What is a layer 2 Solution?
Layer 2 is a collective term for solutions designed to help scale your application by handling transactions off the main Ethereum chain (layer 1). Transaction speed suffers when the network is busy which can make the user experience poor for certain types of dapps. And as the network gets busier, gas prices increase as transaction senders aim to outbid each other. This can make using Ethereum very expensive. - Ethereum.org
Now, what is the Future of Layer 2 with Polygon?
Keeping the progressing L2 secured chains and standalone chains aside, multichain engineering intends to receive different and new solutions. These incorporate Optimistic Rollups, as of lately revealed via Cartesi, zkRollups, and Validium.
Type of layer 2 :
- Rollups (ZK rollups Optimistic rollups)
- State channels
- Hybrid solutions
Polygon’s particular SDK will execute all solutions for cooperate. Also, it yearns to empower various tasks to choose the scaling choice that fits their necessities best, rather than being limited by just a single choice. These advancements will basically make Polygon a L2 aggregator.
I asked Arjun Krishan Kalsy, VP-Growth at Polygon about his opinion on the future of layer 2 solutions
Here’s Arjun answered to my question:
Ethereum’s High Fees Vs Layer 2?
By using Layer 2, Ethereum’s high fees problem can definitely be solved as new and promising entrepreneurs are working on scaling solutions such loopring, optimism, and others. It is one of the major initiatives by Polygon to reduce the high fee paid on the Ethereum blockchain network. Polygon’s goal is to “elevate the capabilities of the Ethereum mainchain, creating an Internet of Blockchains that supplies on-demand scaling for crypto projects and enterprises,” and ultimately “drive down network fees.”
Polygon’s long term mission
Polygon is an essential and significant piece of Ethereum’s network and it is consistently endeavoring to work to the greatest advantage of Ethereum and its astounding clients and community.
According to Jaynti Kanani, co-founder of Matic Network, “Founding and building Matic Network has been an exhilarating and rewarding experience; we have built one of the leading scaling platforms in the Ethereum landscape today. From the beginning, we have had one and only one mission — scale Ethereum for mass adoption. With that mission in mind, we believe we are now ready for the next, even more impactful chapter. With Polygon, we want to enable Ethereum to become a robust, highly-scalable multi-chain environment that acts as the backbone of the Web3 revolution.”