Dima Romanov Discusses the Future of Layer 2 Blockchains on Public Key Podcast

In
a
recent
episode
of
the
Public
Key
podcast,
Dima
Romanov,
Co-founder
and
CEO
of
Layer
N,
shared
his
insights
on
the
evolution
of
performance
and
scalability
in
Layer
2
blockchains.
The
discussion,
hosted
by
Ian
Andrews,
CMO
of
Chainalysis,
delved
into
the
challenges
and
innovations
surrounding
Ethereum’s
StateNet
and
the
broader
blockchain
ecosystem,
according
to

Chainalysis.

Performance
and
Scalability
in
Blockchain

Romanov
highlighted
the
persistent
scalability
issues
plaguing
Ethereum
(ETH)
and
other
blockchains,
emphasizing
the
need
for
lower
transaction
fees
and
better
user
experience.
He
argued
that
the
blockchain
space’s
leading
player
would
be
the
one
providing
the
best
experience
for
both
developers
and
users.

Layer
N,
described
as
“an
Ethereum
StateNet,”
aims
to
tackle
these
issues
by
empowering
lower
transaction
fees
and
leveraging
a
spectrum
of
custom
Virtual
Machines
(VMs)
for
diverse
applications.
Romanov
explained
that
thinking
more
like
a
web2
company
has
attracted
investors
and
given
Layer
N
a
competitive
edge
in
the
DeFi
space.

Key
Insights
and
Innovations

During
the
podcast,
Romanov
shared
several
key
insights:

• 
  Solana
  and
  Ethereum
  Challenges:
  Romanov
  discussed
  the
  existing
  challenges
  with
  Solana
  and
  Ethereum
  blockchains,
  including
  high
  transaction
  fees
  and
  limited
  throughput.
• 
  Investment
  from
  Founders
  Fund:
  Layer
  N
  secured
  investment
  from
  Peter
  Thiel’s
  Founders
  Fund,
  highlighting
  the
  firm’s
  unique
  approach
  to
  blockchain
  scalability
  and
  performance.
• 
  Innovative
  Scaling
  Solutions:
  Layer
  N’s
  innovative
  blockchain
  scaling
  solutions
  for
  enhanced
  performance
  and
  usability
  were
  detailed,
  including
  the
  use
  of
  custom
  VMs.
• 
  Ethereum
  Roadmap
  Impact:
  The
  current
  state
  of
  the
  Ethereum
  multi-stage
  roadmap
  and
  its
  impact
  on
  Layer
  N
  was
  explored,
  with
  Romanov
  expressing
  confidence
  in
  Layer
  N’s
  future
  despite
  Ethereum’s
  ongoing
  developments.

Quote
of
the
Episode

Romanov
emphasized
the
unsustainable
nature
of
high
transaction
fees,
stating,
“People
cannot
sustainably
pay
$50
per
transaction.
People
cannot
use
network
because
it’s
15
[Transactions
Per
Second]
TPS.”

Minute-by-Minute
Breakdown

The
podcast
provided
a
detailed
minute-by-minute
breakdown,
covering
topics
such
as:

• The
  existing
  challenges
  with
  Solana
  and
  Ethereum
  blockchains
• How
  the
  Layer
  N
  team
  secured
  investment
  from
  Founders
  Fund
• Layer
  N’s
  innovative
  blockchain
  scaling
  solutions
• The
  current
  state
  of
  the
  Ethereum
  roadmap
• The
  concept
  of
  Layer
  N
  as
  “An
  Ethereum
  StateNet”
• The
  differences
  between
  XVMs,
  GVMs,
  and
  traditional
  EVMs
• Migrating
  smart
  contracts
  from
  Ethereum
  EVMs
  to
  Layer
  N’s
  XVMs
• The
  process
  of
  developers
  building
  on
  Layer
  N
  in
  Beta
• Strategies
  for
  attracting
  developers
  and
  building
  a
  web3
  community

Related
Topics

Romanov
also
touched
on
related
topics,
including
the
importance
of
horizontal
scaling,
the
need
for
low
transaction
costs,
and
the
role
of
custom
infrastructure
in
blockchain
development.
He
mentioned
that
successful
blockchain
applications
often
require
custom
stacks
to
provide
the
best
user
experience.

Looking
ahead,
Romanov
expressed
optimism
about
Layer
N’s
potential
to
revolutionize
the
blockchain
space
by
offering
a
network
of
roll-ups
with
seamless
inter-VM
communication.
This
approach
aims
to
create
a
robust
ecosystem
where
applications
can
scale
horizontally
while
maintaining
high
performance
and
user-friendly
experiences.

For
more
details
on
this
insightful
discussion,
visit
the
official

Chainalysis
blog.

Image
source:
Shutterstock