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Here are some projects working towards addressing the issues of blockchain scalability: - Lightning network on bitcoin. Super cheap and fast transactions, make

Here are some projects working towards addressing the issues of blockchain scalability: - Lightning network on bitcoin. Super cheap and fast transactions, makes micropayments a reality (this is what Twitter is using) - Layer 2 solutions on Ethereum. There are two optimistic rollups currently on main net (Arbitrum and Optimism). Reddit has recently committed to building on Arbitrum. There are also ZK rollups (starkware, zksync) coming in the next year or so. - Less decentralized layer 1 chains like Solana, Avalanche, BSC, Fantom It's unfortunate that people looking to enter the space have a hard time finding real and relevant info. Not sure what the solution is for fixing the information problem, but there are lots of people building real tech in the space

jakear 5y ago
As I understand it these layer 2 solutions typically require a resolution transaction in order to actually extract value, which has similar costs to a normal on-chain transaction. In the ideal world folks would be able to use the existing infrastructure of established Bitcoin atms to make transactions with low fees, but that doesn’t seem like it will happen any time soon. Things like the Twitter solution aren’t great, Twitter owns all the currency and is kind enough to let you have some sometimes. If I were to make my app I wouldn’t want ownership of any of the currency, too much liability. I’m not very interested in the promises of bleeding edge crypto startups, in my experience they almost never pan out, and certainly aren’t accessible to the masses.
- almostkorean 5y ago
  Not sure what you mean about layer 2 solutions being similar in cost to layer 1 transactions. See here: https://l2fees.info https://l2fees.info. Arbitrum and Optimism are both running in "safe mode" so their tx cost will continue to go down. I agree that the twitter solution isn't great. Just pointing out that Lightning network is a tech that can be used for cheap transactions. 100% agree that none of these solutions are accessible to the masses. Tons of UX issues, most people don't want to self custody, layer 2s can require bridging, etc. But, I don't think it's terribly hard to see how these issues will be addressed and they are actively being worked on
  - jakear 5y ago
    So I may be wrong here but my understanding is that you can’t go directly from fiat to L2 transacting. My goal is to minimize the loss from patron’s bank account to creator’s bank account, and every extra step along the way is a couple percent out of the creator’s bank account and into exchanges/miners’. Edit: put more simply, a hundred people each want to give $5 to a single person. What path do they follow to ensure that the person can get as close to $500 in their bank account as soon as possible. Bonus question: what is the relation between how much they can get into their bank account and how long they wait?
    - almostkorean 5y ago
      Ah I gotcha, yea that is mostly true at the moment. I'm pretty sure the only way to go directly from fiat to L2 is through Binance which can transfer to Arbitrum (someone correct me if I'm wrong). All the major centralized exchanges are working on this, so I expect to see more support for direct to layer 2 transfers soon. Not sure about the amount of time between exchange and bank account, I think that is going to depend on each exchange.

jakear 5y ago

As I understand it these layer 2 solutions typically require a resolution transaction in order to actually extract value, which has similar costs to a normal on-chain transaction. In the ideal world folks would be able to use the existing infrastructure of established Bitcoin atms to make transactions with low fees, but that doesn’t seem like it will happen any time soon. Things like the Twitter solution aren’t great, Twitter owns all the currency and is kind enough to let you have some sometimes. If I were to make my app I wouldn’t want ownership of any of the currency, too much liability. I’m not very interested in the promises of bleeding edge crypto startups, in my experience they almost never pan out, and certainly aren’t accessible to the masses.

almostkorean 5y ago
Not sure what you mean about layer 2 solutions being similar in cost to layer 1 transactions. See here: https://l2fees.info https://l2fees.info. Arbitrum and Optimism are both running in "safe mode" so their tx cost will continue to go down. I agree that the twitter solution isn't great. Just pointing out that Lightning network is a tech that can be used for cheap transactions. 100% agree that none of these solutions are accessible to the masses. Tons of UX issues, most people don't want to self custody, layer 2s can require bridging, etc. But, I don't think it's terribly hard to see how these issues will be addressed and they are actively being worked on
- jakear 5y ago
  So I may be wrong here but my understanding is that you can’t go directly from fiat to L2 transacting. My goal is to minimize the loss from patron’s bank account to creator’s bank account, and every extra step along the way is a couple percent out of the creator’s bank account and into exchanges/miners’. Edit: put more simply, a hundred people each want to give $5 to a single person. What path do they follow to ensure that the person can get as close to $500 in their bank account as soon as possible. Bonus question: what is the relation between how much they can get into their bank account and how long they wait?
  - almostkorean 5y ago
    Ah I gotcha, yea that is mostly true at the moment. I'm pretty sure the only way to go directly from fiat to L2 is through Binance which can transfer to Arbitrum (someone correct me if I'm wrong). All the major centralized exchanges are working on this, so I expect to see more support for direct to layer 2 transfers soon. Not sure about the amount of time between exchange and bank account, I think that is going to depend on each exchange.