MATRIX is working with LITEX to enable interoperability with other public chains as well as allow seamless transfers between multiple crypto tokens, and between crypto tokens and fiat currencies.
A future where blockchain-based AI solutions permeate all aspects of life is an important factor motivating the MATRIX AI Network team. MATRIX envisions a world where everyone is free to use intelligent contracts to manage their daily lives and assets. The hope is that enough people will share in this vision to come together and create the world’s largest computing power network. As this shared computing network grows, enterprises and organizations will become increasingly enticed to leverage the network in tackling large-scale projects like simulations of human neural networks. Indeed, MATRIX CEO Mr. Owen Tao announced in a recent Reddit AMA that MATRIX has already signed contracts with enterprise clients in the Shanxi and Xinjiang provinces of China.
That being said, this vision of the future is still a ways off. Before then, several obstacles must first be overcome. For one, how will enterprises be able to leverage this shared computing power network if they do not hold crypto tokens?
To be frank, there probably isn’t a single one-size-fits-all solution to this issue. However, one of several avenues that the MATRIX AI Network is exploring is a partnership with an exciting project called LITEX.
LITEX and Layer-2
LITEX is a fully decentralized value exchange ecosystem that aims to enable both transfers between multiple cryptocurrencies, and between crypto- and fiat currencies. They believe that the key to the mainstream adoption of blockchain technologies lies in the value exchange characteristic of blockchain technologies. In an attempt to solve the technical issues plaguing other value exchange solutions — like Bitcoin — LITEX uses Layer-2 technology.
Layer-2 is essentially the protocol layer. LITEX believes that using Layer-2 technology, information can be shared among many public chains at low costs. They want to help extend the applicability and scalability of blockchain by developing the underlying technological infrastructure.
LITEX released V.02 of their test network October 23rd. Thus far, they have hit the following milestones:
● By requiring only one transaction to run a Channel Switch operation, LITEX is 200% to 300% more efficient than the Lightning Network as it pertains to time and cost.
● Using a Bellman-Ford algorithm, LITEX implements a RIP distributed routing protocol to determine the optimal path between two transaction nodes.
● The current version of the LITEX testnet supports cross-chain atomic swaps between Bitcoin and ERC-20 tokens.
A Few Final Words
MATRIX’s collaboration with LITEX currently surrounds improving interoperability with other public chains with an eye for enabling both transfers between multiple cryptocurrencies, and between crypto- and fiat currencies. LITEX CEO recently shared a few of her thoughts in a MATRIX Q&A Video. She can be reached on Twitter (@lilishi0202) or through LITEX’s official email (firstname.lastname@example.org). The LITEX whitepaper can be found here.