1 year ago
Layer 2 Labs is launching with the extremity of scaling and gathering retired drivechains for the Bitcoin Network. The institution has closed a effect circular astatine launch, raising $3 cardinal successful funding.
Layer 2 Labs co-founder and CEO Paul Sztorc said successful a connection sent to Bitcoin Magazine that the steadfast seeks to "make everyone successful the satellite a Bitcoin user." Sztorc is the writer of 2 Bitcoin betterment proposals (BIPs), BIP 300 and BIP 301, which item the method specifications of drivechains. Naturally, drivechains are astatine the forefront of Layer 2 Labs’ mission.
"Layer 2 Labs believes that drivechains person the imaginable to revolutionize the mode we usage Bitcoin by enabling greater scalability, extensibility, privacy, and flexibility connected the network," the institution said successful a statement. "We judge that drivechains person the imaginable to termination altcoins, summation Bitcoin adoption, and supply the catalyst for hyperbitcoinization."
Drivechains specify a circumstantial mode done which to make Bitcoin sidechains. Sidechains are parallel blockchains to Bitcoin that alteration BTC to "flow" betwixt the 2 networks successful a two-way peg. Since bitcoin can’t really permission the Bitcoin network, sidechains execute this task by locking up BTC connected the Bitcoin blockchain and representing them successful antithetic ways successful the sidechain. The extremity is that the practice of BTC successful the sidechain maintains a 1:1 peg to the existent BTC locked connected the Bitcoin network.
Liquid is possibly the astir fashionable sidechain successful the Bitcoin ecosystem today. Blockstream’s exemplary leverages a federation to grip the on-chain lock-up and withdrawals, arsenic good arsenic sidechain artifact creations. Drivechains effort to determination distant from the federated exemplary successful favour of thing it deems much decentralized –– Bitcoin’s ain miners.
Under the drivechain model, bitcoin miners besides excavation sidechain blocks, albeit blindly. That is, the miner doesn’t request to tally bundle for that circumstantial sidechain, portion accruing from the worth being transacted connected that parallel chain. This is due to the fact that astir fees paid connected the sidechain spell to the bitcoin miners. Ultimately, this besides contributes to greater interest gross successful Bitcoin.
Drivechains let for astir immoderate benignant of concatenation to beryllium created and instrumentality vantage of the two-way peg. This diagnostic could let for functionality contiguous connected immoderate altcoin web to beryllium indirectly ported to Bitcoin. Hence, drivechains –– and sidechains astatine ample –– successful immoderate mode let for bitcoin to beryllium utilized connected different chain, with antithetic rules and properties. The payment is the idiosyncratic would beryllium capable to bash things with their bitcoin that isn’t imaginable connected the Bitcoin network. The hazard is the pegging mechanism.
Sztorc said the institution has 3 overarching goals. The first, arsenic mentioned, is the tendency to further make and standard drivechains.
"We person 6 sidechain-designs successful improvement already, including 2 which are nonstop clones of Ethereum and zCash (but BTC-only)," helium said successful a statement. "These let for contiguous planetary scale, impenetrable easy-to-use privacy, and implicit state (for users and developers)."
Second, Layer 2 Labs aims to amended the idiosyncratic acquisition successful Bitcoin, particularly astir activities indispensable for genuinely self-sovereign bitcoin ownership.
"We privation REAL bitcoin users –– users who tally nodes, and clasp keys," helium added. "This requires a gyration successful UX and education... which we purpose to bring about. Nodes should beryllium casual to tally and bash utile things that immoderate layperson tin recognize and appreciate."
Finally, Sztorc said the steadfast plans to enactment connected what helium calls "high-risk, high-reward problems."
"These see prediction markets and a resurrected Namecoin," Sztorc said. "These services volition revolutionize media/telecommunications, conscionable arsenic Bitcoin volition revolutionize Banking."
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