Steemit Crypto Academy Contest / S13W5 : Layer-2 blockchain

in hive-108451 •  last year  (edited)

Introduction

Greeting's all Steemians: I am feeling happy to participate in this contest of crypto Academy S13W5 : Layer-2 blockchain.

Layer 2 in a blockchain is just like an additional floor constructed at the top of the main floor. It helps in making transactions faster and cheaper by unloading from the main blockchain. Think of it as an assistant that helps with things by handling lots of transactions rapidly or by adding additional features without changing the main system. It is a way to enhance the efficiency and capabilities of the original blockchain without creating mess in its core functions.

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Difference between layer 1 and layer 2

Think of layer 1 as the main foundation of a blockchain. It is the later where the core transactions happen like Bitcoin or Ethereum. Layer 2 is just like an extra level present on the top of layer 1. It helps to manage more transactions quickly and cheaply by taking some of the work away from the main layer. It is a kind of adding a cool extension to a house without changing the initial structure.

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Link

Layer 1 blockchain features:

  1. Decentralization:

It works as a Dispersed network by avoiding a central authority.

2. Consensus Mechanism:

This msechanism makes use of protocols Proof of Work (PoW) or Proof of Stake (PoS) to validate and confirm transactions.

3. Security :

Layer 1 block chain uses cytographic methods to ensure the integrity and security of data.

4. Immutability:

Once the data is recorded on the blockchain it cannot be changed by providing a tamper-resistant ledger.

5. Tokenization:

It facilitates native tokens or cryptocurrencies as a means of value exchange within the network.

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Layer 2 block chain features

Here are some features of a layer 2 blockchain in simple terms:

1. Faster Transactions:

Layer 2 acts as a sort of shortcut which makes transactions faster by handling them in a different way.

2. Lower Fees:

By using few resources from the main blockchain It helps to lessen the cost of doing complete transactions.

3. Extra Functions:

It can add new features to the main blockchain without changing its main principles.

4. Scalability:

Layer 2 helps to maintain the main block chain allowing more transactions without getting slow or overwhelmed.

5. Improving Efficiency:

On the completion of some tasks it empties the main blockchain by focusing on it compulsory job it makes everything smoother workable and quicker.

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Give real-world examples of Layer 2 solutions and explain how they work?

Layer 2 solutions has different types, each with its own way of improving blockchain scalability and efficiency:

1.State Channels:

These permit direct off-chain channels communication between users. Transactions occur off chain and are only settled on the main blockchain when required. Examples include the Lightning for Bitcoin and Raiden Network for Ethereum

2. Sidechains:

Different blockchains are connected to the main blockchain. They lighten the burden on main chain by performing transactions on their own. For example Polygon is an example of a side chain solution for Ethereum

3. Plasma:

It is a pattern which is designed and build child chains that depend on the security of main blockchain. Sometime Plasma chain perform transactions and submit a summary to the main chain.

4. Rollups (Optimistic and ZK-Rollups):

Before submitting a summary to the main chain Rollup solutions bundle and compress transaction data to the off-chain. Optimistic rollups assume validity until proven while ZK-Rollups use cryptographic proofs for verification.

5. Hybrid Solutions:

multiple Layer 2 techniques are mixed for better scalability. In order to achieve better efficiency and throughput state channels sidechains and rollup technologies are mixed. Each type has its strengths and weaknesses. They all have aim to ease congestion lessen fees and increased the speed of transactions on the blockchain.

How does layer 2 help reduce transaction fees on a blockchain and facilitate interoperability between different blockchains?

Network people make lots of quick transactions between each other without burdening the main Bitcoin network for every small trade.

To facilitate interoperability Layer 2 can create bridges between different blockchains. These bridges allow assets to move between blockchains like Polygon linking to Ethereum making it easier to use tokens across both networks.

By taking transactions off the main chain and creating connections between blockchains Layer 2 helps in reducing costs and making it smoother to use assets across different blockchain networks.

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What is the underlying layer used by the Steem blockchain, and how does this layer facilitate transactions and interactions on the platform?

Graphene serves as the underlying layer for Steem because it offers high speed transaction processing scalability and a Delegated Proof-of-Stake (DPoS) consensus mechanism. This technology allows Steem to handle a large number of transactions efficiently and enable users to interact swiftly and cost effectively on the platform.

The Steem blockchain uses a layer called Graphene as its underlying layer. Graphene helps Steem by making transactions faster and cheaper. It uses a Delegated Proof-of-Stake (DPoS) consensus mechanism where users choose "witnesses" to validate transactions.

This layer helps Steem handle lots of transactions quickly and allow users to interact by creating posts voting and transferring tokens swiftly without high fees.

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?
Integrating a Layer 2 solution on STEEM could mean:

1.Scalability:

More users could join without slowing things down. This method helps to reduce transaction process time and helps to a Carried out larger number of transactions on time which means that more users can interact with the platform without experiencing delay.

2.Costs:

Transactions might become cheaper for users.

3.Ease of Use:

Things could run faster and smoother making it easier for everyone to use. This way users engage with others and transfer tokens without worrying about high fees or long confirmation times.

Thank you for reading my post dear all Steemians.
Stay blessed. Keep 😊.
I am inviting some of my friends to participate in this contest @nooruleman @aimanmusfar @hamzayousafzai

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    • [-]
      ·  last year 

    Your explanation makes it easy for everyone even those new to crypto to understand. I like how you compare Layer 1 to the main foundation & Layer 2 the cool extension simple yet effective analogy! Real-world examples and tying it back to Steem with Graphene are excellent touches. Your insights into the potential impact on STEEM show a deep understanding. Best of luck in the contest! 🌟

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      1 vote
      [-]
        ·  last year 

      Thank you so much for your kind words! Thank you for appreciation 😌

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        [-]
          ·  last year 

        mashallah very nice

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          1 vote
          [-]
            ·  last year 

          Thank you so much 😊

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            [-]
              ·  last year 

            Assalamualaikum,

            Diye gay topic py apki explanation kabil e tarif ha. Layer 2 solutions ksi b Blockchain ki scalability increase me apna kirdar ada krty hain. Me apky research work ko appreciate krta hun. Albata, you should be aware of the fact that for eligibility in crypto academy, you should be a regular participants in other communities as well.

            Good luck 🤞

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              [-]
                ·  last year 

              Sure ! Thanks dear.

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                [-]
                  ·  last year 

                Great explanation from you friend.

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                  [-]
                    ·  last year 

                  Assalam o alaikum @tayyaba1997 dear impressive breakdown of Layer-2 blockchain! Your clear explanations and practical examples make complex concepts easy to understand. Your insights into reducing transaction fees and promoting interoperability highlight the significance of Layer 2 solutions. Well done! Looking forward to more insightful contributions from you. 👏🌐 best wishes

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                    [-]
                      ·  last year 

                    Being a very new user you tried your best to participate in this engagement challenge and to give some of the best answers in all the required questions but still I want to advise you to please post in community of your country so that being a new user you may get extra support

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                      [-]
                        ·  last year 

                      Hello, @tayyaba1997. On Steemit, we value users' identity as such you are expected to have fulfilled a few requirements before you can be eligible to participate in our contests.

                      One of those things is getting verified in the Newcomers' Community and performing other achievement tasks over there. You can learn more about what is required of you in the newcomers' community. Going through your profile, you have not written any achievement tasks before not even the first one that deals with the introduction of yourself to the platform, I urge you to work on that.

                      In addition, subscribe to other communities and publish your content, we would measure the legitimacy of your activities over time and you'd be qualified to participate here. At the moment, you are not eligible.

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                      Invalid Entry.

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                        [-]
                          ·  last year 

                        Achievement 1 Introduction to Newcomers Community | 17-06- 2023 | @tayyaba1997

                        kindly check it. I am verified and completed my achievement tasks including introduction in new comers community.

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