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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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Home Blockchain

XRP Co-Creator Responds to Justin Bons’ Controversial Blockchain Take

June 21, 2024
in Blockchain
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XRP Co-Creator Responds to Justin Bons’ Controversial Blockchain Take
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Justin Bons sparked controversy by claiming that layer-2 solutions do not effectively scale blockchains, and they merely divert traffic from the main chain to compete for fees. Bons argued that limiting layer-1 capacity in favor of layer-2 is a misguided approach born of corruption.

Layer-1 blockchains, such as Ethereum, process transactions directly on the main chain, while layer-2 solutions, such as Arbitrum, build to increase transaction speed and reduce costs.

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You cannot scale a blockchain through L2s

As it routes traffic away from the chain instead of actually scaling it

In reality, L2s are parasitically in competition with the L1 over fees!

This is why restricting L1 capacity in favor of L2s is a perversion; born from corruption!

— Justin Bons (@Justin_Bons) June 18, 2024

Moreover, Bons criticized the Ethereum ecosystem for being stuck at around one million transactions per day for the past four years. He pointed out that other blockchains, such as Solana (SOL), have achieved higher transactions per second than Ethereum and all of its L2s combined. According to Bons, Ethereum has reached a scalability impasse.

Schwartz weighs in

In response to Bons’ comments, Ripple CTO David Schwartz, one of the original architects of XRP Ledger, offered a different perspective. Schwartz argued that fee competition is beneficial to users and only detrimental to those who seek to overtax transactions.

He emphasized that this fee competition is consistent with the ethos of decentralization and self-sovereignty that blockchain technology espouses, and contrasted it with the idea of middlemen profiting excessively from transaction fees.

See also  Creditcoin and Plume Unite to Revolutionize Real-World Asset Markets on the Blockchain

Schwartz’s comments suggest that while Bons sees L2 solutions as insufficient for true scalability, the competition they bring could drive innovation and lower costs for end users. This debate underscores the ongoing tension in the blockchain community over the best path forward for scalability and user-centric fee structures.

Tags: BlockchainBonsCoCreatorcontroversialJustinRespondsXRP

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