{"content":[{"text":"Layer 2","bbox":{"left":0.09721,"top":0.043484,"width":0.10827099999999999,"height":0.028129000000000008}},{"text":"‘Ready layer 2’","bbox":{"left":0.09721,"top":0.108446,"width":0.151165,"height":0.01959100000000001}},{"text":"•","bbox":{"left":0.09721,"top":0.153273,"width":0.009276999999999994,"height":0.017460000000000003}},{"text":"Layer 2 is often referred to as an “off-chain” solution for blockchains. Its main purpose is \n to scale blockchain transaction capacity.","bbox":{"left":0.133513,"top":0.154504,"width":0.7737850000000001,"height":0.03772400000000001}},{"text":"•","bbox":{"left":0.09721,"top":0.202869,"width":0.009276999999999994,"height":0.017460000000000003}},{"text":"Layer 1 blockchain networks, like Bitcoin and Ethereum, face inherent scaling limitations. \n Ethereum processes roughly 15-20 transactions per second (compared to Visa with several \n thousand transactions per second).","bbox":{"left":0.133513,"top":0.2041,"width":0.773787,"height":0.05824699999999999}},{"text":"•","bbox":{"left":0.09721,"top":0.272988,"width":0.009276999999999994,"height":0.017459999999999976}},{"text":"Solving the scalability problem helps blockchains get ready for mainstream adoption.","bbox":{"left":0.133513,"top":0.274219,"width":0.738648,"height":0.016917000000000015}},{"text":"Background","bbox":{"left":0.09721,"top":0.351817,"width":0.14058499999999996,"height":0.022706999999999977}},{"text":"•","bbox":{"left":0.09721,"top":0.416646,"width":0.009276999999999994,"height":0.017459999999999976}},{"text":"Bitcoin and Ethereum are layer 1 blockchains. For a layer 1 blockchain ecosystem to \n succeed in the long term it needs scalability.","bbox":{"left":0.133513,"top":0.417876,"width":0.773785,"height":0.03772500000000001}},{"text":"•","bbox":{"left":0.09721,"top":0.465957,"width":0.009276999999999994,"height":0.017459999999999976}},{"text":"Bitcoin and Ethereum are not able to process thousands of transactions per second.","bbox":{"left":0.133513,"top":0.467188,"width":0.719627,"height":0.016917000000000015}},{"text":"o","bbox":{"left":0.187967,"top":0.496354,"width":0.012103000000000003,"height":0.01614500000000002}},{"text":"Why do they lag in processing?","bbox":{"left":0.218219,"top":0.495121,"width":0.27126,"height":0.016917000000000015}},{"text":"When a transaction happens, there must be global consensus across the \n decentralized network. All nodes on the network keep a full copy of the \n transactions to validate the transactions on the network. This has been designed \n to solve the double spend problem without relying on a middleman.","bbox":{"left":0.218219,"top":0.523055,"width":0.689082,"height":0.07905399999999996}},{"text":"•","bbox":{"left":0.09721,"top":0.61275,"width":0.009276999999999994,"height":0.01746000000000003}},{"text":"Not only are Bitcoin and Ethereum networks slower (than the likes of PayPal and Visa), \n but as the networks get busier, the fees get higher. These reasons limit Bitcoin and \n Ethereum’s ability to effectively be adopted and used on a wider scale.","bbox":{"left":0.133513,"top":0.613981,"width":0.773783,"height":0.05824699999999994}},{"text":"•","bbox":{"left":0.09721,"top":0.682869,"width":0.009276999999999994,"height":0.01746000000000003}},{"text":"Bitcoin is often referred to as digital gold. The settlement of physical gold, like bitcoin is a \n slow and expensive process. With a little bit of human creativity, gold certificates emerged \n as an easier, more flexible way to transact - forming an additional layer.","bbox":{"left":0.133513,"top":0.6841,"width":0.773786,"height":0.05824699999999994}},{"text":"•","bbox":{"left":0.09721,"top":0.752988,"width":0.009276999999999994,"height":0.01746000000000003}},{"text":"The dollar, bank transactions, credit cards, are all layers upon the base layer money. That \n base layer was physical gold until 1929 when Australia left the gold standard due to an \n emergency measure during the Great Depression. ‘Fiat’ the Latin term used to express \n authoritative order, is now our legal tender that derives its value not from a scarce physical \n commodity but from our trust in governments.","bbox":{"left":0.133513,"top":0.754219,"width":0.773783,"height":0.099862}},{"text":"2","bbox":{"left":0.09721,"top":0.935206,"width":0.012880000000000003,"height":0.02192000000000005}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}