The concept of the metaverse introduces alternate realities, linking augmented and virtual worlds, similar to the well-known Steven Spielberg movie Ready Player One. Running parallel to the real world, this virtual world will provide users with more scenes for conversion and various economic applications open to the creativity and ability of the developer.
With many possibilities, it is no wonder that so many technology giants continue to invest heavily in the possibilities the metaverse development has to offer. The potential impact is so large, many continue to believe that this could be the next large-scale platform after the internet.
However, creating the “next internet” is easier said than done. To build a metaverse, technical support is required for various dimensions and uses, including the ideal business economy, payment economy, website economy and other components of Web 3.0.
X Protocol aims to fill this gap as a Polkadot-based cross-chain protocol. Polkadot (DOT) is a solution that allows different blockchains to interact similar to the internet by bringing together different networks through a blockchain interoperability platform Wanchain’s decentralized bridges. By leveraging these features, X Protocol believes they will be able to achieve their mission of building a “decentralized Metaverse based on Web 3.0.”
Bringing the metaverse to life
The X Protocol uses Web 3.0 to move into the metaverse. This basis will allow the protocol to provide a fair and decentralized standard for all economic activities while also guaranteeing that any business can freely publish content. Therefore, users can compare the X Protocol public chain to Ethereum (ETH), the blockchain known for its ability to leverage smart contracts.
According to X Protocol, they have now switched the focus to the initial layer one infrastructure that includes source-generated gameplay and land economic models.
The project is developed in the RUST language, around the ecosystem of Polkadot and Solana (SOL), including both the protocol layer and the application layer. The layers’ main objectives are to obtain organic traffic through self-developed decentralized applications (DApps) in the metaverse and provide third-party DApps with zero threshold access to technical solutions.
Through its own technical advantages, X Protocol plans to develop DApps to accumulate organic users, then integrate each DApp through metaverse scenarios and provide third-party DApps with quick access to them; this will finally lead to the metaverse ecosystem with application scenarios and a large number of users.
In terms of community activities, connected wallets and Github code volume, X Protocol is considered one of the top metaverse projects on both Polkadot and Solana.
Furthermore, the X Protocol chain continues to design a fusion of a nonfungible token (NFT) circulation and cross-chain decentralized finance (DeFi) for Web 3.0 applications. The platform is designed to realize asset cross-chain management and data aggregation prediction analysis between heterogeneous chains and expand business application scenarios through open application technology.
A DeFi cross-chain asset pool is being developed on X Protocol so that tokens issued on different blockchains can be freely traded, regardless of which chain asset it comes from. The platform can introduce this swap feature through the X cross-chain bridge.
The difference?
The X Protocol team believes their solution will “greatly reduce the transaction threshold and improve the user’s trading experience.”
By leveraging Multichain Management and Data Aggregation Predictive Analytics features, the value will be recognized through X Bridge, further helping to build up the network’s uses in the metaverse.
To date, X Protocol has implemented asset cross-chain function on the Ethereum, Binance (BNB) and Polygon (MATIC) chains. It was created as the Web 3.0 Foundation Grant project in spring 2021.
Making predictions
Currently, X Protocol also operates X Predict Market, a landing application that can forecast how well the market is doing. In the prediction market, any generated NFTs can be used as ownership to bind proposals. Tokens will then be staked along with a prediction, guaranteeing the validity of any prediction data. The X Predict Market has since been launched with practical applications.
The team shares their success using the X cross-chain bridge and realizing the flow of BTC, Binance Smart Chain (BSC) and ETH assets on the chain, suggesting that their progress to date is only the beginning. A brief look at their roadmap suggests the end of 2021 will bring an NFT marketplace, staking node, prediction mining, decentralized finance applications (DApp), and a new user interface and overall user experience.
This is in addition to the team’s goal to “actively develop commercial applications to obtain sustainable cash flow” and “to establish an open application ecology and expand more commercial applications.”
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