Layer 2 is a term used for solutions created to help scale an application by processing transactions off of the Ethereum Mainnet (layer 1) while still maintaining the same security measures and decentralization as the mainnet . Layer 2 solutions increase throughput (transaction speed) and reduce gas fees.
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The fact is that Ethereum , at the moment, is by far the blockchain that needs layer 2 solutions the most to scale and especially to reduce high transaction costs.
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An independent blockchain acting in concert with Bitcoin or Ethereum , which retroactively became known as a “Layer 1 chain” or “main chain.” Layer 2 chains process new transactions faster while reducing the load on Layer 1 and typically taking much lower fees.
Read moreIs litecoin a layer 2?
The Lightning Network (LN) is a “layer 2” payment protocol layered on top of a blockchain-based cryptocurrency such as bitcoin or litecoin .
Read moreWhat is a layer 2 Ethereum?
Layer 2 is a collective term for solutions designed to help scale your application by handling transactions off the Ethereum Mainnet (layer 1) while taking advantage of the robust decentralized security model of Mainnet .
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