Breaking New Ground: Layer One X Conducts Cross-Chain Asset Transfer

Breaking New Ground: Layer One X Conducts Cross-Chain Asset Transfer

Get ready to say goodbye to the limitations of blockchain with Layer One X. 

In a crypto first, Layer One X achieved a completely decentralized cross-chain asset transfer, eliminating the need for central parties or bridges.

Crypto History Made

Shifting assets between compatible blockchains is (comparatively) easy. But transfers between incompatible chains are a whole new story. Complex bridges, wrapped tokens, and CEXs are the normal way to go and none of these are easy or reliable.

But on 3rd March, Layer One X marked a new chapter in blockchain history with its first-ever asset transfer between two incompatible blockchain networks. Layer One X successfully transferred tokens between Binance Smart Chain and Solana. Considering that BSC is EVM compatible while Solana uses a completely different architecture and programming language, what Layer One X has done is a game changer, to say the least.

The transfer was done on Layer One X’s testnet, but it has shown that a reliable and flaw-free movement is possible.


Opening Doors and Lowering Barriers

The transfer is not just an achievement but changes the future of decentralized economics. Cross-chain asset transfer means people will be able to access services and products on other chains without the need for relying on exchanges or other parties to swap assets. At the same time, individuals can accept or send payments even if the other party is not on their network.

For developers, this lowers barriers to entry for their users. DEXs, DeFi, GameFi and other services will be able to attract users from other chains – opening a revenue flow that was previously not possible.

But most importantly, the blockchain industry will benefit from being fragmented to becoming an interoperable network,  interconnected with a safer, faster, cheaper and more secure flow of assets.

Layer One X Official Limited Edition NFT Collection

Commemorating this achievement is Layer One X’s first official NFT collection. The collection symbolizes the cross-chain success and marks it down permanently in blockchain history.

The limited edition NFT collection consists of only 5000 unique tokens. The NFT is available to L1X Premium Wallet owners. If you want to acquire the special NFTs, you can do so by opening up a Premium Wallet.

Interested users can get their hands on the L1X, the native token of Layer One X. The L1X is currently running its private sale round and the tokens will be used as the medium of payment and exchange once the Layer One X mainnet launches in August this year.

About Layer One X

The blockchain industry has always faced the three-pronged problem of scalability, security, and decentralization. Dubbed the trilemma, several blockchain networks are working towards a sustainable solution to this.

But the Layer One X team understands that one crucial aspect has always been ignored: interoperability. With their revolutionary approach and out-of-the-box thinking, they have been able to solve all 4 problems together.

Layer One X Founder Kevin Coutinho has coined the term  Blockchain Quartet and Layer One X addresses all 4 issues.

Layer One X is highly scalable, thanks to its use of Rust programming language, which gives it a TPS above 100,000 and an almost negligible transaction fee. A hybrid Proof-of-Participation and Proof-of-Stake consensus give Layer One X unprecedented security. At the same time, using mobile devices as partial validation nodes means that Layer One X enables rapid and high-quantity node and validator deployment for extreme decentralization.

The overall goal for Layer One X is not to compete with other blockchains but to finally deliver the ability for previously incompatible chains to work together.  This will bring increased flexibility and accessibility for users to access a wider range of applications, services, and assets across different blockchain networks.