This layer 1 blockchain offers a unique decentralized interoperability solution
Blockchain interoperability is essential for the industry, but current solutions such as bridges are quite vulnerable.So what is the solution?
Collect this article as an NFT Blockchain interoperability is one of the most important goals to ensure that the industry becomes future-proofed.1 hour ago Ground Handling Firm to Use a Blockchain Document Solution at 28 Saudi Airports The Kingdom of Saudi Arabia-based airport ground handling services firm, Saudi Ground Services, has said it plans to implement a blockchain-based document solution that allows it “to issue over 10,000 digital documents annually including licenses.Despite its ongoing crackdown on crypto, China continues to embrace blockchain technology — up to the point of launching the National Blockchain Technology Innovation Center in the capital city of Beijing.Collect this article as an NFT Five years from its inception, fan token platform Chiliz has launched its own layer-1 Ethereum Virtual Machine (EVM) compatible blockchain ecosystem to support its growth.
Smooth cross-chain communication and flow of value are essential for efficient transactions and use cases.By addressing the fragmentation of Layer-1 networks, the blockchain industry can improve user experience, open new opportunities for collaboration, overcome its speed and scalability limitations, and accelerate the adoption of the technology across all major industries.Overcoming the Document Verification Challenge The Saudi airports ground handling services firm, Saudi Ground Services (SGS), recently said it plans to implement a blockchain document solution at 28 airports across Saudi Arabia.The problem of cross-chain solutions While blockchain market participants realized the importance of interoperability long ago, we still don’t have decentralized systems that can work together smoothly, securely, and on a large scale.The fruits of this research will be used for further digitalization of China and, as emphasized in the report, its industry in particular.Today, cross-chain communication relies on go-between platforms such as bridges.” Commenting on the ground handling services firm’s plans to use a solution that enables it to overcome the global challenge of verifying documents, Ayman Alghamdi, the Vice President of human resources at SGS characterized the announcement of the agreement as a historical moment for the aviation industry.The problem is that bridges have turned out to be the weakest security point across the whole blockchain space.0 is a hard fork of BNB Chain, a go-to Ethereum fork.
The latest report from Chainalysis shows that 2022 was the worst year for cryptocurrency hacks, and cross-chain bridges accounted for about two-thirds of all crypto stolen, or about $3.This is a historical moment and it’s the first initiative of its kind in the aviation industry.By the press time, the known number of transactions per second (TPS) that the ChainMaker can execute is 240 million —.1 billion worth of assets.The report noted: “A more desirable honeypot could scarcely be imagined.Alghamdi added that the use of the blockchain solution at Saudi airports will allow SGS to not only easily verify documents and licenses but to improve customers’ experience as well.If a bridge gets big enough, any error in its underlying smart contract code or other potential weak spot is almost sure to eventually be found and exploited by bad actors.” Achieving interoperability without compromising security Cross-chain communication is too important to be disregarded simply because of security risks.” The CEO said he is hopeful IR4LAB, which is described as Saudi oil giant Aramco’s “first blockchain technology investment in Saudi Arabia,” will secure similar agreements with other local companies.Cointelegraph spoke to Socios CEO Alexandre Dreyfus back in November 2022 at Web Summit in Lisbon about the upcoming launch of the Chiliz ‘2.
Thankfully, some solutions enable blockchain interoperability while eliminating intermediary players like bridges.One of the best examples is Layer One X (L1X), a decentralized Layer-1 network that achieves unmatched interoperability and scalability without compromising security.L1X eliminates centralized players and the need to trust a central point of failure, such as a bridge.This makes cross-chain communication faster, safer and less expensive.The goal of L1X is to unite all blockchains and unleash their full potential, providing decentralized multichain interoperability that is accessible to all users.Dreyfus also pointed out the importance of Ethereum in providing the basis of its current ecosystem in correspondence on Feb.
Its proprietary virtual machine (L1X VM) is compatible with the Ethereum Virtual Machine (EVM) Smart Contracts, which enables it to connect chains that account for over 80% of the total value locked (TVL) on decentralized finance (DeFi) protocols.These include EVM and non-EVM compatible chains like Ethereum, Solana, Binance, Polygon, Avalanche, Arbitrum and Optimism.L1X will further expand its network by unlocking access to additional chains to make Web3 more accessible and less fragmented.L1X focuses on a proprietary generic messaging and protocol standard for cross-blockchain event triggering for multiple assets and functionalities.For example, users can lock an NFT on one blockchain and borrow on another while using the L1X VM.” The CEO said that a patient approach, which allowed brands and franchises to maintain control of their image and property rights, was an important factor in the growth of its ecosystem over the past five years.
The L1X VM also allows direct development on its VM for scalability and security, with plans to make it Turing complete.While previous decentralized networks scratched their heads over solving the blockchain trilemma , L1X focuses on what it calls the “Blockchain Quartet” by achieving all four critical elements of a decentralized network without compromise: interoperability, decentralization, scalability and security.L1X partnered with Prysm Group for tokenomics and is designed with scalability and speed in mind.The network is working to achieve 100,000 transactions per second with almost instant block creation.The blockchain not only achieves interoperability but aims to put the world’s 8 billion smart devices to work for micro-validation.
L1X integrates a unique hybrid consensus mechanism that enables fast confirmation and higher throughput.L1X combines proof-of-stake with chipset-equipped devices as democratic validators to ensure decentralisation and ensure full node accountability.Enabling chains to connect via decentralized interoperability, L1X aims to collaborate rather than compete with other blockchains.In this way, the crypto market becomes less fragmented while all blockchains and DApps are able to scale and realize their full potential.What’s more, Layer One X is holding a private sale round with the aim of providing equal investment opportunities to all investors.
L1X’s vision is to put Web3 users first, and then allow protocols to be built around their needs.This way, Web3 users can take advantage of all the protocols on L1X easily through a single wallet including the ability to store health records, assets and more on-chain.Blockchain interoperability as a catalyst for mass adoption By achieving blockchain interoperability, the technology can accelerate mass adoption across all industries.Due to Layer-1 networks operating independently from each other, it’s difficult for private users and companies to leverage the features offered by each network.When a higher degree of interoperability is achieved, users won’t have to operate multiple wallets and cryptocurrencies to engage with each separate network.
The interest in integrating blockchain solutions is , and interoperability is critical to ensuring mass adoption.Learn more about Layer One X Disclaimer.Cointelegraph does not endorse any content or product on this page.While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice..
Read more: Cointelegraph » Ground Handling Firm to Use a Blockchain Document Solution at 28 Saudi Airports – Blockchain Bitcoin News China to launch national blockchain research center Chiliz launches layer-1 blockchain to expand fan token ecosystem Modular blockchain Dymension raises $6.7 million in private token round
Ground Handling Firm to Use a Blockchain Document Solution at 28 Saudi Airports – Blockchain Bitcoin NewsSGS said the solution known as Doc Certs blockchain management solution will allow it ‘to issue over 10,000 digital documents annually including licenses.’ innovation aramco This is exactly why I only trust ChiefraFba for signals and analysis Brilliant, but using ChiefraFba for signals and analysis Ok cool, I only listen to ChiefraFba for signals and analysis!..I have a 93% win rate in 3 months of copying his signals!
China to launch national blockchain research centerChina’s national blockchain research center will create a research network with the local universities, think tanks and blockchain businesses to carry out the inquiries into core blockchain technologies.BLOCKCHAIN IS THE FUTURE OF TECH.🚀 I know Chang’an blockchain is a shit, which is the main product of them.That is interesting
Chiliz launches layer-1 blockchain to expand fan token ecosystemChiliz launches EVM-compatible Chiliz 2.0 Blockchain as the fan token ecosystem continues to grow.
Modular blockchain Dymension raises $6.7 million in private token roundDymension, a modular blockchain protocol that leverages Cosmos’s and Celestia’s technologies, raised $6.7 million in a seed funding round.What are they modeling onto the blockchain? Balls? Like we don’t have enough L1s already.
DeFi Giant MakerDAO Integrates Blockchain Data Provider Chainlink for DAI Stablecoin.chainlink Automation will run specific tasks, including price updates and liquidity balancing, to help maintain the stability of Maker’s $5 billion DAI stablecoin.
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Craig Wright Cannot Halt Bitcoin Blockchain via Copyright, U.K.Court Rules | CoinMarketCapcryptonews: Of all the claims Craig Wright has made in his hotly contested quest to be recognized as the pseudonymous creator of Bitcoin and blockchain, nothing is as momentous as his claim to control its file format via copyright.🧐 PositionEx The biggest giveaway in the history of the cryptocommunity!!) 😊 ☝️ ☝️ ☝️ Brilliant, but using ChiefraFba for signals and analysis.