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- Paul Rajchgod: Layer 2 blockchains are built on a lie
Layer 2 blockchains are all the rage in the “crypto” ecosystem, hitting over $13 billion in overall market cap. On the other hand, Paul Rajchgod believes they are all built on a lie.
Rajchgod, the managing director of Ayre Ventures, was at the London Blockchain Conference, the place he moderated a panel that delved into investing in Web3, using blockchain in various companies, and Layer 2 blockchains.
“It’s my thesis that the total premise of Layer 2 is built on a lie, and that lie is that Layer 1 wasn’t scalable. Layer 1 means using the blockchain itself and no longer building start air the blockchain,” Rajchgod suggested CoinGeek Backstage host Becky Liggero on the sidelines of the event.
Layer 2s are off-chain networks built atop blockchain networks to allegedly enhance qualities such as scaling, pace, or slit costs. They stem from an inability of the base networks to conform to fulfill the changing wants of the users, with a lack of scale being essentially the most common.
“Other blockchains are no longer scalable ample, and I believe that’s why they have had to determine, ‘Wisely, we’ll obtain a Layer 2 factor,’” he said.
BSV scales unbounded to fulfill endeavor wants, making it the ideal blockchain network for applications that target millions of users, from games and social media platforms to government and endeavor products and companies. With the Teranode upgrade later this year, BSV will course of over a million transactions per second, making it essentially the most scalable decentralized network globally and eclipsing the throughput of most centralized rivals.
At the London Blockchain Conference, many of Ayre Ventures’ portfolio companies took to the stage to give updates on their products and products and companies. According to Rajchgod, most have onboarded paying clients whom they are serving to to acquire on Bitcoin, including MintBlue, Gate2Chain, and Buzzmint.
One of essentially the most important targets of the conference is to connect blockchain leaders and enthusiasts with decision-makers from the endeavor and government sectors. Rajchgod revealed that the event had delivered on this mandate, with Ayre Ventures desirous about dozens of conferences on the sidelines geared towards strong partnerships that can push blockchain adoption.
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