Interoperability enhances collaboration and innovation within the blockchain space. It promotes cross-chain transactions, enabling users to interact with multiple networks effortlessly. With increased interoperability, developers can build decentralized applications (dApps) that leverage the strengths of different blockchains. In this interview with TechBullion, Matiu Rudolph, Chief Operating Officer at Layer One X shares how this decentralized blockchain is providing unrivalled interoperability, scalability, speed, and security across blockchain technology developments.
Please tell us more about yourself.
My name is Matiu Rudolph and I am the Chief Operating Officer for Layer One X, an exciting new layer one blockchain that has the potential to redefine how we use blockchain and what can be built leveraging blockchain technology. We have a keen focus on Interoperability, decentralization, security and scalability.
My personal journey with blockchain started in 2017 as an investor, which I think many of us start out that way. A little while after I started investing I began understanding more about what blockchain was, and its benefits and I was hooked and committed. I have a bit of an obsessive nature when it comes to learning about things that interest me, I consumed as much as I could about blockchain and Defi. I previously came from a business management background across Sales, Leadership training and travel businesses. I started working as a crypto consultant in the Defi space and found my love of numbers, lateral thinking and drive to consume knowledge and succeed worked extremely well when working in such a new space with a lot of room for growth. I started with Layer One X and it’s been the most exciting and rewarding journey seeing L1X evolve into something very special.
What is Layer One X, what inspired this business and what unique solutions do you provide?
There are a large number of blockchains that exist today however they operate in a siloed nature as they find it difficult to communicate and exchange value cross-chain due to differing incompatible standards. A few solutions do currently exist in the market that help enable communication between some blockchains; however, these solutions still fall short in various areas such as true cross-chain connectivity, security, speed and cost.
This lack of communication and value exchange between chains hinders the scaling and growth of blockchain as a whole as it restricts the sharing of resources such as capital and users, and slows innovation and collaboration between developers on different chains.
Layer One X provides a novel technology called X-Talk (Cross Talk) which enables Layer One X to connect to any public, private or hybrid blockchain (EVM or Non-EVM) to enable cross-chain communication between all blockchains Layer One X chooses to connect to.
The blockchain market grows bigger everyday, could you give us an overview of the current size of this market and why there is a demand for Interoperability, Scalability, Decentralisation, and Security in blockchain?
The current cryptocurrency market is valued at $1T USD, however, blockchain extends beyond just cryptocurrency and has the potential to positively impact our lives well beyond existing popular use cases such as Decentralized finance. For example, a project building on Layer one X called Healthlink aims to use blockchain to improve the current experience of exchanging patient data and medical records by medical professionals.
As use cases for blockchain technology increase, so will the number of users. To accommodate this vast number of users, blockchains must be able to scale with these growing user numbers to provide a user experience that is seamless, efficient, safe and better that the current experience users are getting pre-blockchain implementation.
We must ask ourselves the question, “why would users adopt blockchain if there is no tangible benefit to them in terms of things such as added convenience, less risk or cost savings?” The simple answer is that they won’t.
A combination of interoperability, scalability, security and decentralization are important components of providing such a user experience, and Layer One X is the first blockchain that can deliver on all four without compromise.
Could you give us a walkthrough of the Layer One X ecosystem and the specific technology or protocol that powers the unmatched performance of LayerOneX’s blockchain platform?
A range of unique and novel tech features makes Layer One X an extremely powerful platform. As I mentioned previously X-talk technology allows Layer One X to connect to any chain, currently it is connected to Ethereum, BNB Chain, Solana, Avalanche, Polygon, Arbitrum, Fantom and Optimism. These eight chains hold over 80% of TVL across all blockchain. In 2024 we will also connect the Bitcoin network.
Once we connect to a chain X-Talk enables that chain to exchange value with any other chain Layer One X is connected to. This not only means these chains can exchange tokens and NFTs but X-Talk also allows for smart contracts on these different chains to communicate with each other and exchange logic. This creates a space for extremely innovative and unique cross-chain applications that could not exist without the X-Talk tech.
Alongside X-Talk, features such as a hybrid consensus mechanism we call Proof of X (PoX), which combines Proof of Stake with the ability for mobile-enabled devices to validate transactions helps make Layer One X highly scalable and can add a level of decentralization that has the potential for millions, possibly billions of validators in the validator pool.
We have also placed a max limit on our gas fee of 1 cent which lowers the cost to participate on the network which is an important offering for many use cases.
Another technological advancement Layer One X achieves is its ability to recompile Web Assembly code into to eBPF (Extended Berkeley Packet Filtering) which allows access to the system kernel and therefore system resources such as GPU’s (graphics adaptors) which will enhance the speed performance of Web3 games built on Layer One X by 10x-20x.
These are a number of powerful features that exist in Layer One X among others, which make it such an attractive platform for developers to build their dApps upon.
How do the Layer One X DeFi services help users interact with existing and emerging blockchain networks?
Layer One X’s X-Talk technology allows for a level of cross-chain communication not seen before in blockchain. The ability for smart contracts to communicate with each other cross-chain opens up some very exciting and highly capital-efficient use cases in the Defi space.
For example, applications that allow Defi users to access lending and borrowing across multiple chains through one interface, and can enable the automation of cross-chain smart contract interaction that simplifies the user experience, while at the same time providing highly capital-efficient products and services is a powerful step forward for Defi.
What excites us the most is that we know that Defi application developers will be able to leverage the tech to build innovative Defi applications we have yet to think of. Layer One X is their playground to really evolve the Defi space.
Developers can build applications and scale their blockchain development on Layer One X, how does this work?
A developer’s dream is the opportunity to leverage highly innovative tech through an extremely simple implementation process to build their dApps. When that tech also allows their application access to the vast majority of capital and users across all blockchain then that adds gasoline to accelerate their scaling potential. Add to that the performance metrics of Layer One X that native applications can leverage such as
- 100,000 transactions per second
- 500ms Block Creation time
- 1.5 second transaction finality and
- Maximum gas fee of 1 cent,
Adding even more powerful features to enable developers to scale applications.
Layer One X also offers funding to build and unite web3 technology, who can qualify for this grant, which industries do you focus on and what packages does the grant offer?
We are looking for teams and projects that really want to push the boundaries of cross-chain applications to broaden the current offerings Web3 applications provide to users today. Our $5 million grant program is there to help developers bring these unique applications to life.
Our initial focus areas have been across DeFi, Gaming and Healthcare, but once we establish these two areas then with this tech areas such as Decentralised Identity and Enterprise Solutions are just some of a number of use cases we wish to explore with developers and organizations.
How does Layer One X ensure scalability on its decentralized blockchain network, any real-world use cases where LayerOneX’s speed and scalability have been beneficial?
A number of components aid in making Layer One X highly scalable. These components include its innovative virtual machine built from the ground up, cluster-based node architecture, hybrid consensus mechanism, and synchronous transaction processing. Where we have seen Layer One X’s scalability and speed working already is in the cross chain exchange test comparisons we have done with current leading cross chain Interoperability solutions such as Layer Zero and Axelar. Our examples using Layer One X’s X-Talk tech for cross chain exchanges have shown speed improvements from 3x to 15x compared to Layer Zero and Axelar, with the addition of cost reductions to the user of up to 70%. These improvements are significant, and will aid in increasing the use of cross chain interactions between chains in a noticeable way.
The great thing for developers is that integrating X-talk into their application is very easy to do compared to other blockchain solutions.
What are you currently working on at Layer One X, do you have more opportunities for investors and partnerships?
We are currently running our public sale through our website, which is a great opportunity for people to get involved in Layer One X at these very early stages if they wish to do so.
Also coming out at the end of September will be the ability for single staking stablecoins and other cryptocurrencies to earn rewards from cross chain swap fees. Shortly after that the L1Dex, which is the innovative decentralized exchange launching on Layer One X, providing an opportunity for Defi enthusiasts to take part in the blue chip balancer pool which is the very first of its kind and will allow users to invest in bluechip cryptocurrencies while at the same time earn rewards from cross chain swaps through the use of Layer One X’s X-Talk tech.
It’s exciting times at Layer One X and will only continue to grow as the ecosystem builds.
Where do you see the future blockchain development? Do you have more tips for our readers or anyone wishing to integrate blockchain in their business?
Blockchain has come a long way in a short amount of time but still has a huge scope to evolve. I see a focus on simplifying the user experience in blockchain, a key component of its evolution and adoption growth from here. While the tech has evolved quite quickly the user experience is lagging behind in terms of its evolution, but Layer One X will evolve and develop more solutions also. through products such as our X_Wallet due for imminent release.
For those readers looking to integrate blockchain into their business I would recommend they first start with understanding what problem they are seeking to solve, then Layer One X or one of our partners can help them understand the fundamental components of blockchain technology and how those components will enhance their business. These are things such as data security and integrity, immutability and transparency of data, decentralization, tokenisation and value transfer efficiency. It is important to analyze the core benefits of blockchain and map that over your own business to see if there is value in integrating blockchain.
In my opinion there are many businesses in many industries that can benefit from blockchain integration and Layer One X will continue to work hard to increase the value that blockchain can add to a vast array of businesses, users and many other entities.
