Cryptocurrency is an amazing thing, but many of the most popular cryptos have issues that prevent them from reaching the full potential of what cryptography and distributed ledger technology allows.
The quest for infinite scalability continues as new blockchain platforms appear to rival the titans like Ethereum, while the titans themselves continue to upgrade and improve to try and keep up. Necessity is the mother of invention, and this competition is sure to bring a powerful solution.
One alternative approach has been the use of second layer solutions, such as the Bitcoin lightning network. This provides a fast, scalable alternative for sending Bitcoin transactions. But while solutions like the Lightning Network make sense, they have failed to gain any real traction when it comes to payments.
This is why Tixl has taken the initiative to build a new second layer solution for other digital assets that can be used to send fast, cheap and even private transactions with the digital currency of your choice. Let’s take a look.
The Autobahn Network
The appropriately named Autobahn Network is an expansion project created by Tixl that is designed to provide an excellent service and thereby increase the usage of the MTXLT token.
The Autobahn Network allows different digital assets the ability to be moved on the Tixl network while being fully decentralized. In fact, the decentralization of this solution was the most important aspect when the Autobahn Network was being created by Tixl, because without it the benefits of cryptocurrency would be nullified. Decentralization is achieved by using a threshold signature scheme for the Autobahn Network.
The selling points (and origin of the name)
Once you read the key features of the Autobahn Network you’ll quickly realize where the name comes from and how suitable it is.
By using the Tixl network one would be able to send digital assets with incredible speed. Just like on the German Autobahn, where one can drive their car faster than they ever have before.
Tixl’s Autobahn Network can facilitate private transactions, so now you can go about your business in peace. This also, of course, adds the benefits of private transactions to cryptocurrencies that don’t have privacy features built in, such as Bitcoin. Just like the real thing, where drivers can travel without being monitored or hassled.
German Autobahns have no extra fees for drivers to use, and nor does Tixl’s Autobahn Network. In fact, users are likely to save money on fees by using the network in comparison to carrying out standard transactions on the native blockchain.
The use of MTXLT
On the face of it, Tixl creating a second layer solution for other cryptocurrencies seems like a project that would reduce the need for the MTXLT. However, this is why the Autobahn Network was built to leverage MTXLT and act as a new product that could grow the use and adoption of MTXLT.
For something to move it needs fuel. One key decision when creating the Autobahn Network was deciding on how fees are paid – the ‘fuel’ for the transaction. The initial thought would be to use the MTXLT token, but then that could greatly reduce the adoption of the network because it creates additional hurdles before being able to use it.
That’s why some key assets will be able to use their native currency to pay for transaction fees. However, when this occurs, the fee will be automatically used to purchase MTXLT from the market and then the MTXLT will be burnt, which will continuously diminish the circulating supply. At first, only Bitcoin will be supported, but the plan is to allow other assets to pay in the native currency. Fees that are paid in MTXLT will also be burnt.
What does this mean for Tixl and crypto?
With their new solution, Tixl can provide cryptocurrencies a new way to be transferred with additional speed, scalability and lower fees while maintaining the decentralized integrity of their native network. Not only that, but each user will have the ability to leverage the privacy function built into the network to keep their transactions hidden, if they so wish.
This therefore introduces a new second layer solution that could solve some of the long term issues of cryptocurrency. Many criticize Bitcoin for having high fees and slow transactions, especially during times of network congestion caused by high transaction volumes. With a solution like the Autobahn Network, those that have Bitcoin would be able to maintain the value of Bitcoin in the native network, while always knowing they are able to transfer it regardless of the current network performance. This could be a powerful solution.
*Disclaimer – Tixl are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.