Polkadot and its ecological project

Polkadot opened the era of multi-chain interconnection, what Polkadot wants to achieve is that different blockchains can interact, just like the Internet can be distributed through the TCP/IP protocol. Like computers all over the world are connected, Polkadot will connect different blockchain networks together to realize the interconnection of all chains.

However, it is not free to connect Polkadot on the blockchain network, it has a relatively high threshold. Moreover, due to the limitation of Polkadot's performance, the number of parachain slots that Polkadot can provide at this stage it is limited, and currently only 100 parachain slots can be provided. If this number is exceeded, it will inevitably affect the operation of the Polkadot network.

For a blockchain network or a DApp, if you want to connect to the Polkadot network to achieve interaction with other blockchain networks then both the capital and technical thresholds are relatively high, and you have to participate in it. Parachain slot auctions, so if you want to interact with other blockchains through Polkadot Parachain slot auctions, it is not a universal way. Then, is there a cheaper and more convenient channel? Of course, for example, choosing to build a blockchain app on X Protocol.

X Protocol is well developed on the Substrate architecture, and plans to connect to the Polkadot mainnet and test networks such as Rococo and Kusama to realize cross chain processing and analysis of assets on heterogeneous public chains such as BTC, ETH, BSC, Heco, Solana.

In other words, we can regard X Protocol as a public chain similar to Ethereum, which also has the function of smart contracts. Just as Dapps in different fields can be developed on Ethereum, we can also develop decentralized applications on X Protocol.

Moreover, the X Protocol project was approved by the Web3 Foundation Grant at the end of March, which also shows to a certain extent that its business direction is recognized by the Web3 Foundation. Most of the projects that received the Web3 Foundation Grant are from Polkadot ecology. The reason why X Protocol was able to get financial support from the Web3 Foundation was because of its impact on the Polkadot ecosystem.

X Protocol, as an underlying protocol project running on Polkadot, this project will create commercial application scenarios around the protocol. Its business scope is also very suitable for the popular track of the current market, such as the current popular DeFi and NFT, social applications, and even Metaverse. X Protocol has a layout, which means that we want to be in X Protocol for the development of DeFi/NFT and other related DApps, X Protocol has a relatively complete support system.

For example, cross-chain DEX can be developed on X Protocol, so that tokens issued on different blockchains can be freely traded through X Protocol, regardless of which chain assets it comes from, we can trade tokens like we do on a centralized exchange, which will greatly reduce the transaction threshold and improve the user's trading experience.

Lending DApps, they can also be developed on X Protocol. Decentralized lending projects on X Protocol naturally have cross-chain functions. We can also develop DeFi projects such as revenue machine gun pools on X Protocol. The DeFi application running on X Protocol will greatly promote the free circulation of digital currencies.

For the current popular track NFT, X Protocol also has a layout, and the NFT is also combined with the prediction proposal. Each prediction proposal can generate an NFT bound to the equity, that is to say, behind these NFTs Bind tangible interests.

X Protocol is constantly creating its own application scenarios. In the ecosystem of X Protocol, the predictive project X Predict has landed.

Users can create and participate in prediction projects, and obtain corresponding NFTs. Successful predictions and liquidity can be rewarded by governance tokens POT.

In fact, the decentralized forecasting market is still relatively large, so it is beneficial for X Protocol to developed decentralized forecasts market. In addition to popular areas such as decentralized forecasting, DeFi, and NFT, X Protocol will also expand its business to other different areas (such as Meta Universe) in the future. It will take advantage of Polkadot’s cross chain advantages to realize the free cross chain flow between different digital assets.

In summary, X Protocol is a Polkadot-based cross-chain protocol that not only provides a decentralized bridging scheme for asset cross-chain management between different blockchains, such as decentralized lending, DEX, etc., but also provides solid decentralization. X Protocol will use its own cross-chain advantages to continuously expand application scenario.