NEW EAR : Leading Ethereum Layer 2 Solution
Despite being six years old today, Ethereum, in all its glory, is still facing issues like scalability and pocket-burning gas fees. The network can address these concerns via two options – sharding and Layer 2 (L2) solutions.
Though the network is trying hard to incorporate a sharding scaling solution on ETH 2.0, it remains a distant dream as the team is far behind in terms of development. It leaves us with the second option, which is a Layer 2 (L2) scaling solution.
An L2 solution runs on top of the main chain (Layer 1 or L1) of Ethereum. It exists on the Ethereum network as a smart contract and does not need changes to the base level protocol to interact. L2 solutions have different functions, like scaling payments, off-chain computation, or smart contracts. However, they all h...