An architecture built on top of layer 1 is known as a Layer 2 blockchain.
15 Nov 2022, 08:04
An architecture built on top of layer 1 is known as a Layer 2 blockchain⛓.
Layer 1 refers to the foundation of a blockchain⛓, whereas layer 2 refers to the layer above it.
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15 Nov 2022, 08:05
The Truth About Layer 2 Protocols
One factor that continues to prevent blockchain⛓ technology from being widely adopted is its scalability. You must have heard it a couple of times and may be wondering what exactly a “Layer 2” means. A blockchain network👩💻 such as bitcoin or Ethereum is called a "Layer 1" network. Transactions💳 happen at these layers. Due to the limited processing🖥 power of these L1 networks, they are not able to handle increased demand. A Layer 2 solution can solve this problem by improving the performance of the chains⛓ underneath. Bitcoin has the Lightning Network, Ethereum has Polygon. These are examples of Layer 1 chains with their respective Layer 2 chains.
Bitcoin and Ethereum trade off scalability for security🚨 and decentralisation for scalability. In this light, it makes sense why major blockchain networks like Bitcoin🪙 can ……….. read more
The Truth About Layer 2 Protocols.
The Truth About Layer 2 Protocols
One factor that continues to prevent blockchain⛓ technology from being widely adopted is its scalability. You must have heard it a couple of times and may be wondering what exactly a “Layer 2” means. A blockchain network👩💻 such as bitcoin or Ethereum is called a "Layer 1" network. Transactions💳 happen at these layers. Due to the limited processing🖥 power of these L1 networks, they are not able to handle increased demand. A Layer 2 solution can solve this problem by improving the performance of the chains⛓ underneath. Bitcoin has the Lightning Network, Ethereum has Polygon. These are examples of Layer 1 chains with their respective Layer 2 chains.
Bitcoin and Ethereum trade off scalability for security🚨 and decentralisation for scalability. In this light, it makes sense why major blockchain networks like Bitcoin🪙 can ……….. read more http://bit.ly/3TBIgd2