What Is X Protocol (POT)?
X Protocol describes itself as the metaverse application portal. According to its whitepaper, the X Protocol builds a novel X-metaverse public chain grounded on Polkadot's substrate framework, which aims to achieve speed, scalability, governance, upgradeability, and interoperability.
X Protocol is a blockchain composed of numerous types of blockchains. It can process multiple transactions in parallel due to its multi-chain structure, also known as sharding. In addition, X Protocol seeks to create a decentralized metaverse built on Web3.0. The protocol aims to address the issue of interoperability by leveraging the strength of all the blockchains by employing a linked architecture that allows uninterrupted communication between every chain.
It is known that conventional blockchains create complications for the network through built-in rules, making it challenging to choose key elements that need to be changed. Besides this, when alterations are made, engineers and node operators have to monitor the platform minutely, making the fork time-consuming and difficult. Thus, X Protocol aims to address these problems with a strong voting and governance system.
On the X Protocol, the up-gradation is a seamless process, thus providing high flexibility to the users. X Protocol offers multi-function social tools that include a social system, tipping, X community, and fundraising. The platform enables users to add new acquaintances, share private messages, and view each other’s public messages on forums and blogs.
POT is the X Protocol’s native token. POT token is the base token for the X-Metaverse. The token can be used in different situations in X-metaverse, such as crowdfunding within the community or as a settlement token in the market, etc. Also, POT is a governance token employed in proposal voting or acting on results. POT tokens can be used to encourage users to take part in X-metaverse activities like staking, etc.
History of X Protocol (POT)
The research on Polkadot and various other technologies for the X Protocol project began in 2021. The remaining crucial activities related to the project, such as testing, development, and launch of the market, X Protocol cross-chain bridge, promotional activities, and so on, commenced in the same year. CY Yep is the CTO of X Protocol, who earlier worked as a founding developer and architect of various game projects.
The total supply of POT tokens is twenty-one million.
