This article was first published on Stories by VIBEHub on Medium
Hello everyone! Thank you for joining us and taking the time to become more educated on VIBENet and layer 2 solutions. Now more than ever with all-time high gas fees on Ethereum, layer 2 solutions have become pivotal for the scalability of Ethereum, Bitcoin, and other blockchains. VIBENet is a layer 2 solution that has been built to facilitate instant and atomic transactions with no gas fees. A perfect foundation for Games, NFT’s, and companies seeking fast and secure transactions. While VIBE is mainly known for gaming & entertainment on blockchain, VIBENet is one of the most important cornerstones of the VIBE Ecosystem.
What is a Layer-2 solution?
Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain. The goal of layer-2 solutions is to fix transaction speeds and reduce gas fees for blockchains like Ethereum and Bitcoin. Users across the digital assets industry can see whether its for Games, DeFi, and transferring digital assets. Transaction fees and wait times have become a large problem in 2020.
Popular decentralized exchanges like Uniswap V2 have recently had their users spend $1.69 Million U.S.D in gas fees in just 24 hours. Gaming projects and NFT Creators building on Ethereum are having issues regarding gas fees and wait times. This is not an enjoyable experience for users playing games and buying & transferring NFT’s. Users have to spend multiple dollars in gas fees and extended wait times. This is why we built VIBENet.
VIBENet is a layer 2 solution that is built on top of Ethereum and can scale across any blockchain. VIBENet facilitates instant and atomic transactions with no gas fees for any currencies integrated on the network. VIBENet is built with the framework in mind to be a foundation for Gaming ...
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Stories by VIBEHub on Medium