The Tech Quiz - Season 18

Hello guys,
It's a pleasure on my path to share with you all my entries in this week's contest which is titled "The Tech Quiz - Season 18" which was organized by @malikusman1. It is an interesting contest and I would love to drop my entry ASAP.

Source

Before we go ahead I would like to invite @dave-hanny, @rakiya, and @lhorgic to join this contest in this community today and share their participation as well, I do hope to see and read your entries as well.

What are Layer 2 chains in crypto?

When we talk about layer 2 chains for crypto we are talking about the blockchain that prioritise speed of transactions. Before the layer 2 we have the layer 1 blockchain and the disadvantage with the layer 1 which lead to the coming of layer 2 is the speed of carrying out transaction.

Layer 2 is built purposely to help speed up the transactions process in any blockchain. So since the coming of the layer 2, the blockchain transaction has always experience speed and that has made a lot of persons adopt it because of that.

In any transaction, the speed of the transaction and accuracy matters a lot and that is what the layer 2 blockchain technology offers us today.

Which is your favourite one?

There are many layer 2 blockchain that helps in carrying out transaction in a higher speed but the one I have always deal with and I feel it's the best for me is the polygon Matic.

This layer 2 blockchain overtime has proven to be fast and reliable and for that reason, I enjoy using the network or blockchain the more. There others though I haven't been opportune to make use of them and that is why I can't really say much about them at the moment.

Pros and cons of Layer 2 chains.

Everything that has an advantage also has a disadvantage and the case of the layer 2 blockchain is not an exception.

One of the major advantages of the layer 2 blockchain is the speed associated to the blockchain. When carrying out any transactions, the speed it carries to execute the transaction is what makes it stands out among its equals.

One of the disadvantages of the layer 2 blockchain is that it has a higher cost when it comes to fees associated with the transaction. Since it is fast and gives result at a glance, it is also expensive to use.