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A comment on Is Web3 Bullshit?. Parent comment

Re:Is Web3 Bullshit? by ShamelessC on Sunday December 05, 2021 @09:57AM (#29449720)
If by L2 you are referring to proof-of-stake, I don't think that technology can ever be made to work without needing to exist alongside a proof-of-work coin due to the "nothing at stake" issue.
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Re:Is Web3 Bullshit? by 3np on Sunday December 05, 2021 @10:53AM (#29450147)
No, I am not talking about PoS. One example of "Layer 2" is Lightning Network for Bitcoin. You "lock up" an amount of BTC in a channel that you can then use over the p2p onion-routed liquidity network. Payments are practically instant and fees are low (and can be made 0 if you open a direct channel with the counter-party).

It's orhogonal to consensus so works equally well on PoW/PoS.

There are a couple of competing and complimentary solutions for L2 on Ethereum. I'm quite sure it will converge at some point.

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