Partnership Update! At the speed of LITEX!
LITEX’s layer-2 technology is coming along nicely. Updates inside!
Several months ago, Matrix announced that it was working with LITEX to enable interoperability with other public chains with an eye towards enabling easy transfers between the MAN token and other currencies via atomic swaps. Central to this effort was LITEX’s layer-2 technology. Since then, both Matrix and LITEX have made great strides towards this goal.
Onwards and upwards
Matrix, using a stochastic clustering algorithm and a hybrid PoS-PoW consensus mechanism called HPoW, has spent the last several months demonstrating that it is possible to achieve high system throughput speed without sacrificing decentralization. In fact, Matrix publicly demonstrated speeds in excess of 5000 TPS in a real-world setting and officially launched the Matrix Mainnet on February 28th, 2019.
LITEX, for its part, has achieved several technical milestones. By upgrading the original Lightning Network stack, LITEX has enabled partial withdrawals, channel expansion and cross-chain (BTC and ERC20, to start) atomic swaps since releasing V.02 of its testnet in October 2018. Realizing how important system throughput speed is to mainstream adoption, LITEX has spent the last couple months testing their Layer-2 solutions on public chains. By first processing transactions off-chain before reintegrating the data on to the main chain, LITEX is able to help public chains achieve off-chain system throughput speeds far beyond their native capabilities. LITEX’s layer-2 technology, when combined with a technologically superior public chain like the Matrix AI Network, will enable the Matrix AI Network to reach even greater system throughput speeds.
Blockchain? There’s a DApp for the that!
With the Mainnet launched, Matrix’s focus turns to the development of applications that promote mainstream and enterprise adoption. To this end, Matrix already has several applications in the works across multiple industries.
In the medical field, Matrix is actively working with several prominent hospitals including the Beijing Cancer Hospital and the 302 Hospital, to develop AI-assisted cancer early-diagnostic systems. In the supply chain industry, Matrix is working on the MBC Project, the world’s first and only international shipping intelligent trading platform aimed at the dry bulk market. In the gaming industry, Matrix is about to launch a beta test for Horse Saga, a horse breeding, raising and racing game.
To this end, LITEX is also making great strides. Last December, at the Alchemy Worldwide Developer Conference, LITEX publicly demoed the world’s first commercial-grade layer-2 application — a coin-throwing DApp built on Rinkeby.
Those in attendance were able to get hands-on time with this application. Starting with a single Rinkeby-ETH, people furiously competed for 100 seconds to outperform one another and accumulate as much Rinkeby-ETH as possible. The winner of the competition earned over 17 Rinkeby-ETH. A demo of this application will be released shortly.
Alongside blockchain DApps, layer-2 technology has a prominent role in the mainstream adoption blockchain solutions by greatly improving the performance of public chains. LITEX, as part of the collaboration with the Matrix AI Network, will continue to refine and improve layer-2 technology using Matrix’s AI expertise. Matrix, as part of the collaboration with LITEX, will continue to improve interoperability with other public chains and push the limits of system throughput speed.
These kinds of relationships are incredibly important to the development of the blockchain industry. In order to promote the commercial usefulness of blockchain solutions, the Matrix AI Network will continue to cooperate with other like-minded projects while remaining steadfast in improving network speed, security and usability.
LITEX, established in 2018, is focused on the development and application of layer-2 technology in an effort to improve the performance of public chains and is dedicated to promoting the adoption of blockchain solutions. It’s layer-2 technology — based on the original Lightning Network stack but now also operational with Ethereum — will be continuously optimized and upgraded to enable enterprise-relevant applications such as open transfers across public chains and rapid micropayments. Moving forward, LITEX and Matrix will continue to explore opportunities to elevate one another.