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
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