Place/Date: - November 8th, 2022 at 5:04 pm UTC · 4 min read
Source: Alyx Chain
The likes of Google and Facebook have dominated the Web2 era, building multi-billion dollar empires and developing powerful influence over the shape of the internet. They have built many of the applications we use in our everyday lives, that has provided convenience, improved efficiency and connections. However, the cost of this “free” technology provided to users is the loss of user control over their data and their share of the upside from use of that data. Addressing these concerns, Web3 has positioned itself as the next evolution of the internet that will put power back into the hands of users. The blockchain space looks ready to change the way we live, work and play.
Today, there exists several layer 1 blockchains serving the needs of all Web3 decentralized applications (dApps), DeFi protocols, NFT projects, GameFi and SocialFi projects. Different chains have their own advantages – Ethereum supports the largest proportion of DeFi activity, Solana’s high TPS is great for GameFi and NFT projects while Polkadot allows developers to easily build applications and connect to its Relay Chain. Vibrant ecosystems have been built across these layer 1 blockchains with a good mix of financial, gaming and lifestyle applications in each ecosystem.
However, not everything is perfect. Every layer 1 blockchain still has gaps to be filled and improvements to be made. So, what does it take to support an entire Web3 ecosystem?
In order to support a holistic Web3 ecosystem, a layer 1 blockchain needs to fulfil 3 criteria. Firstly, it needs to be fast. The faster a blockchain can process transactions, the more seamless the experience will be for users. Secondly, the blockchain has to be secure against hacks and exploits. Finally, the blockchain needs to be scalable for when the ecosystem starts to grow and expand. Web3 centric blockchains have to be built with these criteria in mind from the ground up.
Speed and security of dApps depend largely on the consensus mechanism of the underlying blockchain. The consensus mechanism of the layer 1 blockchain needs to allow transactions to be finalized and validated quickly, letting the network achieve a high enough TPS to support the number of transactions required by numerous Web3 applications operating simultaneously. The network also needs to have security mechanisms in place to resist attacks from malicious actors, like features that slash the rewards of bad validators. Achieving these conditions are the basic requirements for a Web3 centric layer 1 blockchain.
Once the foundations for a Web3 ecosystem are in place, there needs to be a way to allow the ecosystem to scale indefinitely. Ultimately, the demands of a mature Web3 ecosystem cannot be supported by a single layer 1 blockchain as the blockchain will eventually run into congestions issues when too many applications try to process transactions on it. There needs to be more layers of supporting chains built on top of the layer 1 chain which can inherit the same level of security of the base chain but with enhanced scalability.
Alyx Chain was built with these principles in mind. As a Web3 centric layer 1 blockchain, Alyx Chain features extremely high TPS and increased security with its PoS consensus mechanism. More importantly, Alyx Chain was built with scaling as a priority, featuring layer 2 scaling solutions for dApps to build on. ZK Rollups on Alyx execute transactions off the mainnet, reducing the resources required to prove transactions. Layer 2 scaling solutions like ZK rollups significantly increase the throughput of Alyx chain without messing with the original decentralization and security characteristics of the original blockchain. This early stage emphasis on future scalability ensures Alyx will remain capable of supporting the increasing demands of a growing Web3 ecosystem further down the road.
Alyx Chain continues to push the frontier with ZK Rollups by exploring different use cases in areas like bridges, DID, governance, cloud services etc. Instead of having a single chain supporting all applications, the future of the Alyx ecosystem will consist of multiple layer 2 chains built and optimized for specific use cases running on Alyx Chain. Enhanced security and dApp interoperability can be realised directly through Alyx Chain without having to resort to insecure bridging solutions.
The vision for Alyx is to become a hub where users can exchange information, make transactions, and trade assets across different dApps and chains. To that end, Alyx supports multiple build environments for applications with the most popular blockchain programming languages: Move, Rust, Solidity and more. Developers can build dApps and smart contracts on any of these languages for Alyx Chain. Looking ahead, Alyx aims to shape the future of the internet where users are empowered to create more and are compensated fairly for their contributions.
Alyx Official Channels: Twitter, Telegram, Telegram Announcements Channel, Medium, Discord.
Disclaimer: Coinspeaker is not responsible for the trustworthiness, quality, accuracy of any materials on this page. We recommend you conduct research on your own before taking any decisions related to the products/companies presented in this article. Coinspeaker is not liable for any loss that can be caused due to your use of any services or goods presented in the press release.