Ethereum [ETH]’s Joseph Lubin and BlockOne CTO discuss Layer 1 and Layer 2 technologies

Recently, Joseph Lubin, the Co-Founder of Ethereum and Daniel Larimer, the CTO of BlockOne, spoke about Layer 1 and Layer 2 technologies of the blockchain, at the Blockchain Live event

Layer 1 technologies are the solutions which are built into the layer of the blockchain and layer 2 technologies are the solutions which are built on top of the blockchain without altering the rules of the blockchain.

Daniel Larimer stated that, in his opinion, all the layers [Layer 1 or 2] are blockchains. He said that blockchains are networks of networks that communicate with each other. He went on to say:

” Layer 2 means [that] I got another mini blockchain that’s coordinating with what’s happening in the inter-route.”

Larimer further stated that in the future the industry will have thousands of private blockchains. He said that these private blockchains will apply inter-blockchain communication in order to interact with the public blockchains.

In his opinion, there will be several layers of blockchain in the future, however, a single chain will not be the central ruler. Larimer continued to say that these chains will use Peer-to-Peer [P2P] communication and will be more interconnected with each other than they are at present.

The Ethereum’s Co-Founder, Joseph Lubin also spoke about Layer 1 and Layer 2 technologies. On contrary to Larimer’s statement, Lubin believes that all layers [level 1 or 2] are not blockchains. He went on to say that all layers are decentralized protocols to an extent.

He stated that the blockchains existed at the foundational level to provide “really rigorous trust” quotient. Lubin stated:

“We need blockchains for trusted transactions, automated agreements, smart software objects. We also need a decentralized storage, decentralized bandwidth, decentralized heavy compute proof of location.”

Lubin further added:

“So, layer 2 technology involves things like state channels which aren’t really a blockchain. They can involve side chains which are blockchains that get linked into a base layer.”

The post Ethereum [ETH]’s Joseph Lubin and BlockOne CTO discuss Layer 1 and Layer 2 technologies appeared first on AMBCrypto.