After six hours of content loaded with excellent technical presentations on Blockchain technology, BSL 2021 closed its first day with a hot topic these days: “Knowing the second layers of Ethereum ”.
The moderation was in charge of the Director of Blockchain Summit Latam, Cristobal Pereira; who had in its panel of experts invited Cristobal García (Buenbit) and Mateo Daza (Giveth) to delve for 30 minutes on the most outstanding L2 solutions on Ethereum such as Ronin, Optimism and Polygon.
The beginning was marked by a brief introduction by Pereira on the reasons that have weighed for the development of L2 scaling solutions for Ethereum, motivated by the great demand that the main blockchain platform of decentralized applications in the ecosystem has had, noting that “Ethereum has been a victim of its own growth ”.
When asked about the preferences of second layer Ethereum solutions, Cristobal García, Content Leader at Buenbit pointed out that he opted for Optimism Rollups, a type of layer construction that does not run on Ethereum’s base layer, but on top of it that allows you to run smart contracts at scale without neglecting the security that Ethereum offers.
For his part, Mateo was also pointing out the interest generated by other types of second-layer scaling solutions for Ethereum focused on Rollups, bringing up the prominence that Polygon has had in this ecosystem with its support for projects focused on this type of buildings.
The talk addressed the case of xDAI as an exemplary case of sidechains, a form of scaling solution for Ethereum that allows improving the speed of transactions at low cost, which has played a leading role among the scalability solutions available.
Given the use of both second layer and sidechain scaling solutions for DeFi and NFT projects mainly, as improvements for the execution of their smart contracts, the guests agreed that one of the great concerns about this type of protocol is its centralization.
In addition, both García and Daza reiterated that these platforms must improve their coordination between the different L2 solutions on Ethereum, in order to generate a more effective communication between blockchains that allows a more secure development of the Ethereum ecosystem.
Cristobal Pereira recalled that external platform solutions such as Binance Smart Chain, EOS, among others; They risk some point of the blockchain trilemma (mainly security), at the cost of improving their performance, which is extrapolated in some cases of L2 solutions on Ethereum.
Finally, when asked about the fate of the L2 solutions on Etheruem and the entry into the scene of the ETH 2.0 improvement, Cristobal García de Buenbit highlighted that there is a bit of misinformation on this point.
He explained that the Ethereum Foundation has indicated that shards (64 in total in ETH 2.0) will not host smart contracts, so solutions such as Rollups will be important for Ethereum 2.0 in order to guarantee the execution of this important element in the development of decentralized applications.
Culminated highlighting that Ethereum 2.0 is in the implementation stage and that rollups seek to execute this type of data structure off-chain in order to ease the load on Ethereum’s main chain.
To the above, Giveth’s Mateo Daza highlighted disinformation as a fundamental problem for understanding how Ethereum 2.0 will work, highlighting that proposals such as EIP-1559 are stages that have shown that the main network will need layer 2 solutions to complement the implementation of sharding in ETH 2.0 .
He added that if Ethereum assumes the role of the Internet of Blockchains, it remains to be seen if the 64 shards originally provided by the Ethereum Foundation for the improvement of this blockchain will be enough to take on the challenge of loading and developing on its network.
The presentation closed with the impressions of the experts on Ronin and its successful development (mainly due to the Axie Infinity fury), highlighting that this sidechain is quite centralized and personalized for the public related to the game.
Finally we were able to appreciate how Optimism Rollups is a layer 2 solution that allows compacting transactions to lower the cost of transaction fees while improving their speed, where aggregators publish only the minimum necessary information without testing.