CZ claimed Layer 2 isn't really needed yet

lobo13hf

hero member

Activity: 2268

Merit: 507

Quote from: john1010 on September 23, 2022, 08:36:25 PM

I think Layer is just only a term or word that they're used to describe the project, the important thing is to know the right principle when you begin to choose what coin you want to buy and sell, it is a matter of the trading volume of the coin, no matter what they've called it the people who traded that coin is a matter most.

Pretty sure that the word of layer was actually BS. Basically any blockchain was the same. Layer 1 or even 2 have no different but the only thing as the important point is the blockchain itself used their own blockchain to run any transaction in the network.
The point that wanna be pointed out by CZ is there are so many blockchain over blockchain. that means so many copy paste in the market which is not really needed.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: passwordnow on September 19, 2022, 04:10:19 AM

Investors and traders are riding those things and not just CZ knows and understands this thing. But on this market, when there seems to be a genius idea, they're using it for them to use so that more investors and traders would come by to their projects.

Of course they will do that. I mean d'uh, CZ owns a crypto casin... I mean crypto exchange d'uh. Traders, hypers are his bread and butter. The more hype people generate, the more they trade. The more they trade, no matter if they make or lose money, CZ will be making money in anyway.

I don't even think CZ gives a shit about crypto or fully understands it. This is the man who tried to rewind the bitcoin blockchain. All he wants is the commissions.

Crypt0Gore

sr. member

Activity: 952

Merit: 275

I think layer 2 is very needy in today's crypto world and CZ isn't seeing that yet maybe, Layer 2 projects brings low gas fee and faster transactions with high security, for example this is why I like Metis, its scalability alone is more effective and it has more security layers, its functionality is unlimited.

john1010

hero member

Activity: 2100

Merit: 562

I think Layer is just only a term or word that they're used to describe the project, the important thing is to know the right principle when you begin to choose what coin you want to buy and sell, it is a matter of the trading volume of the coin, no matter what they've called it the people who traded that coin is a matter most.

passwordnow

hero member

Activity: 3108

Merit: 577

Leading Crypto Sports Betting & Casino Platform

Quote from: MidNite36 on September 20, 2022, 05:08:03 AM

Quote from: passwordnow on September 20, 2022, 04:22:01 AM

Thanks.
So, it seems that I'm right that it's really for the gain of the project that he owns and manages. That's why they understand overall the market and it's not just all about the technology.
We've got layer 1, layer 2, and maybe soon layer 3. We also have web 3 and it's becoming a trend these days and many are saying that it's going to be needed soon. Too many upgrades and details to be fed to everybody that are really interested on these projects.

It's a gold rush isn't it? I don't mind seeing layer 4 all I care for is making some money and having a good life, if any upgrade is ever going to work is not my business, BTC alone is enough for everything, everything else are just experiments, let them keep bringing the projects, crypto money follows hype.

Yup, it's like the gold rush and there will be new of it every after a trend has passed. And people like you who understand the trend can really make a lot of money from it.
Especially to those projects that are still at the beginning of it and still pushing towards this trend, you may capitalize a lot from it and then buy their tokens as early as you can.

btc_angela

hero member

Activity: 2660

Merit: 551

Layer 2, off-chain, I guess this is the new buzz word for crypto blockchain.

But I guess it depends though, but if CZ is talking about the altcoin market, yeah it could be the case because majority of them might not hit the threshold of their transactions and we all know that altcoin are built to be very fast and quick transaction and that is their strength as compared to BTC. So yeah, CZ has a point when he says that. And it could be on a needed basis only, if projects doesn't need Layer 2, then don't upgrade anything, simply as that.

MidNite36

member

Activity: 208

Merit: 10

Quote from: passwordnow on September 20, 2022, 04:22:01 AM

Quote from: dimonstration on September 19, 2022, 07:48:15 AM

Quote from: passwordnow on September 19, 2022, 04:10:19 AM

I'm not technically good with these layers and stuff. But you know what, these updates and upgrades are becoming of a hype buzz and they're capitalizing it while they can.
Investors and traders are riding those things and not just CZ knows and understands this thing. But on this market, when there seems to be a genius idea, they're using it for them to use so that more investors and traders would come by to their projects.

Layer 1 is the blockchain like Bitcoin, Ethereum and Solana while Layer 2 are those side chain project like Optimism that helps Layer 1 project to unload some transaction by processing it on Layer 2 instead of going to Layer 1 directly that will make the network busy.

Layer 2 is necessary for those blockchain that has a very network such as Ethereum but completely useless on blockchain that has hast network confirmation such as BSC. I think CZ comment is for his BSC because it really doesn’t require it.

Thanks.
So, it seems that I'm right that it's really for the gain of the project that he owns and manages. That's why they understand overall the market and it's not just all about the technology.
We've got layer 1, layer 2, and maybe soon layer 3. We also have web 3 and it's becoming a trend these days and many are saying that it's going to be needed soon. Too many upgrades and details to be fed to everybody that are really interested on these projects.

It's a gold rush isn't it? I don't mind seeing layer 4 all I care for is making some money and having a good life, if any upgrade is ever going to work is not my business, BTC alone is enough for everything, everything else are just experiments, let them keep bringing the projects, crypto money follows hype.

passwordnow

hero member

Activity: 3108

Merit: 577

Leading Crypto Sports Betting & Casino Platform

Quote from: dimonstration on September 19, 2022, 07:48:15 AM

Quote from: passwordnow on September 19, 2022, 04:10:19 AM

I'm not technically good with these layers and stuff. But you know what, these updates and upgrades are becoming of a hype buzz and they're capitalizing it while they can.
Investors and traders are riding those things and not just CZ knows and understands this thing. But on this market, when there seems to be a genius idea, they're using it for them to use so that more investors and traders would come by to their projects.

Layer 1 is the blockchain like Bitcoin, Ethereum and Solana while Layer 2 are those side chain project like Optimism that helps Layer 1 project to unload some transaction by processing it on Layer 2 instead of going to Layer 1 directly that will make the network busy.

Layer 2 is necessary for those blockchain that has a very network such as Ethereum but completely useless on blockchain that has hast network confirmation such as BSC. I think CZ comment is for his BSC because it really doesn’t require it.

Thanks.
So, it seems that I'm right that it's really for the gain of the project that he owns and manages. That's why they understand overall the market and it's not just all about the technology.
We've got layer 1, layer 2, and maybe soon layer 3. We also have web 3 and it's becoming a trend these days and many are saying that it's going to be needed soon. Too many upgrades and details to be fed to everybody that are really interested on these projects.

samcrypto

sr. member

Activity: 2044

Merit: 314

Vave.com - Crypto Casino

Quote from: ?? on ??

I think layer 2 started as temporary solution for ETH and then it becomes innovative enough that actually it has its own place in the heart of ETH fans, I think the reason most of them still have quite high volume is because ETH still hasn't really fixed its things yet and it's still requires layer 2, even if ETH finally fixed its own things I think layer 2 will still have high volume since it's favoured as investment instruments just like ETH and BNB.

There’s still a lot of things that needs to be fixed with ETH, but with that innovation I’m sure we are heading to that. Cz knows how to timing the market, and of course he knows what he is saying along with the back up data, if it’s not the right time yet for them, then we have no choice but to wait for their next innovation. Layer 2 might still happen, we are too close for that and other project already shows their interest for that update.

wheelz1200

legendary

Activity: 3752

Merit: 1415

Quote from: Z390 on September 19, 2022, 02:04:54 AM

We have few layer 1 projects in the crypto space right now and new ones are showing up but the thing is no layer 1 project fixed every layer 1 problems yet so why are layer 2 projects showing up in numbers? Do we really need layer 2 projects right now? I watched a CZ and Crypto banter interview on Youtube and CZ claimed we don't need layer 2 yet.

Honestly just because bz says it's not needed yet doesn't really mean anything to me. Lightning seems like a viable solution to me and I'm sure other layer 2 projects being worked on right now will blow open more doors. I'd be very weary just listening to a single person especially when they have a vested interest to say one way or another for financial gain.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

If there are some layer 1 that would be enough to handle the whole of transaction and then why do we need such a new layer 2 solution? I think that layer 2 solution was not so useful. The fact that if we have so many scalable blockchains available in the market. Layer 1 can handle so many transactions without any problem and then try to think if people need layer 2 blockchain was a baseless idea. it's all about money. Im always using the scalable blockchain that based on the layer 1 solution.

Imran232

full member

Activity: 700

Merit: 182

Quote from: Z390 on September 19, 2022, 02:04:54 AM

<...............>

Every new and unique idea is always rejected the first time, and we have already seen this many times. First of all, I am not a techy person, but using new technology is always an adventure for me. Though CZ is also a very tech-savvy person, why should we welcome a new idea? Obviously, the layer2 concept drew a lot of attention. We know all these things happen only because of layer 1's highest gas fees. And in this case, layer 2 gives us the very same result. That is why I was drawn to the concept of layer 2. Now I don't know why he said that we didn't need layer 2. But yeah, the hype layer 2 actually got from the users shows that obviously we need layer 2. Now let's see what happens next. I'm hoping everything goes smoothly. That's my opinion; others' might be different. Thank you.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

I would guess that "not needed" is something for other coins, ETH needed it back in the day, it was a smarter decision to use layer 2 for a while because ETH had such a huge transaction fee, and people would rather not pay for it, I had the same thing for a while, I have this money in the metamask wallet that is like 20 bucks, and I had trouble getting it out because it would be something difficult with the high amount of payment required.

That's why it's going to be a bit of a trouble that we shouldn't really consider as possibility. Just end up realizing that layer 2 was needed, but MAYBE it's not needed right now which is going to be the case right now with the PoS change in crypto.

BitDane

sr. member

Activity: 1372

Merit: 348

Quote from: dimonstration on September 19, 2022, 07:48:15 AM

Quote from: passwordnow on September 19, 2022, 04:10:19 AM

Quote from: Z390 on September 19, 2022, 02:04:54 AM

We have few layer 1 projects in the crypto space right now and new ones are showing up but the thing is no layer 1 project fixed every layer 1 problems yet so why are layer 2 projects showing up in numbers? Do we really need layer 2 projects right now? I watched a CZ and Crypto banter interview on Youtube and CZ claimed we don't need layer 2 yet.

I'm not technically good with these layers and stuff. But you know what, these updates and upgrades are becoming of a hype buzz and they're capitalizing it while they can.
Investors and traders are riding those things and not just CZ knows and understands this thing. But on this market, when there seems to be a genius idea, they're using it for them to use so that more investors and traders would come by to their projects.

Layer 1 is the blockchain like Bitcoin, Ethereum and Solana while Layer 2 are those side chain project like Optimism that helps Layer 1 project to unload some transaction by processing it on Layer 2 instead of going to Layer 1 directly that will make the network busy.

Layer 2 is necessary for those blockchain that has a very network such as Ethereum but completely useless on blockchain that has hast network confirmation such as BSC. I think CZ comment is for his BSC because it really doesn’t require it.

I agree, CZ is only commenting about BSC and has nothing to do about other cryptocurrency. The need of layer 2 is dependent on how well Layer 1 of the coin is performing. If layer 1 cannot maintain its scalability and being hindered due to high volume of transaction, causing delays of confirmation, then that is where layer 2 comes in.

Even though CZ stated that BSC does not need layer at this moment, there are times during the peak of BSC projects hypes where BSC also lagged and demand higher gas fee.

JangoUnchained

member

Activity: 185

Merit: 14

Everything has its flaws, BTC will is the best crypto project today have few flaws that's why we have many other altcoins but this flaws doesn't stop BTC from topping the chart and ranking, either layer 1, 2 or even 3 I don't care, things will get better if more projects are showing up, at least we will get to a point where we will understand which one is better than the other but still left for the community to choose which one they would use.

o48o

legendary

Activity: 3038

Merit: 1166

Leading Crypto Sports Betting & Casino Platform

Quote from: Z390 on September 19, 2022, 02:04:54 AM

We have few layer 1 projects in the crypto space right now and new ones are showing up but the thing is no layer 1 project fixed every layer 1 problems yet so why are layer 2 projects showing up in numbers? Do we really need layer 2 projects right now? I watched a CZ and Crypto banter interview on Youtube and CZ claimed we don't need layer 2 yet.

Not sure what he meant by that as most layer 1 projects would get clogged by the huge amount of not so important transactions that could be easily done in layer 2. Was he talking about BNB or cryptos in general? Where did he say this because i can't find that by googling and it would make more sense to answer to your question if we saw what he actually said rather then hearing vague recap of the statement.

If anyone can find the original statement would be interested to check it out.

makishart

legendary

Activity: 3108

Merit: 1029

Quote from: Z390 on September 19, 2022, 02:04:54 AM

We have few layer 1 projects in the crypto space right now and new ones are showing up but the thing is no layer 1 project fixed every layer 1 problems yet so why are layer 2 projects showing up in numbers? Do we really need layer 2 projects right now? I watched a CZ and Crypto banter interview on Youtube and CZ claimed we don't need layer 2 yet.

I do agree with CZ. Layer 2 blockchain was a garbage useless blockchain. There are so many layer 1 that already made bridge to the mainstream blockchain even these days the coin like bitcoin can be bridged as well. We didn't really need blockchain layer 2 solution. It's pure gimmick created by the developers. So many projects were aiming to fix the problem from 1 blockchain. IMO we didn't need bunch of developers created so many second layer solutions

dimonstration

hero member

Activity: 2716

Merit: 698

Dimon69

Quote from: passwordnow on September 19, 2022, 04:10:19 AM

Quote from: Z390 on September 19, 2022, 02:04:54 AM

We have few layer 1 projects in the crypto space right now and new ones are showing up but the thing is no layer 1 project fixed every layer 1 problems yet so why are layer 2 projects showing up in numbers? Do we really need layer 2 projects right now? I watched a CZ and Crypto banter interview on Youtube and CZ claimed we don't need layer 2 yet.

I'm not technically good with these layers and stuff. But you know what, these updates and upgrades are becoming of a hype buzz and they're capitalizing it while they can.
Investors and traders are riding those things and not just CZ knows and understands this thing. But on this market, when there seems to be a genius idea, they're using it for them to use so that more investors and traders would come by to their projects.

Layer 1 is the blockchain like Bitcoin, Ethereum and Solana while Layer 2 are those side chain project like Optimism that helps Layer 1 project to unload some transaction by processing it on Layer 2 instead of going to Layer 1 directly that will make the network busy.

Layer 2 is necessary for those blockchain that has a very network such as Ethereum but completely useless on blockchain that has hast network confirmation such as BSC. I think CZ comment is for his BSC because it really doesn’t require it.

Piesel

sr. member

Activity: 672

Merit: 273

Quote from: blue_hurricanger on September 19, 2022, 05:49:20 AM

Link where CZ said that Layer 2 isn't needed yet, timestamp of the video too. Cause I don't trust or think CZ would say something like that.

I was about to ask the same question because in the space we believe in verifiable information and a link to the source of information is highly recommended.

Even though I have been looking around to see critics of the network transformational the ethereum network and CZ is one individual that many believe have technical knowledge on network layers operations and their vulnerabilities but to this time I have not read or watched any comments as regards this and we're.

Solosanz

hero member

Activity: 952

Merit: 662

It depends on the coin, not in general.

There's a coin that the Layer 1 is really expensive due to high trading volume. While there's many coins that the Layer 1 is really cheap because not many users trading that coins.

Just like Bitcoin that now seems adopt Lightning network.

Gayong88

member

Activity: 1540

Merit: 22

Although most people would probably think that he knows what he's talking about since his company is working on this very thing. Layer 1 solutions to scaling may be out there by the time Ethereum scales but everyone has a different opinion so it will be interesting to see how things play out. There is a case to be made that layer two projects are not needed. But I think we're going to need a lot more experimentation to learn how they work and how they'll be used in the future.

blue_hurricanger

full member

Activity: 653

Merit: 183

Link where CZ said that Layer 2 isn't needed yet, timestamp of the video too. Cause I don't trust or think CZ would say something like that. It's up to the users to decide when the dev had to push for Layer 2 or not since the increase in demand or the overall goal and planning for that coin. Heck, I think I remember CZ BNB has something like zkBNB that is also Layer 2 as well.

What I want to say is you have to have some plan for Layer 2 in the future. Cause right now, the number of transactions is only a fracture of later where thousand of thousand people have to use the chain on the daily basis. From small value to big value transactions. If your coin truly wants to be the main currency for the future, you ought to have high TPS and scaling for a low fee.

passwordnow

hero member

Activity: 3108

Merit: 577

Leading Crypto Sports Betting & Casino Platform

Quote from: Z390 on September 19, 2022, 02:04:54 AM

We have few layer 1 projects in the crypto space right now and new ones are showing up but the thing is no layer 1 project fixed every layer 1 problems yet so why are layer 2 projects showing up in numbers? Do we really need layer 2 projects right now? I watched a CZ and Crypto banter interview on Youtube and CZ claimed we don't need layer 2 yet.

I'm not technically good with these layers and stuff. But you know what, these updates and upgrades are becoming of a hype buzz and they're capitalizing it while they can.
Investors and traders are riding those things and not just CZ knows and understands this thing. But on this market, when there seems to be a genius idea, they're using it for them to use so that more investors and traders would come by to their projects.

Z390

sr. member

Activity: 812

Merit: 315

Vave.com - Crypto Casino

We have few layer 1 projects in the crypto space right now and new ones are showing up but the thing is no layer 1 project fixed every layer 1 problems yet so why are layer 2 projects showing up in numbers? Do we really need layer 2 projects right now? I watched a CZ and Crypto banter interview on Youtube and CZ claimed we don't need layer 2 yet.

Topic: CZ claimed Layer 2 isn't really needed yet (Read 236 times)