Sirwin
Sirwin

Short #1 - X1 Blockchain Updates


 

Due to a significant amount of tasks and my desire to continue writing, I'm introducing a new format where I'll try to convey news, projects, and my opinions in the most condensed version possible so that everyone can read it, even someone as busy as myself :)

Today's topic is LightPaper by Jack Levin about the X1 network. What does LP version 1.2 tell us? It describes what X1 will ultimately be and the role of the individual tokens promoted by the creator.

X1 - Layer 1

X1 Blockchain is a technologically advanced layer 1 blockchain that combines Ethereum principles with Bitcoin. It utilizes the open-source Polygon project, providing secure and efficient transaction execution on the chain. X1 Blockchain aims to bring fairness and transparency through open-source code and a permissionless model, allowing anyone to become a Validator. This seems to align with Jack's fair crypto foundation doctrine.

X1 enables secure exchanges between BRC-20/Ordinals digital assets and ERC-20/721/1155 assets using a decentralized bridge, promoting collaboration between blockchain platforms. In previous tests, X1 Blockchain has achieved high performance, processing blocks every 1 second with a transaction volume reaching 1400 tx/s.

XN Token / Native

The XN token plays a crucial role in the ecosystem, enabling validation through staking, known as PoS. X1 Blockchain employs economic mechanisms such as XN token burning and block producer rewards to maintain a continuous deflationary model for the XN token.

VMPX

The VMPX token serves as a liquidity token for the decentralized bridge between the Bitcoin/Ethereum/X1 networks, facilitating exchange and liquidity between them.

Currently, according to LP version 1.2, to obtain the XN token, XEN tokens will need to be burned. However, the exact ratio is unknown. However, we do know that at a 1:3 ratio, the XN token will be exchangeable for the VMPX bridge token, which can be bridged to the Bitcoin network or minted on July 4th using the Ethereum network.

XENFT

Currently, my strategy involves continuous minting of XENFT tokens (although I'm still not a proponent of NFTs alone), as the majority of the XN token supply will come from this path. Ultimately, depending on how satisfied I am with the amount of XN tokens I have, I will decide whether to further acquire them from the market. We started with a questionable project, but now we have the announced ETH/BTC bridge in cooperation with another X1 network, which, as we have seen in many examples, can significantly increase in value over time.

It was meant to be short, but as always, it turned out differently :)

 

Polish language: 

https://ecency.com/polish/@chainableit/en-pl-short-1-x1

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Chainable.it
Chainable.it

I am an experienced programmer who has recently started creating tutorials on various topics within the IT world. In my tutorials, I cover topics such as PHP, JavaScript, Python, HTML, CSS, PowerShell, Windows, Linux, and AI.


chainable. enter the blockchain
chainable. enter the blockchain

The world of cryptocurrencies from a programmer's perspective. My journey through coding in blockchain, airdrops, promotional tokens, and interesting projects discovered in web.

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