This post is taking part in the Lens x Kiwi Writing Contest”
What do you know about L2?
Pluralistic future of L2
The most important differences between the L1 and L2 approach is not technical but organizational -Vitalik
One important fact that can not be ignored is this; L2 will not exist without L1 being present
L1- layer one blockchain refers to the foundation on which other blockchain technologies are built. L1 refers to the most basic level of blockchain architecture, operating as the primary and autonomous chain on which transactions are directly executed and confirmed, as well as providing the essential infrastructure for decentralized applications and smart contracts.
Just as important as the foundation of a building is, that's how much L1 is important in the ecosystem
Since the launch of the first L1 project -bitcoin, in 2009,
The first L1 project -bitcoin , launched in 2009 served as a light to a new path paving the way for a more independent system rather than interdependence. Like a master with profitable skills, bitcoin brought about Security,Transparency, Immutability, Innovation, Financial Inclusion. Followed up by other projects like ethereum, solana etc. Their decentralized, secure, and transparent nature has opened up new possibilities for innovation and financial inclusion.
Despite the amazing features L1 promised, it has its own limitations, which L2 rose to resolve
L2 can be said to be a catalyst built on a blockchain to enhance its performance.
L2 is an off chain network built on a L1 blockchain to aid its scalability
Layer-2 refers to a network or technology that operates on top of an underlying blockchain protocol to improve its scalability and efficiency
Layer 2 is a type of blockchain technology designed to address the scalability limitations of Layer 1 (L1) blockchains. They are built on top of L1 blockchains and aim to improve transaction speed, reduce fees, and increase overall efficiency.