More layers, more blockchain fruition
What does the future hold for blockchainis a question mostly asked by investor and skeptics alike. "Look at the past, expereince the present and you'll definitley get a glimpse of the future"— dani-asi. Doubt is a limitation. The reason why others believe blockchain tech, web3 and cryptocurrency are failed projects is as a result of little to no knowledge of the entire ecosystem.
They are fed with lies, perhaps only told about only the flaws that this technology presents. One thing to have in mind is this, there is no tech without flaws and there will never be, yet one will always be more advanced in problem solving than the other. You know there is a wise saying; 'hear from both parties', the first may seem too right until the accused makes his own statements. Have you dig deeper into this tech yourself or are you just remaining afloat in doubt?.
Blockchain tech is adding up advancement on daily basis and the earlier you opt in the better. Speaking of flaws in this ecosystem, there is continuous work done to mitigate the faults. You probably know that blockchain tech has layers, just for instance, Bitcoin, Ethereum and Solana being examples of layers 1 blockchains. Being the mother block(base protocol) if I may say, we've seen the limitations. It makes the foundation and that a good thing yet the challenge of scalability which is it top limitation brought about a second thoughts for improvement.
This is what I have always advise blockchain enthusiasts to do, create and build rather than stay in the seat of blame. We saw the advantage of decentralized and borderless transaction that came to the table. The inflow of users increased both fees and delays in transactions. Here is where the layer 2 blockchains stepped in; to provide more security and scalability. This protocols are built upon the base chain. Probably you might have heard of protocols like side chains( handles large batches of transactions), nested blockchain (task reporter to the main chain), state channels and rollups.
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A single article can not contains this vast array of knowledge, do well to do some research and you'll grasp the ideas within. With layer 2 introduction, we saw the improvements. Faster and more secured transactions bundled with low fees is a good business for investors and users alike. This technology keeps improving and as I earlier said, doubt will take you nowhere. You probably must have heard of Arbitrum?, this is a layer 2 protocol for ethereum. Bitcoin has also boosted speed and price through the Lightning Network.
Have there been flaws? Of course, nevertheless, don't keep you eyes off the solution it has brought to the table. We seem to be more critical than applauding, I guess that's why we are humans. I weigh a technology before making conclusions. Layer 2 for me since its inception has been a bold step by developers that has brought a huge level of improvement to blockchain.
Here comes layer 3 solutions
You could remember I earlier said blockchain development are made up of layers. Layer 1 being parent/ foundation chain, layer 2 beind good structures in that single blockchain for smooth business, so what the does layer three resolve? Let's use a funny instance to give a glimpse of what's popping. Land is layer 1, building(house) is layer 2. So you have a land and a building and so also does your neighbor in the same street. It seems you guys are living in isolation right? So how do you guys interact with each other? That's right, think layer 3; the idea of interoperability. It's like connecting a bridge between you and your neighbor to do business. Layer 3 helps end blockchain rigidity.
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How does this affect the chain in general, it's customizable, advanced (hyper scalability). This idea helps unite networks of the same ecosystem (base network) to make transaction and other businesses. One should not undermine the power of interoperability, It is a building on top of layer 2 with a good resistance; layer 1. I see a much brighter future for this technology as it helps in easy chain expansion. We have seen decentralized autonomous organizations (DAOs) help in decentralized organization management. Other applications are in DeFi and NFTs. The devopment on layers are still ongoing yet I would love to limit it to this three layers.
When trying to answer the question of what the future holds for blockchain, these steps are very vital, it's a proof of fruition. Development and improvement is not ceasing in the blockchain industry. This tech has been an eye opener, venturing beyond finance to other products and services. When inconveniences is sensed about action been done on a chain, developers will always step up. We have seen advantage of Defi, NFT and even socialfi. All this inceptions are yet to be realized of their full potentials and when it all happens, a lot may realize late that a golden goose was laying.
To conclude, let me add, there is much to be told with little time. The inception of blockchain tech is a come to stay. Refusing what is doesn't mean it isn't. As this ecosystem continues to grow and increase its tentacles, more ideas to strengthen it will continue to emerge. We are already seeing AI tilting the blockchain direction. One needs to be ready for what is coming. We are moving at a very fast pace and the need to know what is going on within our environment and economy at large needs to be prioritized. What are your views about blockchain layers? Join in the conversation.
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