How are you guys? I hope that everyone will be fine and I am fine too. I am @jannat12 on the steemit platform. This is my first post in this community
#SteemitCryptoAcademy. The topic of engagement challenge is 👇
Contest / S13W5 - Layer 2 Blockchain .
What is layer 2 in a blockchain and how is it different from layer 1?
In block chain's world , the layer 1 is called base layer or the main Blockchain . Bitcoin and ethereum like protocols include in it . Functions that are fundamental to the Blockchain like transection validation etc.
Now I will talk about layer 2 of the Blockchain. The layer 2 built up on the layer 1,it's purpose is to improve speed and the effectiveness of the cost. The layer 2 of Blockchain have protocols like network for Bitcoins and the network for the Ethereum. The layer of the Blockchain is helpful in transaction with the reduction of the fees. The layer 1 is considered that it is the base of the building and the layer 2 ic considered that it is the floor of the building as it adds more information.
👉Give real-world examples of Layer 2 solutions and explain how they work.
Link
First of all I have talked about that what is the layer 2 of Blockchain and now I tell you about examples of layer 2 solutions.
Here are the solutions of the layer 2.
° Lightening network
°Radian network
Lightening Network is for Bitcoins and the radian network is for ethereum.
👉Lightening network
Link
The lightening network is the layer 2 solution of the Bitcoin that makes the transaction easier and faster. It is also useful that it makes the transaction cheaper by reduction of the fees.
👉How it works
If users want to transaction multiple times for this purpose they will choose a payment channel. This channel allow us to send transaction instantly and without fees.
👉Raiden network
Link
This is the layer 2 solution for the Ethereum Blockchain. This is fast way of transaction.
How it works
If two users want to send and receive transaction between each other, they will choose a payment channel. They will receive and send transaction between them with negligible fee. The transactions will not be recorded on the main Blockchain. This enhances the scalability.
👉How does layer 2 help reduce transaction fees on a blockchain and facilitate interoperability between different blockchains?
Layer 2 solution has an important role in reducing the transaction on a Blockchain and also Help to facilitate interoperability between different Blockchains. Here I will discuss about it. If we will talk about interoperability between different Blockchains the layer 2 solution act as a bridge between different Blockchains. By using layer 2 solution , we can get faster transaction, reduction of the fees and also helpful in scalability. If I will talk about interoperability the layer 2 solution also plays the significant role in the communication between users with each other.
👉What is the underlying layer used by the Steem blockchain and how does this layer facilitate transactions and interactions on the platform?
The underlying layer used by the steem Blockchain Graphene 2.0. This is helpful for the steemit users in transactions. It is known for its faster transaction per seconds. It allows the steem users to transfer steem power and also power down, steem tokens. It is also popular on the steemit platform because it provides faster and smooth transaction between different users on the steemit platform. It is also social media interaction based through steemit users can communicate with each other by commenting and voting on other's posts.
👉What would be the implications of integrating a layer 2 solution on the Steem blockchain in terms of scalability, costs and ease of use for users?
The integrating a layer 2 solution on the steemit Blockchain have different implications in terms of scalability, costs and ease of use for users
Here 👇
Scalability
By the implications of the layer 2 solution on the steemit Blockchain, the steem can be able to improve its scalability, allowing more significant way of faster and fees less transaction.
Cost
As the layer 2 solution is helpful in transaction with negligible fees , through this users can be engaged with each other. No difficulty in waiting as it is the fast way of transaction and engaged users with each other by commenting on other's posts and also voting.
Best regards from @jannat12
I would like to invite my 3 friends.
@sualeha
@suboohi
@abdullahw2
Ooh well... It seems that you have made a great effort in writing that article and shared a very interesting post with us. I really appreciate your efforts and great work.
Best wishes and best regards for you 🤗
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Thank you so much for your kind words ❣️.
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Hello sister,
Apny aik achi share ki ha or me is chez ko appreciate krta hun k apny kam z kam apni pori koshish ki ha. Layer 2 solutions blockchain technology me aik bohat eham innovation ha or is sy scalability me kafi had tak improvement ki ja skti ha.
Good luck and I hope you will even do best in the upcoming contests.
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In Sha Allah I will do. Thank you for your support and appreciation.
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La Capa 1 y Capa 2 se parecen a un matrimonio, la Capa 1 dispone el dinero y la Capa 2 se encarga de gastarlo ¡Ja Ja!
Sólo que este último lo hace eficientemente.
El desafío que tienen que enfrentar las blockchains de Capa 1 forman parte del trilema (escalabilidad, costos y tiempo). La escalabilidad es la principal tarea de las soluciones de Capa 2 para lograr una mejoría o rendimiento de sus procesos que se generan en la Capa 1.
Gracias por compartir, mucha suerte y éxitos.
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One thing is certain about Layer 2 protocol, it was created to add more information that will complement the Layer 1. It increases speed and reduces transaction cost. It is an addition to the Layer 1. You have made your explanation simple. I wish you success
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Your explanation of Layer 1 & Layer 2 in the blockchain world is straightforward and insightful. describing Layer 1 as the base layer & Layer 2 as the floor of the building is helpful analogy. The real- world examples of Layer 2 solutions such the Lightning Network for Bitcoin and the Raiden Network for Ethereum add practical context. your clear explanation of how the Lightning Network Works creating payment channels for faster and cheaper transactions is commendable.
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