Space is filling up at Master Workshop: Layer I, where 20+ of the world’s foremost experts on blockchain will present and lead discussions around solutions to the technology’s scalability problem. Don’t forget to register today for free!
The biggest challenge facing widespread blockchain use is its ability to scale effectively. For blockchain to be genuinely useful, it must be able to handle a large population and offer a fast, efficient alternative to traditional transfers. Currently, Bitcoin can process around 7 transactions per second (tps) compared to VISA’s 2000 or PayPal’s 200.
There are various groups working to find a solution, falling into two schools of thought. Some believe most transactions should occur on the chain, while others see layer II solutions as the only viable path to scaling blockchain.
Keeping it On Chain
There are clear advantages to keeping transactions on-chain. On-chain transfers ensure full transparency and inherent security. However, these transactions take significantly longer to process due to the various steps required to execute them.
Utilizing Off-Chain Solutions
Layer II solutions go a long way in addressing blockchain’s fundamental issues. The idea is that not every small transaction necessarily has to take place on the chain, which relieves pressure on it.
“Why would you need the mediator if you are actually in accordance with each other?”
In this scenario, the blockchain serves as a mediator and does not need to be used unless two parties disagree with each other. Off-chain solutions can speed up the blockchain, thereby reducing transaction costs.
A Compromise is Needed
Increasingly, those working on scalability recognize that a combination of both layer I and layer II is likely the only way forward for blockchain.
“Without layer II scaling solutions, there’s only so much that you can scale on-chain, fundamentally. Without layer I scaling solutions, there is a limit to how many channels you can open and close on-chain.”
Mustafa Al-Bassam, a PhD researcher in computer security at UCL and co-founder of blockchain platform Chainspace, believes that a realistic future for blockchain includes both layer I and layer II solutions.
A Focus on UX Could Be the Key
A functional user experience (UX) will be essential for the combination of layer I and layer II solutions. Layer I solutions are considered the only way to achieve a truly democratic blockchain, although the consensus is that utilizing both layer I and layer II solutions is necessary.
Blockchain Scalability Workshop in Amsterdam
The ‘Master Workshop: Layer I Solutions’ event will bring together experts working on layer I scalability. From the DAG-based cryptocurrency framework to the creation of secure, scalable decentralized ledgers, the workshop will be a space for the sharing of ideas and a comparison of solutions.
The event will see leading experts from across the blockchain space speaking alongside more than 15 experts. No sales pitches, just pure tech. Conversation and collaboration with the best in the business. Don’t miss your chance, register for free today!
