Vitalik Buterin Interestingly Sheds Light on Ethereum Layer 2

The post Vitalik Buterin Interestingly Sheds Light on Ethereum Layer 2 appeared first on Coinpedia Fintech News

The founder of the decentralised mining network and software development platform Ethereum Vitalik Buterin shared his insights about Ethereum layer 2 of the Ethereum blockchain.

Vitalik shared pivotal points regarding L2 networks which are considered as main scalability tool for the Ethereum Network.

Debate About L2 Layer

The L2 layer on the Ethereum blockchain is a collective term for an Ethereum scaling solution that manages transactions off Ethereum layer 1 while still taking benefit of the robust decentralized security of Ethereum layer 1. Layer 2 is a different blockchain that extends Ethereum.

 L2 solution is designed to improve transaction capacity and pace without compromising on the security which is facilitated by the main chain layer1. This proves to be beneficial for the users as it helps users to understand the types of solutions available for their respective issues.

Vitalik engaged in a debate which was about “L2s” encompassing both rollups and validiums. The users need to understand the different security features where rollups are  “security-favoring” solutions that bundle or “roll up” transactions into a single proof, which is posted to the main chain. This methodology enables high security, as the L1 blockchain instantly secures them. 

Comparatively, rollups are a bit expensive due to their ability to its data on-chain which provides higher security on the other hand Validiums provide an inexpensive alternate option to rollups. The founder of Ethereum Vitalik has suggested that terminology should reflect these distinctions without delegitimizing either option. In the spectrum of L2 solutions, he suggests terms like “strong L2” for rollups and “light L2” for validiums to enable users to guide their choices better.

Vitalik also cleared that the whole process of L2 solution is not only about security as both rollups and Validiums have “intermediate space”.