RiveX : A closer look

in #defi2 years ago (edited)

In my first piece about Rivex , I briefly discussed how it works and what it offers(more on that here ).

So then , I decided to get a bit more technical by making it apart bit by bit to better see how this wondrous system ticks.

In discussing what RiveX as we pointed out that...

(A). It's a scalable Layer-2 on-chain , off-chain solution.

(B). It is on the Wanchain protocol and private chains

(C). It empowers a decentralized finance and scale able enterprise economy.

To start off :

what does Layer-2 mean?

It means it (layer 2) takes the load off of the blockchain network.

Hereby allowing the building of applications and enterprise solutions.

What does Layer-2 do?:

Layer 2 solutions connects the backend infrastructure to the applications or enterprises which can be used by end-to-end users or programming interfaces for developers to build applications on top of RiveX.

The things Layer-2 does are :

a). Scalability :
It allows applications using the Layer-2 solution to take full advantage of a secure base layer without compromising its security , while still delivering a higher through put of the second layer.

b). Interoperability :
This works hand-in-hand with decentralization in order for crosschain communication to happen.

Interoperability can be shared across blockchains making a decentralized blockchain network the best for it.

c). Transaction Speed :
Because RiveX is built on a Layer -2 solution , it allows for a quicker and efficient operation on the blockchain while computations happen off-chain.

d). Transaction Cost :
Since RiveX supports both on-chain & off-chain transactions.
Off-chain transactions usually do not have transaction fees , while on-chain transactions do sometimes at a higher cost.

e). Block Confirmations :
It has an outstanding advantage for working as a Layer-2 protocol , this allows for instant Confirmations where it is able to digest up to thousands of transactions per second.

f). RiveX Architecture :
With an ideology for developers to build their solution or decentralized applications on its platform.
Enabling such applications or solutions to scale where public blockchains are lacking.

While applications and solutions ate categorized as a container.
So , when a container performs or executes a transaction, Validators using the PoS mechanism will verify and provide the signature once the transaction is made then it is recorded on the block.

An outline of how RiveX will function :

1). Applications , decentralized application or solutions are built on RiveX via tools provided and structured into a customerized package.

2). For applications or solutions that requires a digital asset or token , they are created on the root blockchain , Wanchain and exist as a WRC-20 token.

3). Any form of token transfer happens on the public blockchain and the transaction is verified by the RiveX Validator node via the use of RiveX contract deployment on the public blockchain.

4). The container can exist publicly on the RiveX chain or as an enterprise chain where this container is bundled together with private node deployment.

RiveX Token :

This will be developed based on WRC-20 , using RVX as its ticker and it would be the native token of the RiveX ecosystem.

To be used for enterprise solutions services , DeFi product initiator and rewards for the participants which contributes defined value to the ecosystem.

Using RiveX (RVX) as gas and for transactions within the ecosystem.

RiveX enterprise solution and its Use cases.

In the broken down format of this piece the gains of choosing RiveX are as follows ...

(a). Loyalty Points
(b). Decentralized Exchange
(c). Blockchain name service
(d). Decentralized office suite
(e). Decentralized digital signature

#NB :- It is always a better and super important to do your own research in order to better understand the subject matter or more on DeFi .

To find out more use the links provided below :

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