An interesting development in 2023 for cryptocurrency has been the increasing adoption of Layer 2s, an innovation in blockchain technology for platforms that are built on blockchains. Shiba Inu (SHIB) will come to mind with its much-awaited Shibarium upgrade which many believe will enhance its functionality. But it then prompts the question as to just what Layer 2 is meant to be, what are its advantages, and whether we could see more altcoins like Big Eyes Coin (BIG) eventually adopting it.
What Is The Layer 2?
Layer 2 solutions are a vital aspect of blockchain technology that enhances scalability and efficiency. These solutions work on top of base blockchains to increase the speed of transactions and reduce the burden on the main network.
As a Layer 2 scaling solution, the protocol involves transferring some of the transactional load from the blockchain protocol and reconfiguring the system’s architecture. The network then processes the load and reports back to the main blockchain to finalize the results.
In the world of Ethereum, Layer 2 solutions are designed to enhance the scalability and efficiency of the network by building on top of the base blockchain. These scaling solutions require the transfer of some transactional load from the blockchain protocol to adjust the system’s architecture, allowing the network to process the load and report back to the main blockchain with the finalized results.
It’s important to note that Ethereum Layer 2 solutions are separate blockchains that extend the Ethereum network while inheriting the security guarantees provided by Ethereum. These solutions typically do not require modifications to the base level protocol for interaction with the main network. In addition to improving scalability, sustainability, and security, Ethereum Layer 2 scaling solutions can also facilitate off-chain computation and scalability of payments.
Shibarium Is Shiba Inu’s Layer 2 Solution
From a viral meme coin to a potential game-changing blockchain project, Shiba Inu has made great strides in establishing itself as a value-driven venture. However, this progress has come with its own set of challenges, one of which is the need to reduce its reliance on legacy protocols like Ethereum. This is where Shibarium, the highly-anticipated Layer 2 blockchain solution, comes into play.
Unlike a traditional blockchain, Shibarium is a blockchain layer that operates on top of Ethereum. The ultimate goal is for Shibarium to handle a significant portion of SHIB transactions, thus reducing Shiba’s dependence on Ethereum.
This development is crucial as Ethereum’s limited scalability and high gas fees have been major roadblocks for the growth of the Shiba Inu ecosystem. Even with Ethereum’s recent upgrade to a proof-of-stake consensus algorithm, transaction speeds and gas fees are unlikely to see significant improvements, as indicated on the official Shiba Inu website.
By addressing these scalability issues, Shibarium seeks to take the Shiba Inu project to the next level while maintaining the security and stability of Ethereum’s Layer 1 solution. Shibarium promises to be an exciting development to watch in the evolving world of blockchain and fintech.
Could We See Big Eyes Coin Transition To A Layer 2 Solution?
One of the cryptos that uses the Ethereum blockchain technology is the new meme token, Big Eyes Coin. Currently yet to go live, it will be interesting to see whether Big Eyes Coin adopts the layer-2 blockchain technology or waits to see how running on the Ethereum network serves it.
Based on a cute feline meme, Big Eyes Coin has enjoyed a historic presale in which it has generated over $30m in sales, establishing it with enough funding to unleash itself into the crypto market. Its ability to attract investors has been contingent on a strong sense of community that could set it up well for the future. It’s closing out its presale with a final promotion using the code END300 that crypto enthusiasts should definitely have a look at if they want to get involved.
For more information on Big Eyes Coin, please see below:
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin