2 ms·
L2 are by design a centralized crutch to "fix" slow L1. They usually work like "oh, let's do all transactions virtually on a side, managed by some centralized p
by Yizahi 1y ago
L2 are by design a centralized crutch to "fix" slow L1. They usually work like "oh, let's do all transactions virtually on a side, managed by some centralized pseudo-bank, and then only write sum total on L1". Lightning works like that, likely others too. I don't understand how tokenbros ignore this issue, a least people who claim that tokens are currency replacement.
- bigyabai 1y agoYup. Centralized crypto arbitration is generally where you separate the decentralized die-hards from the centralized chaff. The funny part is how cryptobros insist that it's an actual solution, but companies universally ignore it to make an L1 chain (because there's no point wasting your time making an L2).
- wmf 1y agoCoincidentally Vitalik just wrote about this (which was helpful to me since I haven't followed L2s closely): "an L2 on top of Ethereum, that uses its centralized features to provide stronger UX features, while still being tied into Ethereum's decentralized base layer for security. ... The security that L2s provide ... reflects concrete properties that protect you as a user from being rugged. ...if an L2 shuts down, users are automatically able to withdraw funds even without that L2's involvement" https://xcancel.com/VitalikButerin/status/1970258498996048247 https://xcancel.com/VitalikButerin/status/197025849899604824... I still prefer well-designed L1s because they are simpler.