The metaverse concept introduces alternative realities that connect expanded and virtual worlds, similar to Steven Spielberg’s hit film First Player at the Ready. In parallel with the real world, this virtual world will give users more scenes to transform and various financial applications open to creativity and developer options.
With so many opportunities, it is no surprise that so many technology giants continue to invest heavily in the opportunities that the metaverse has to offer. The potential impact is quite large, and many still believe that this could be the next major platform after the Internet.
However, it is easier said than done to build “the next internet”. Building a metaverse requires technical support for a variety of dimensions and applications, including ideal business economics, payment economics, website economics, and other Web 3.0 components.
The X-Protocol aims to fill this gap as an Internet Protocol based on Polkadot. Polkadot (DOT) is a solution that allows different blockchains to interact in the same way as the Internet, and connects different networks through Wanchain decentralized bridges with a blockchain platform to enable interoperability. By taking advantage of these features, the X-Protocol believes they can fulfill their mission of creating a “decentralized Metaverse based on Web 3.0.”
To bring metaphysics to life
It uses the X Web 3.0 protocol to navigate the meta verse. This protocol framework will establish a fair and decentralized standard for all financial activities, and ensure that every company is free to publish content. In this way, users can compare the public X protocol chain with Ethereum (ETH), a blockchain known for its ability to take advantage of smart contracts.
Under Protocol X, they have now shifted their focus to the first Tier 1 infrastructure, which includes source-generated gaming and land-based models.
The project was developed in the RUST language around the Polkadot and Solana (SOL) ecosystem, including the protocol layer and the application layer. The main goals of the levels are to get organic traffic through proprietary decentralized applications (DApps) in the meta-version and to give third-party DApps access to technology solutions.
With its own technical strengths, X Protocol plans to develop DApps to bring together organic users, then integrate each DApp across metaverse scripts and give third-party DApps quick access to them; This will ultimately lead to a meta-worst ecosystem with application scenarios and a large number of users.
More information about X PROTOCOL here
In terms of community activity, connected wallets and code volume, the Github X protocol is one of the best metaverse projects in both Polkadot and Solana.
In addition, the X Protocol Chain continues to develop the integration of non-fungible token trading (NFT) and decentralized cross-chain finance (DeFi) for Web 3.0 applications. The platform is designed for asset management across chains, forecast analysis, data aggregation between heterogeneous chains and expansion of business application scenarios using open application technology.
Defi’s cross-chain asset pool has been developed on Protocol X, so that tokens issued on different block chains can be traded freely regardless of their origin in the chain. The platform can offer this exchange function through the X-cross bridge.
The X Protocol team believes their solution “will significantly reduce the transaction limit and improve the trading experience for users.”
By leveraging the benefits of Multichain management and predictive analytics for data aggregation, value will be recognized through X Bridge, which helps increase network utilization in the metaverse.
So far, Protocol X has implemented functionality across assets on the Ethereum, Binance (BNB) and Polygon (MATIC) chains. It was created as part of the Web 3.0 Foundation scholarship project in the spring of 2021.
Currently, X Protocol also supports X Predict Market, a landing app that can predict how the market will perform. In the prediction market, all created NFTs can be used as a property to connect offers. The codes will then be compiled together with the forecast, to ensure that any forecast data is correct. X Predict Market has since been launched with practical applications.
The team shares its success by using the X Bridge cross-chain and transferring BTC, Binance Smart Chain (BSC) and ETH assets to the chain, indicating that their progress so far is only the beginning.