Layer 2 of ETH
The well-known Ethereum Layer 2 that has launched the main network includes Arbitrum, Optimism, and Polygon. But do you think these are exactly what you expected?
I think everyone’s answer is NO.
Although Arb/Opt uses opt roll-up technology to solve the problem of cross-chain connection from trusted Layer1 to Layer2, the availability of Arb/Opt is like a complete copy of the Ethereum mainnet.
- The same low TPS cannot handle extremely interactive applications.
- The same long confirmation time makes it impossible for users who are familiar with web2 usage habits to accept this experience.
- EVM/Solidity, which is also difficult to use, makes the development of Dapps the same. The application on Layer2 is merely the application of Layer1 re-deployed, such as UniSwap/Curve and other Dapps.
I think it is significant for Arb/Opt to test the feasibility of Rollup’s Layer 2 technology on a credible basis, but there is no doubt about the significance of Layer 2 which is homogeneous with Ethereum.
Nonetheless, there is also a Layer 2 project Polygon with a good self-built ecology. Although Polygon is called Layer 2, it looks like Layer 1 of homogeneous Ethereum and is similar to BSC solving the most difficult problem of Layer 1.
If it belongs to its own ecology, then this is also a good product or we respectfully call it a good “Layer2”.
Because since we developed products, we have summed up a term: “A product that can continue to attract users is a great product.”
Ideal ETH Layer 2
The most respected Layer2 project in Ethereum should be zkSync and there are the following points to explain it.
- VB platform, Ethereum Fund Investment
- zkrollup contains the highest technical content in rollup, and it is also the most respected technology.
- Modified the biggest defect of Ethereum (the performance problem caused by the accounting system) and reconstructed the accounting system. In other words, zkSync is a non-homogeneous Ethereum, which claims to be able to expand Layer 3 infinitely and support unlimited TPS.
Layer 2 of BTC
1. Lightning Network
The Lightning Network uses the incomplete smart contract primitives on Bitcoin: time locks combined with multiple signatures to cleverly solve the problem of rapid payment transfers that reach an agreement between the two parties.
But the limitations are also obvious. At present, it only stays at the level of payment and transfer, and it is impossible to realize a large-scale smart contract platform with BTC as the core.
2.BlockStream Liquid VS ChainX VS RenBTC VS WBTC
- Liquid: A platform where multiple large institutions host BTC redistributable tokens, and tokens and BTC can be traded. The famous token is the issuance of BlockStream’s mining pool share tokens and BTC transactions. The disadvantages are the lack of Turing’s complete smart contracts and multi-centralized cross-chain.
- ChainX: Currently supports BTC’s EVM, WASM smart contract platform, and also supports multi-centralized hosting of Taproot distributed key threshold algorithm. The disadvantages are the lack of a large business model and the entry of capital.
- RenBTC: Claims to be able to share keys with each node to achieve a multi-centralized custody model like ChainX. But the recent rumors are: this step has not been realized, and it was acquired by FTX, which centrally escrows the user’s BTC.
- WBTC: Wrap BTC, a purely centralized issuance like USDT technically, has no technology at all. But its huge commercial capital endorsement model and the pressure on the smart contract platform of Ethereum, so it is developing best now.
Ideal BTC Layer2
- A totally trustless Layer 2 model like the Lightning Network.
- Support EVM, Move, WASM, and other advanced smart contract platforms.
The technical vision of ChainX is to extend the already implemented Taproot distributed threshold signature contract cross-chain technology to the Lightning Network.
Using taproot to optimize the Lightning Network, package an intermediate Layer, package the primitives of the Lightning Network, and then be compatible with the EVM, smart contract platforms such as MOVE V the Upper Layer.
To be a fully decentralized, infinitely scalable multi-programming language and multi-VM compatible smart contract platform.
The ideal Layer 2 absolutely supports both the ideal Ethereum Layer 2 and the ideal BTC Layer 2. At the same time, it can have unlimited performance scalability and then supports any Smart Contract programming Layer 2.
Of course, all ideals need a greater reality that is Layer 2 has a continuous influx of users. Only when there is a continuous influx of users, such technology is meaningful.