Ethereum co-founder Vitalik Buterin recently introduced a new Layer 2 (L2) standard that he believes will revolutionize the way networks operate. In a recent statement, Buterin referred to most networks as being in a “Stage 0” phase, lacking the efficiency and scalability needed for widespread adoption.
Layer 2 solutions are seen as a way to address some of the scalability issues currently facing Ethereum and other blockchain networks. By moving some transactions off-chain, Layer 2 solutions can significantly increase the speed and reduce the cost of transactions.
Buterin’s new standard aims to provide a framework for developers to build Layer 2 solutions that can easily interact with each other and with the Ethereum network. This interoperability is seen as crucial for the growth and adoption of Layer 2 solutions.
While Buterin’s standard is still in its early stages, it has the potential to significantly improve the scalability and efficiency of blockchain networks. As the technology continues to evolve, we can expect to see more innovations in the world of Layer 2 solutions.