Spot Bitcoin ETF receives official approval from the SEC

• l2beat

  628 457 9.9 TypeScript

  L2BEAT is an analytics and research website about Ethereum layer two (L2) scaling solutions.

  

A real layer 2 would look more like something built on Ethereum (can see all its L2s at https://l2beat.com).

Essentially it's a separate network that every few minutes takes every transaction and compresses it into a data blob that it saves on Ethereum along with a proof that the computation was done correctly. The Ethereum L1 nodes then only need to verify the proof instead of re-executing all transactions that happened on the L2.

With this design users can go straight from an exchange like Coinbase onto the L2 and never need to use Ethereum, and fees are 10x cheaper because of the data compression. Fees will soon be 100x cheaper as Ethereum is adding extra space just for these L2 data blobs that is much cheaper than normal Ethereum data space.

Unfortunately it can't be done on Bitcoin right now because Bitcoin nodes don't have Turing complete scripting and so can't verify the proof that an L2 posts to Bitcoin.

• SurveyJS

  surveyjs.io sponsored

  Open-Source JSON Form Builder to Create Dynamic Forms Right in Your App. With SurveyJS form UI libraries, you can build and style forms in a fully-integrated drag & drop form builder, render them in your JS app, and store form submission data in any backend, inc. PHP, ASP.NET Core, and Node.js.

  

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