Ethereum as layer 2 solution for Bitcoin

Bitcoin’s third halving happened a few days back. Bitcoin block mining reward got reduced from 12.5 BTC to 6.25 BTC. Bitcoin’s transaction fees are already high and with the inflation reduction, the mining fee to process the transactions may go higher only. Many layer 2 Bitcoin scaling projects are coming up nowadays to solve Bitcoin’s transaction speed & transaction fee issue. Lightning network is such a layer 2 technology for Bitcoin to scale up the blockchain’s capability by the use of micropayments. By taking the transactions away from the mainchain, lightning network targets to decongest the Bitcoin network and provide instant transactions with nominal fees. But there have been issues with lightning network as it is vulnerable to hacking. Lightning network didn’t find much use also after raising initial expectation.

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