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TL;DR
There’re 20+ L2 chains being constructed on ETH, and every venture is someway satisfied they’re not in competitors with the subsequent (they’re, and it is ‘winner takes most’).
Full Story
Bear in mind on the ending of Terminator 3, how you discover out the human/cyborg struggle had already quietly begun earlier within the film…
Nevertheless it took the people the higher a part of the 1hr 49min watch time to determine all of it out?
The Ethereum layer-2 (L2) state of affairs is paying homage to that.
There are a BUNCH of L2 blockchains being constructed on high of Ethereum, and every venture is (someway) satisfied they’re not in competitors with the subsequent.
Somewhat, they’re all doing it for the higher good of Ethereum (that is known as ‘Ethereum alignment’).
In actuality, these L2 chains are at struggle with each other.
(Whether or not they notice/admit it, or not).
Daring phrases, we all know! So let’s again them up. Beginning with the ‘what’ of all of it…
The Ethereum mainnet (aka the ‘layer-1’) is sort of a freight prepare (sluggish, costly, however extremely safe/dependable), whereas L2 chains are like passenger trains (quick, low cost, however rather less dependable/safe).
Each depend on the identical set of rails (the Ethereum community) to function, however serve totally different functions.
…and as romantic because it might sound:
You’re not going to need to use a freight prepare (ETH) for private transport (on a regular basis transactions) trigger it’s not designed for it! It’s simply too rattling sluggish/costly.
(Assume wherever between $3-$3k in charges per transaction, relying on demand).
Okay, so why the ‘struggle’?
Nicely, proper now, there’re one thing like 20+ layer-2 chains competing in your cash/consideration/patronage.
Are you able to think about a prepare system the place there have been 20 totally different passenger prepare corporations competing for purchasers?
Image it…maintain that picture in your thoughts…okay, acquired it? Good.
Now, let’s make issues much more advanced:
Think about that the platform you have been boarding from decided the prepare firm you’d use — and that that firm had its personal forex/ticketing system that didn’t play good with any of the opposite corporations.
Which meant in the event you wanted to vary trains sooner or later, it’s going to end in switch charges and an extended wait time.
Okay, okay, this analogy is getting method too heady.
However that’s kinda the purpose — the Ethereum L2 ecosystem is a multitude proper now, identical to this fictional prepare system!
The identical method Amtrak owns the vast majority of the interstate passenger rail market within the US, we imagine we’ll inevitably see a dominant L2 take over on Ethereum.
It gained’t be winner takes all, however as an alternative: winner takes most.
Wanna know why?
Click on right here to learn Half 2…
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