San Jose, CA, June 30, 2023 (GLOBE NEWSWIRE) -- In the last few years of blockchain development, the Layer paradigm has been changing from Layer 0 to Layer 3. Not long ago, Ethereum founder VitalikButerin stressed the significance of Layer 3, saying that the architecture can optimize and improve the network. The heavy-hitting Layer 3 super public chain will link every blockchain to build a truly open, transparent, inclusive, fast and secure decentralized world.
◎ The congestion problem under the Ethereum boom needs to be solved
As the most mainstream smart contract platform, Ethereum is known for its security and decentralized characteristics, but it still lags behind in terms of scalability: Ethereum's current TPS (the number of transactions that can be processed per second) is between 10 and 15, and the supply is insufficient and the demand is strong, resulting in high fees determined by bidding, and each transaction needs to spend several dollars to tens of dollars.
In other words, on the first layer of the Ethereum blockchain, the growing demand for network usage has led to network congestion and pushed up transaction costs.Increased storage, network speed, and throughput are fundamental to meaningful mass adoption of Ethereum. Decentralization, Security, Scalability, the three can only choose two, which is also known as the blockchain impossible triangle. Ethereum's initial choice was to abandon scalability and bring it into line with the most important values of Web3.0. But if you implement scalability in a clean and crude way, you sacrifice security or decentralization! In this context, the congestion problem under the Ethereum boom needs to be solved.
◎Layer 3 brings the perfect solution for Ethereum cross-chain scaling
The congestion problem of the Ethereum boom caught the world's attention, and Scaling was the solution - and that's where Layer 3 came into being. Layer 3 has been actively looking for Ethereum scalability solutions, and after the full research and development of the technical team, it has determined the cross-chain expansion route combining on-chain and off-chain expansion. Layer 3 combines cross-chain technology with Layer 1 and Layer 2 expansion solutions to bring a new chain expansion solution, support cross-chain interaction between major public chains, complete block transactions faster with lower GAS fees, and bring users a silky transaction experience.
Layer 3, as an Ethereum expansion solution, aims to solve the congestion problem of Ethereum and realize the decentralized, low-cost and high-concurrency Ethereum ecosystem that people yearn for. It can be said that Layer 3 public chains start from the underlying algorithms and consensus protocols to help different public chains connect with each other and exchange value. Layer 3 public chain From the architecture design, to ensure that every public chain, even if there is no first-mover advantage, can be mirrored on the Layer 3 public chain, so that thousands of people understand and use.
The Layer 3 public chain's original series of core technologies build a cross-chain ecosystem integrating public chain, wallet, decentralized transaction, decentralized application and other layers to serve finance, artificial intelligence, metauniverse and other fields.
In short, the Layer 3 super public chain brings a new paradigm of the digital economy.
From the perspective of technical architecture, Layer 3, like Layer 2, also contains the application Layer, and Layer 3 has better cross-chain interoperability, which means that there will be a lot of use cases that can be migrated to Layer 3.
In addition, for those types of use cases that require greater transaction throughput support and strong demand for further reducing network use costs, such as decentralized exchanges and blockchain games, transaction efficiency can also be improved on Layer 3 and real cost reduction and efficiency can be experienced.
Layer 3's Ethereum cross-chain scaling solution has been tested to be the most secure and widely used scaling solution. The Layer 3 super public chain will truly link every blockchain and build an open, transparent, inclusive, fast and secure decentralized world.
Disclaimer: The information provided in this press release is not a solicitation for investment, or intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.
CONTACT: Jack Li Etbvilla668(at)layer3.team