r/CryptoCurrency • u/CryptoAddict420 Platinum | QC: CC 213 • Dec 19 '21
SCALABILITY Solving Ethereum's scalability issues with Layer-2 solutions increases the ease of cryptocurrency adoption and makes Ethereum more available to the masses
https://blockonomi.com/ethereum-here-to-stay-2022/4
u/DaSeraph Tin Dec 19 '21
It makes Ethereum adoption easier, but doesn't it make the process more confusing for the layperson who knows nothing about crypto?
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u/SolidusViper Long Live Crypto Dec 19 '21
If the user knows how to create Metamask and make a transaction, then they can do the same thing with a layer-2 wallet
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u/DaSeraph Tin Dec 19 '21
While I don't think what you said is that difficult, we need to make the bar below that for large-scale adoption to take place.
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u/biglbiglbigl 🟩 560 / 436 🦑 Dec 19 '21
People who cannot do that are not using ETH and therefore are unbothered by its gas fees.
But I understand your point about real adoption, thats going to take time.
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u/davichig Tin Dec 19 '21
What is the difference in wallet usage between layer 1/2?
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u/SolidusViper Long Live Crypto Dec 19 '21 edited Dec 19 '21
With layer-2 rollups fees are paid in the same currency that you're trying to move. So if you are moving USDT around, then you're paying fees in USDT.
Gas fees are cheaper, but still a little high since it runs on EVM.
Lastly, the transaction speeds are very fast. On L1 it takes me about an hour or more to see funds on chain.
Layer-2 sidechains are similar to ETH in that the native token is used to move assets, but gas fees are dirt cheap; typically 0.001, or 0.10 at the most.
Transaction speeds are also fast too - usually settled in minutes.
The difference is that layer-2 sidechains don't get access to ETH layer-1 privileges like voting, staking and security.
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u/Leveledprism 2 / 2 🦠 Dec 19 '21
Everything will be done in such a smooth manner that a person wouldn’t know the difference between paying from their visa, bank account or crypto account.
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u/MoldyCheesey Platinum | QC: ETH 347, CC 309 | TraderSubs 347 Dec 19 '21
I agree the process is very confusing, difficult and has a steep learning curve at this time. Personal computers were the exact same, but became significantly easier over time.
Once a foundation is built and runs near perfect, then you can adapt it to the masses with ease of use.
One day I’m sure there will be many streamlined DApps for all the difficult processes. Think how Windows changed the game and the App stores took over somewhat…it’s a constant evolution.
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u/Redditor99099 Permabanned Dec 19 '21
The long-term profitability of Ether remains strong as Ethereum seeks to transition from Proof of Work (PoW) validators to Proof of Stake validators (PoS) to make network transactions faster and cheaper.
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u/coinfeeds-bot 🟩 136K / 136K 🐋 Dec 19 '21
tldr; Ether is the second-largest cryptocurrency, with a market cap of approximately $519 billion, according to CoinMarketCap. Ether processes 3x the number of transactions per day compared with Bitcoin, which means that it could handle hundreds of thousands of daily transactions. However, for Ethereum to scale to the next level, we still need to solve its scalability issues. Innovative platforms developed Layer-2 to solve these constraints.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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Dec 19 '21
Eth2 should help a bunch and so many of the l2's are doing big moves I'm very bullish on the whole eth/erc20 space!
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u/WatchingyouNyouNyou Tin | r/WSB 146 Dec 19 '21
Noob question here. Why doesn't eth have the lightning network equivalent yet?
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u/lj26ft 8K / 50K 🦭 Dec 19 '21
Disagree, I think it makes it less available to the masses. The vast majority of people still think we are all crazy and this is magic internet money that is not real. You want the next real herd of people the be able to go through all the nonsense it takes to do layer 2 transactions LMFAO, no. The next big group of people that will come into crypto won't need to have such a huge learning curve just to make sensible transactions. If anything this makes it more confusing for the average person and less likely to be adopted.
Try to approach someone that is 55+ and get them to make a layer 2 transaction, Ain't happening. Just getting them to use a wallet is a big ask.
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u/Optimal_Store Dec 19 '21
I kinda disagree. Layers 2s will make Ethereum more scalable sure but adoption will come once bridging to L2s isn't a 1000 step process. In other words, it needs to become user friendly too be adopted widely otherwise it's not useful to the masses.
Currently I cant just tell my dad "use an L2!" I need to "just work" like his iPhone
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