![]() ![]() ![]() ![]() Solana, Avalanche, Cardano and others are waiting in the wings and wooing crypto developers with promises of faster transactions and lower costs.But there’s a twist: If Ethereum can’t solve its problems on Layer 2, developers could instead adopt rival Layer 1 blockchains. In many ways, it’s a classic tech standards fight. Challenges are rare, though, because of the penalties in posting a faulty rollup or challenging an authentic one. Some services will pay users instantly, minus a small fee, and take on the risk of being challenged. ZK supporters say optimistic rollups take too long to be fully completed, since they can be challenged up to seven days after they are executed, which could mean a delay in withdrawing tokens.Steven Goldfeder, CEO of Offchain Labs, which created Arbitrum, said ZK rollups are “orders of magnitude” more expensive than optimistic ones because of the intensive calculations required.The intense competition to “win Ethereum” boils down to one question: Will developers and users flock to the most advanced technology, or will they just go with what works? ZK transactions are all verified and thus can’t be challenged. ZK rollups, still just emerging in the wild, run an advanced cryptographic proof called “zero knowledge” and then submit it back to Ethereum.Optimistic rollups only run a computation fraud proof if a transaction is challenged - thus the moniker “optimistic.” These transactions can be challenged after they’re sent back to the Ethereum chain for up to seven days. Crypto entities using Arbitrum include decentralized exchanges SushiSwap and Uniswap and NFT project Treasure. Arbitrum is the largest player with $2.9 billion in total value locked, or deposited, in the network. The two main approaches are optimistic roll-ups and zero knowledge, or ZK, rollups. But there’s an intense debate over which one will prevail.Ī key Layer 2 strategy is the rollup, or bundling of transactions off the main chain for faster processing. Layer 2 networks that sit on top of Ethereum are designed to address these challenges, even after Ethereum moves to a faster, more environmentally friendly system known as proof of stake. But it faces challenges in scaling up: Transaction speeds are slow, and costs high. It may take more cases like this, unfortunately, for the public to get the legal message.Įthereum, the second most-valuable cryptocurrency blockchain after bitcoin, has been hailed for its programmable smart contracts and greater flexibility. I feel sorry for the grieving father, and angry at the people who gave him this false hope about NFTs. The station that does own the copyright didn’t give permission, and Rarible, the service he used to mint the NFT, promptly removed it. The problem is that he doesn’t own the copyright, so he came up with the idea of turning the video into an NFT - which, of course, has nothing to do with copyright. Why do so many people cling to the notion that new internet technologies wipe away centuries of copyright law? The latest example is a particularly sad one: The father of Alison Parker, a TV news reporter who was fatally shot on air, is trying to wipe the video of her shooting from the internet using copyright takedowns, The Washington Post reported. This Wednesday: Ethereum’s Layer 2 rumble, Brian Armstrong’s Crypto Bowl fumble, and SoFi’s stock tumble. Good morning, and welcome to Protocol Fintech. ![]()
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