16 sats \ 1 reply \ @jk_14 OP 12 Nov 2022 \ on: "Fragmentation means that crypto cannot fulfil the social role of money." (BIS) bitcoin
This sentence above is like a Bitcoin Maxi Manifesto , by Bank for International Settlements, surprisingly ;)
The link which every "Bitcoin Maxi" should keep and use in "emergency situations", i.e. when forced to explain why bitcoin maximalism is necessary.
Well not really a manifesto, read the last sentence.
Another attempt at achieving scalability are so-called “layer 2” solutions. Blockchains such as
Ethereum, Avalanche, Binance or Solana, are commonly referred to as “layer 1” networks. Any transaction
on a layer 1 blockchain is validated and recorded on the respective public ledger, ie “on-chain”. In contrast,
the bulk of transactions on layer 2 solutions (eg the Bitcoin Lightning Network) happen off-chain, and
transactions are only sporadically reported back to the underlying layer 1 chain in bundles. Layer 2
blockchains thereby allow for higher transaction limits and lower fees, but at the cost of giving up
decentralisation, posing risks similar to those of bridges.
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