{"id":7982,"date":"2022-09-26T18:17:13","date_gmt":"2022-09-26T18:17:13","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=7982"},"modified":"2022-09-26T18:17:13","modified_gmt":"2022-09-26T18:17:13","slug":"2-build-the-missing-functionality-on-top-layer-2","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/26\/2-build-the-missing-functionality-on-top-layer-2\/","title":{"rendered":"2 &#8211; Build the missing functionality on top (Layer 2)"},"content":{"rendered":"\n<p>As you read more about Bitcoin you\u2019ll probably come across the term \u2018layer 2\u2019. The concept of layers sees Bitcoin as the base layer, with transactions recorded in blocks connected across an ever-increasing chain.&nbsp;<\/p>\n\n\n\n<p>What happens on the base layer is often referred to as happening \u2018on-chain\u2019. Transactions that happen on-chain are subject to the consensus rules and with Bitcoin, the limitations of the trilemma.&nbsp;<\/p>\n\n\n\n<p>However, using a second layer that can interact with the base but isn\u2019t subject to its restrictions can enable a solution to the coffee shop use case. This comes in the form of\u00a0the Lightning Network (LN)\u00a0which we discuss in the next article.\u00a0<\/p>\n\n\n\n<p>In summary, LN gives the transaction speed of Visa, at a fraction of the cost. The technology exists, what is missing is the usability and network effects, though the\u00a0Lightning Network is growing steadily, helped by adoption in El Salvador where it is used for remittance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you read more about Bitcoin you\u2019ll probably come across the term \u2018layer 2\u2019. The concept of layers sees Bitcoin as the base layer, with transactions recorded in blocks connected across an ever-increasing chain.&nbsp; What happens on the base layer is often referred to as happening \u2018on-chain\u2019. Transactions that happen on-chain are subject to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[468],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/7982"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=7982"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/7982\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=7982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=7982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=7982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}