When developers realized that Bitcoin’s main network, or the first layer, was not as efficient as it should be and had little scalability, they introduced more operationally efficient second layer blockchain platforms. Layer 2 solutions take the bulk of transactions off the network and then transfer them to the primary ledger. This has increased the speed and scalability of the main network and, of course, the popularity of second layer solutions.
In the second layer, many protocols such as the Lightning network (Lightning Network), Liquid Network (Liquid Network) and omni layer (Omni Layer) Made for Bitcoin, but we are going to talk about one of them in this article the newest Let’s talk about these solutions, i.e. Build On L2 solution. Stay with us to know more about the possibilities of this project.
What are the solutions of the second layer of blockchain?
As we said in the introduction, Build On L2 is a two-layer blockchain solution, but in order to better understand its application, let’s quickly and briefly review the concept of layer 2 solutions.
Layer 2 is a term that helps improve the scalability of an application by processing transactions outside of the main Bitcoin or Ethereum network, known as the first layer of the blockchain. All these applications and platforms work with the same security measures and decentralization of the main network (or the same layer one). In general, layer 2 solutions increase network capacity (transaction speed) and reduce gas costs.
What is the Build On L2 solution?
If you are familiar with the solutions of the second layer of the blockchain, you know that behind each protocol there is a strong and innovative ecosystem. This ecosystem lives on with the security provided by the distributed ledger.
block stream Blockstream is a Bitcoin scalability and development company that leads a developer community to improve the Lightning Network and Layer 2. This leading company is trying to launch a platform to connect Bitcoin developers, entrepreneurs, and supporters around the world so that they can easily access the platform. Blind Lightning (Core Lightning) and Liquid network work. The Liquid network is one of the scalable solutions of the second layer of the blockchain, which allows the trading of many assets outside the main Bitcoin network, such as stablecoins or even dollars (USD). Cor Lightning is also the most popular mechanism of the Lightning network, which enables instant and low-cost Bitcoin payments around the world.
By introducing the Build On L2 or BOL2 solution, Blockstream has been added to the group of companies active in the field of Bitcoin and has attracted a lot of attention. Since there are many narratives that blockchain projects must have functional tokens, Blockstream aims to challenge these narratives with its new solution.
In this way, developers using BOL2 will focus on solutions that build on Core Lightning and Liquid Network and also strengthen the second layer of the Bitcoin blockchain. Of course, we must say that all these gatherings are hosted by the Blockstream platform and are completely free. The protocol will also host activities including virtual networking events, training programs, coaching and more.
The view of the crypto community around the Build On L2 solution
One of the things that can be of great help to people who are planning to work in the new blockchain solution is to check the comments. Members of the crypto community and other users about this solution. An interesting thing to know about this network is that the main statement of the BOL2 solution was made by famous bitcoiners such as Adam Back, the CEO of Blockstream. Roy Scheinfeld (Roy Sheinfeld), CEO of Breez wallet and many other digital currency celebrities have been approved and signed. In the following, we intend to examine the important comments of members of the crypto community regarding the Build On L2 solution.
Lisa Neigut, Cor Lightning Engineer
Cor Lightning engineer Lisa Nigot believes about the connection of the Lightning network with the Build On L2 solution and the future of this network:
What will ultimately determine the success of the Lightning network will be the level of community members’ participation with it. Build On L2 is an innovative and innovative solution that brings together developers, startups and other contributors to share their visions and scale Bitcoin to the wider community.
Scott Millar, founder of SideSwap
The next person we need to check his opinion about the Build On L2 solution is the founder of the platform SideSwap, is a digital financial platform that enables the exchange of assets on the Liquid sidechain. Scott Millar says of the BOL2 solution:
The Liquid Network allows us to create a native financial system for Bitcoin. The network also provides tools for holding decentralized assets for securities issuance, where Bitcoin will be the primary currency for transactions. Bitcoin is a very large community with incredible opportunities and we support anyone looking to work on the Lightning Network through the Build On L2 solution.
Build On L2 solution; A forum for Bitcoin developers
As we mentioned in this article, Bitcoin is a great opportunity to create a fair economy based on healthy money, and naturally, neither Blackstream nor its peers would like to miss such an opportunity. Bitcoin is gaining more acceptance as a currency day by day, and this causes a larger volume of transactions to enter the second layer of this network. Therefore, it is imperative that developers who focus exclusively on Bitcoin strengthen the Bitcoin community by providing more innovations such as the Build On L2 solution and build a decentralized and resilient monetary network.
We hope this article was useful for you. Stay tuned for future Wallex blog articles to learn more about Layer 2 solutions.
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