Join 76,209 users and earn money for participation

Layer 2 and the current problem

2 41 exc boost
Avatar for arslankhalid
Written by   205
3 months ago
Topics: Cryptocurrency

Because Ethereum GAS costs too high, many people began to complain about Ethereum, so the Binance Smart Chain and Huobi Eco-Chain began to develop. Why centralized exchange coins rose high and security intelligence chain ecosystem develop, is it really the reason that they do better than Ethereum?

In actual fact, the main reason is that Ethereum GAS costs have increased, resulting in a number of teams and users involved in deFi projects have chosen to leave. We all know that an intelligent chain and exchange currency coins ecological chain is actually Ethernet Square FORK, so these two chains can attract a large number of developers in a short period of time, and quickly make developers able to build applications on them.

Can Layer 2 solve the current problem?

In fact, the public chain of exchanges has not carried out much innovation, so the problem that arises is that its ecology may not last too long . Once the bear market comes, a public chain with its own unique technology will use its technology to reduce its ecological and user losses . The Fork public chain will naturally be abandoned eventually, and the most important thing is to propose a solution to the problem.

Most users will now pin their hopes mainly on Layer 2 . For Ethereum 2.0 , it is too long-term ; Polkadot also has similar problems. Although the ecology seems to be prosperous, it is now in its early stages ; the cross-chain development brought by Cosmos is more troublesome ; EOS ecology not supporting many developers because of the currency price.

Can Layer 2 be a weapon to solve the problem this time? Many people are very optimistic about Layer 2 , but the actual situation is that we can not only count on Layer 2 , we must find other solutions to carry out at the same time, so as to achieve double insurance.

For example, smart contracts have been developed for several years, and many of them still have vulnerabilities until now. This means that the code of smart contracts in finance must be built with great care and must stand the test of time.

The current Layer 2 is mainly an expedited progress from last year to this year, so there are also certain risks . It is precisely because of this that vitalik said that now try not to deploy digital token applications on Layer 2 to prevent risks . In essence, it is to lay out chain games , NFTs, etc., to free up some resources for DeFi.

High-performance public chain Solana becomes the focus of attention

Addressing congestion and chain GAS high cost of the problem is not in the Layer 2 path, from the public chain prior to the development of the project in view, to seek public high performance chain n is the current focus of attention of institutions and investors . For project parties with technology, the bear market is mainly for technical code development, while the bull market will focus on application. Solana has emerged at the historic moment and is favored by the market. Under the consensus of investment institutions and investors, the rise in the price of the currency is all the way up.

Why does Solana get a lot of attention? The main reason is that Solana has a very high TPS , which can greatly increase the transaction transmission speed and solve the congestion problem. ​The innovative PoH history proof mechanism is mainly used.

Previously, the blockchain we trusted was based on timestamps. In the historical proof, we can create a specific event that occurred at a certain point in time , thus forming a new blockchain proof mechanism . To put it simply, we took a picture with a news scene that happened one day as the background, and the picture appeared in the news the next day . Then we can know that the action of taking a photo takes place between two days, and this method can improve the efficiency of the blockchain.

Of course, more than the historical time-proven mechanism for applications, Solana also used other techniques to improve the speed of the blockchain, such as Tower BFT , Tower BFT use history as proof clock . Through these technologies , the overhead and delay of message delivery can be reduced, thereby speeding up transactions and confirmations on the chain.

Technical features of Solana

At present, Solana has already deployed in DeFi and other aspects, and has cooperated with multiple DeFi basic protocol teams, including data services, oracles, wallets, stable currencies USDC , USDT and many other aspects . Solana is gradually developing into a complete ecosystem and has become one of the most favoured public chains at the moment .

For the development of DeFi, on the one hand, the underlying public chain is needed to ensure the technical fees and transaction speed, and on the other hand, the public chain needs to have a complete ecology to make use of it. Let’s take stablecoins as an example. In fact, there are only a handful of public chains supporting mainstream stablecoins such as USDT and USDC . The Solana supports USDT and other stable currencies and help developers to get more benefits, it also reflects Solana ecological advantages.

to sum up

In Solana block chain , the developers do not worry about DeFi how to develop,they just need to focus on the quality of their code. For the project side, also need not worry about transaction fees and congestion problems, Solana able to provide fast enough and very low fees.

9
$ 4.48
$ 4.08 from @TheRandomRewarder
$ 0.13 from @excitecontent
$ 0.10 from @rajeev
+ 5
Sponsors of arslankhalid
empty
empty
empty
Avatar for arslankhalid
Written by   205
3 months ago
Topics: Cryptocurrency
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

solana is fast but the main problem is that solana is not completely decentralized .

$ 0.00
3 months ago

hahaha i agree solana is 85% decentralized and also it is user friendly blockchain because cheap fee and amazing speed are the main features of salana.

$ 0.00
3 months ago