chain native interoperability and groundbreaking capabilities for transferring smart contract logic across chains. This can drive blockchain unification, advance the deployment of Web3 dApps and improve protection for crypto users and their assets.
About Layer One X
Layer One X is a blockchain that is built to unite. Launching in August 2023, it overcomes traditional blockchain limitations of high costs, slow processing times, centralization and lack of interoperability.
Incompatible blockchains can now natively connect to exchange data, assets, and for the first time, logic.
The L1X consensus validates on any smart device, delivering 100,000 transactions per second, 500ms block creation time with a transaction fee of less than a cent.
Layer One X can connect to any chain to transfer assets and logic for true cross-chain collaboration, eliminating bridges and keeping assets safe.
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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.