Re:What in the Ethereum application ecosystem excites me
by derivagral on Tuesday December 06, 2022 @09:00AM
(#33879830)
> why would I want every transaction to be on the blockchain
I think some of the recent events around FTX and similar are exactly why you would want on-chain records, fees or not. Actors in this space are (imo) not fully trustworthy.
How does the second layer handle this?
Re:What in the Ethereum application ecosystem excites me
by DennisP on Tuesday December 06, 2022 @01:18PM
(#33884628)
In the case of Ethereum's zkrollups, all transactions are on-chain in compressed form and fully validated. You're not trusting anyone to custody your funds.
Re:What in the Ethereum application ecosystem excites me
by polygamous_bat on Tuesday December 06, 2022 @09:11AM
(#33880026)
No, with layer 2 you get
Layer 2 = security, performance
Layer 1 = security, decentralization
Just because you added a horse to a cart doesn't make the cart neigh nor the horse to have wheels.
> BTC = security, decentralization
The brilliant thing is that you can stack. In other words, why would I want every transaction to be on the blockchain? I could just as easily use one of the more than 50 2nd-layer "Lightning" wallets and seldom touch the layer 1 blockchain.
So with very little risk you get:
BTC = security, performance, decentralization.