Searching deep: The quest for Bitcoin scalability through layer two protocols
The quest for a workable Bitcoin scalability solution is still ongoing with developmental efforts in protocols like the Lightning Network and Statechains. As the largest cryptocurrency by market capitalization, Bitcoin’s (BTC) effectiveness as a medium of exchange is still a matter for debate. Unlike fiat money that is inherently infinite in supply and must be managed by a central bank, Bitcoin is akin to gold in that it is commodity money with a finite supply of 21 million.However, the supply cap is not the major stumbling block for BTC as a medium of exchange, but rather, the transaction....
Related News
Any innovation must be engineered so that as adoption grows, the right scaling technologies can be integrated into it at the right time. Cointelegraph is following the development of an entirely new blockchain from inception to the mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group.Scalability is a popular topic in blockchain, but few ever explain what we mean by that term. When we at Koinos Group talk about scaling what we mean is scaling to the masses. Creating a blockchain that everyone on Earth can use. That means the....
The Polygon team is set to launch a data availability solution for sidechains and layer-two protocols. Ethereum (ETH) scalability infrastructure developer Polygon has announced the rollout of a general-purpose, scalable data availability solution called Avail.According to a release issued on Monday, Polygon revealed that Avail will function as a data available tool for execution layers like sidechains, standalone networks, and layer-two protocols.One of the major hurdles for effective blockchain scaling is the data availability problem. Malicious actors can broadcast blocks to the network....
DeversiFi and Loopring partner up to improve scalability solutions based on layer two technology. Layer two decentralized exchanges Loopring and DeversiFi are joining forces by forming a committee dedicated to promoting usage of layer two solutions, named “L2 Squared” or just L².Announced on Monday, the alliance wants to ease the transition for users into these higher performance on-chain exchanges. “As things stand, Loopring and DeversiFi are the first exchanges on Ethereum to harness Layer-2 solutions, using zkRollup and StarkEx’s Validium respectively,” explained Will Harborne, founder....
Experts share their views on how the Merge would impact Ethereum’s scalability solutions in the form of layer-2 chains. Ethereum is just over a week away from officially moving to a proof-of-stake (PoS) blockchain with the Merge slated for completion around Sept. 13–15. With the transition, Ethereum would abandon its current proof-of-work (PoW) chain, eliminating miners from the ecosystem. Ethereum is a vast ecosystem with thousands of decentralized applications and decentralized finance protocols working on top of it. Additionally, there are several layer-2 solutions, i.e., solutions....
COO at Harmony, Li Jiang, is convinced that a bridge connecting all major blockchains is the key to building the foundation of a decentralized internet. Li Jiang, COO at Harmony, believes that a bridge connecting all existing blockchains is key to onboard the first 1 billion users on Web 3. “We think that the future is multichain and cross-chain, that you should be able to move assets very easily from one chain to another, with good prices, with good rates and very fast.”, he told Cointelegraph in an exclusive interview. Harmony is a Layer-1 blockchain protocol that aims at creating....