In a groundbreaking move, OKX, a leading player in the cryptocurrency exchange sector, announced on November 14 the launch of a testnet for “X1,” an innovative Ethereum layer-2 network. This development marks a significant stride in blockchain technology, leveraging advanced features for enhanced performance and security.
Revolutionizing Blockchain with X1 and Polygon Technology
X1 is not just another addition to the crypto world. It’s a game-changer, developed using the Polygon Chain Development Kit (CDK). This toolkit is renowned for its efficiency and flexibility in blockchain network development. The standout feature of X1 lies in its use of zero-knowledge proofs. This cutting-edge technology ensures that verifying deposits and withdrawals across layers is secure and efficient, addressing key concerns in the blockchain domain.
The launch of X1 by OKX is not an isolated event but a reflection of the company’s industry stature. OKX boasts a staggering $1.8 billion daily trading volume as the sixth-largest centralized crypto exchange by volume.
Furthermore, its token, OKB, is a significant player in the cryptocurrency market, with a market cap exceeding $3.6 billion. That places it among the top 30 cryptocurrencies globally. This financial muscle and market presence position OKX as pivotal in the blockchain revolution.
OKB x X1
The future of X1 is intricately tied to OKB. With plans for a mainnet version of X1, OKB is set to become the native coin for the network, serving as the primary medium for gas fee transactions. This integration signifies a strategic move, enhancing the utility and value of OKB within the blockchain ecosystem.
The development of X1 using the Polygon CDK is a strategic alliance that potentially integrates X1 into the expansive Polygon ecosystem. This ecosystem encompasses networks like the Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific, and others. OKX’s commitment as a core contributor to the Polygon CDK software is significant, signaling its dedication to advancing Ethereum scaling solutions through substantial engineering investments.
Empowering Web3 Adoption: A Vision by OKX’s Innovator
OKX’s Chief Innovation Officer, Jason Lau envisions X1 as a pivotal tool in ushering users into the Web3 era. Lau emphasizes X1’s role in educating users about on-chain technologies and the broader Web3 world. According to Lau, X1’s scalable and accessible nature makes it an ideal platform for developers to create consumer-friendly Web3 applications. The network’s interoperability with other ecosystems further enhances its appeal and utility.
The creation of X1 is a continuation of OKX’s foray into network development following the creation of the OKT Chain, an Ethereum sidechain. Like X1, OKT Chain utilizes OKB as its native coin. OKX’s venture into developing its networks places it among a select group of exchanges that are not just content with facilitating trades but are actively shaping the blockchain landscape.
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