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Layer 2 scalability, and its possibilities moving forward!

Recorded: Feb. 8, 2023 Duration: 0:51:09

Space Recording

Open Original Space

Full Transcription

0:01:33 - 0:01:39

Hey guys, thanks for joining us for today's AMA. We're just waiting on our speakers and once we're ready, we'll start it up.

0:02:44 - 0:02:46

Just a minute or two guys, we're just starting up

0:03:09 - 0:03:20

Awesome, I think we have everyone here, so let's get everything started. So thanks for joining us today guys, we're here to discuss layer 2 scalability and its possibilities moving

0:03:20 - 0:03:32

forward. Let's start off with introductions. Can you guys, Nikki and when could you guys give a brief introduction of yourselves, your background in Web 3 and what's your building?

0:03:38 - 0:03:54

Yeah, hello there. Thank you very much for joining everybody. My name is Nikki and I'm part of the new lab team. I also want to have people here. My journey in action on the space started like in 2017 when I started

0:03:54 - 0:04:11

to work in the space, like even though before I was already in the space, but yes, I worked in the crypto exchange when I joined the space, then after that I was working at the cryptocurrency solution provider, and after that I

0:04:11 - 0:04:28

I worked for a Neo Foundation and then the WebEx Foundation shortly before joining the online. So pleasure having you here. Thanks a lot once more and thank you Zee for giving me a chance to introduce myself.

0:04:33 - 0:04:51

When would you like to go? Yeah, yeah, sure. Hi everyone. This is when how representing the business development manager out there. So my background in Web3 started when I was introduced to Bitcoin WebPaper in 2017 and was an individual investor back in the days.

0:04:51 - 0:05:09

And after I got an opportunity to work in a central ethics change, which is called for big global as a research analyst doing due diligence mainly for projects in terms of tokenomics, project development, etc. And after I was shifted to the listing team to support project and listing their tokens.

0:05:09 - 0:05:27

I mean in the European region, attending conference to engage with partners that are wanting to list their tokens in some of the exchanges and currently working with outlayer, supporting projects by providing an elastic scaling layer for them to scale that deabs in general. Yeah. And thanks for having it.

0:05:29 - 0:05:46

Thank you for being on guys. Okay, thanks for the introductions now that we know a little bit about you guys. Let's start it off modular or monolithic We're seeing a shift from monolithic blockchains to modular. Can you guys tell us your opinions on the benefits or and tradeoffs? Like such as like

0:05:46 - 0:06:04

performance, security, or cost for users and builders. When would you like to go ahead or I can start with the matter? Yeah, yeah, yeah, sure no problem. Yeah, definitely we do share CFS in terms of monolic blockchain into modular blockchain. So there are

0:06:04 - 0:06:21

So that's several benefits and trade off for shifting into modular blockchain structure. So firstly, it's definitely the improve of scalability. So modular blockchain allow developers to focus on specific functionalities and upgrade them independently. As you know, that there's the four primary

0:06:21 - 0:06:39

and the blockchain format, the availability, consensus, settlement, and execution, etc. And which can lead to a better performance and faster development cycle. Second thing that we really like is increased in customization because it offers more flexibility to

Host

Neon 🧬 from Neon EVM

Speaker

Sushi Warrior 寿司战士🍣

Nicky⚡Decentralization Maxi!

FAQ on Layer 2 scalability, and its possibilities moving forward! | Twitter Space Recording

What is the topic of today's discussion?

The topic of today's discussion is layer 2 scalability and its possibilities moving forward.

Can you introduce yourselves and your backgrounds in web3?

Nikki and When gave their intros. Nikki has worked in a crypto exchange, a crypto solution provider, NEO Foundation, and Web3 Foundation. When has worked as a research analyst and listing support in a cryptocurrency exchange, and currently works for Outlayer.

What are the benefits and tradeoffs of shifting from monolithic blockchains to modular?

Benefits of shifting to modular blockchains include improved scalability, increased customization, and better performance and faster development cycles. Tradeoffs could include concerns around security and cost for users and builders.

What is the role of Outlayer in supporting projects?

Outlayer provides an elastic scaling layer for projects to scale their dApps in general.

What is the difference between availability, consensus, settlement, and execution in blockchain formats?

Availability, consensus, settlement, and execution are the four primary functions in blockchain formats. Availability refers to node connectivity and data replication, consensus refers to how transactions are validated, settlement refers to transaction finality and the transfer of value, and execution refers to smart contract execution and other logic.

What are some challenges faced by layer 2 scalability solutions?

Some challenges include maintaining security and decentralization, interoperability with layer 1 solutions, and potential fragmentation within the layer 2 ecosystem.

How do you see layer 2 solutions and modular blockchains evolving in the future?

There could be more standardized interfaces and protocols for layer 2 solutions to make them more interoperable. Modular blockchains could also lead to more specialized chains depending on their use cases, and more collaboration between different projects.

What is the difference between on-chain and off-chain solutions for scaling?

On-chain solutions involve making changes to the underlying blockchain protocol, while off-chain solutions involve keeping most data and transactions off the blockchain and only settling on the blockchain at certain intervals.

What are some examples of layer 2 solutions?

Some examples include state channels, sidechains, Plasma, and rollups.

What are some benefits of layer 2 scaling for users?

Some benefits include faster transactions, lower fees, and more efficient use of resources on the blockchain.