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Comparing Layer-2 Solutions on Ethereum and Ethereum Classic

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Dubai, UAE, 8th September 2024, Ethereum (ETH) and Ethereum Classic (ETC) are frequently likened due to their shared history, similar names, and widely discussed separation of ways after the 2016 DAO hack. Because both networks encounter scalability issues, with ETC to a lesser degree for now, layer-2 solutions (L2) have become a pressing topic for both communities. Let’s delve into it.

The History Behind 

Ethereum and Ethereum Classic have a joint origin, both stemming from the initial Ethereum platform. The rift within that platform occurred due to an infamous event referred to as the DAO hack. The DAO, one of the most notable crowdfunding campaigns in crypto history, raised an immense amount of ETH that was later stolen due to a flaw in the code. The latter caused severe disagreements within the Ethereum community and eventually resulted in a hard fork in the Ethereum blockchain. The new chain, which reverted to its state before the DAO attack, kept the original name, while the unreverted version continued its operation and was rebranded as Ethereum Classic.

Both chains initially employed the Proof-of-Work (PoW) consensus mechanism, with Ethereum moving to the Proof-of-Stake (PoS) one later. While this decision helped to improve scalability, it was not a sufficient solution in the long term. So, it is unsurprising that these two blockchains have been actively exploring L2 solutions. Such solutions are developed on top of any blockchain, called layer 1, to enhance its performance.

Ethereum’s L2 Solutions 

Ethereum has gained widespread adoption as a blockchain network, renowned for its vibrant ecosystem of dApps, DeFi platforms, and aspiring developers who choose Ethereum as a base for their products and services. Therefore, the question of enhancing scalability has been especially pressing for Ethereum compared to other chains. The introduction of Ethereum 2.0 represented a major milestone in the network’s evolution. This upgrade includes the implementation of the PoS approach mentioned above. 

Some may argue that Ethereum has led the way in developing and implementing a variety of layer-2 solutions, such as rollups, state chains, sidechains, and nested blockchains. All those solutions are aimed at handling thousands of transactions per second, opening a door for fresh opportunities to expand the Ethereum landscape. 

Another major challenge Ethereum faces is gas costs. This issue persists even after PoS adoption, negatively affecting user experience when swapping ETH. L2 solutions play a crucial role in solving this issue by moving transactions off-chain and thus significantly reducing fees. This fee reduction enhances the accessibility of the Ethereum network, making it more cost-effective for a broader range of users and applications to participate in the ecosystem.

One of the downsides of many of Ethereum’s L2 solutions is trust. While many crypto enthusiasts do believe in this blockchain, which is evident from its popularity, they are not so keen on L2 solutions, treating them with caution. And rightfully so. While Ethereum may be robust, such solutions may become its weak points if they are less thoroughly designed and audited and, therefore, more vulnerable to hacks. Consequently, it becomes a significant area for L2 builders. 

Ethereum Classic’s L2 Solutions 

Ethereum Classic is a much smaller blockchain, ranked thirtieth according to its market cap at the time of writing. Although it has fewer L2 solutions than Ethereum, it has enthusiasts eager to make this chain more efficient and scalable without compromising its security.  

As mentioned above, ETC’s security is supported by its dedication to the PoW consensus mechanism and immutability, which has established a strong foundation for solutions and products. However, the limited creation and adoption of L2 solutions also means there might have been fewer improvements in scalability compared to Ethereum.

When it comes to cost efficiency, ETC transactions are usually cheaper than Ethereum due to lower network congestion. However, the development of L2 solutions has the potential to decrease transaction expenses even further.

One disadvantage of the Ethereum Classic that is linked to the L2 solutions is the size of its community. Since it is less prevalent than Ethereum, there is far less activity and liquidity. Consequently, there is far less motivation to choose this network for developing new solutions, including L2s. In addition, while ETC has good interoperability with Ethereum’s apps and tools, it may backfire, drawing potential users and builders to ETC’s biggest competitor instead.

Conclusion

Both Ethereum and Ethereum Classic are focusing on implementing layer-2 solutions to address their scalability challenges. Although Ethereum is taking the lead in this and other regards, Ethereum Classic continues to grow and develop, not giving up the chance to give good competition to its rival. No matter the result of this rivalry, both networks will gain from improved scalability, ultimately making blockchain technology more accessible and efficient for users worldwide.

Kinetex Network: Website | Kinetex dApp | Blog

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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Sends company co-organized London Fintech Networking Meetup: summing up the event

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On September 12th, Sends company, with its partners, held the London FinTech Networking Meetup. It took place in London and was co-organized by Dukascopy Swiss Banking Group, Complyport, Fintecor, and The Association of Governance Risk and Compliance. Entry was limited to select guests, ensuring a focused, high-quality experience. Over 100 visitors attended.

This gathering provided an unparalleled opportunity for attendees to connect with industry leaders, foster collaborations, and enhance their professional network. Before the event, participants could view the attendee list and request personalized introductions to optimize their networking experience.

“Even though fintech is all about online processes, we believe that strong relationships and offline meetups are the foundation of growth in the industry. This event uniquely allows our valued clients and partners to connect, collaborate, and explore new opportunities. We’re excited to facilitate these conversations and foster connections to shape the company’s future,” said Alona Shevtsova, CEO of Sends.

About London Fintech Networking Meetup:

London Fintech Networking Meetup is a premier platform bringing together fintech professionals, innovators, and entrepreneurs. Our events are designed to create meaningful connections that drive industry progress.

About Sends:

Sends is a financial service provider headquartered in London. Since 2017, it has offered a comprehensive range of payment solutions as the FCA-authorised Electronic Money Institution (EMI). Our mission is to upgrade the banking experience by providing a functional alternative to traditional bank accounts.

It is worth mentioning that this summer, Sends launched its financial application to the Apple Store and Google Play. Now, Sends account owners can manage transactions and all the operations from their smartphones. The app is free for all users.

 

Media Contact: Kate Davies

Address: Office 39.18, Level39, One Canada Square, London, England, E14 5AB

Marketing Department contacts: pr@sends.co 

To learn more about Sends and its special offer, please visit www.sends.co.

*Sends is a trade name of SMARTFLOW PAYMENTS LIMITED.

  SMARTFLOW PAYMENTS LIMITED is registered in England and Wales (Company number 11070048).

 

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Press Release

NEW BOOK REVEALS VITAL SECRETS FOR PREVENTING ALCOHOL RELATED DEATHS ON AMERICA’S ROADWAYS

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Cullman, Alabama, 09/19/2024 

Summary: Forensic Scientist Howard Cannon’s new book reveals secrets to prevent alcohol related deaths and business destroying lawsuits.

Forensic Scientist and restaurant, bar and dram shop expert Howard Cannon’s upcoming book “99 Signs of Visible Intoxication That Every Alcohol Employer and Employee Should Know” – set to release winter of 2024 – is an alcohol employer and employees’ handbook for saving lives and preventing business destroying lawsuits. An excerpt from the book, “99 Signs of Visible Intoxication” can be downloaded at RestaurantExpertWitness.com

Someone is killed in a drunk driving accident every 39 minutes in the United States (nhtsa.gov). Devastating lawsuits destroy hundreds of bar and restaurant businesses, or permanently damage their reputation every year because alcohol employees fail to spot early signs of intoxication. Prompted by these facts, Howard Cannon began writing his upcoming book “99 Signs of Visible Intoxication That Every Alcohol Employer and Employee Should Know.” The book, carefully gleaned from thousands of hours of research, statistical analysis and forensic investigation, is an essential guide for alcohol employees, employers and lawyers alike. 

Howard Cannon is the most recognized restaurant and bar court-testifying forensic expert witness in the world, with over 300 litigation and 350 pre-litigation cases to his credit. He is the author of many other books in this industry, and is also the owner of Restaurant Expert Witness, the leading restaurant forensic consulting firm in the world. His books have been published in 76 countries and he has been featured on internationally broadcasted T.V and radio programs including Dr. Oz, Anderson Cooper, Inside Edition, and countless others. This new list is another landmark in the 37 years that he has been calling attention to the industry standards that keep the restaurant industry – America’s most important and most dangerous – safer for everyone. 

Conclusion:

Howard Cannon’s book provides critical knowledge that can save lives and protect businesses from costly lawsuits. By sharing his expertise in identifying visible signs of intoxication, Cannon aims to raise awareness and improve safety standards across the alcohol industry.

For More Details, Please visit 

Company Name: Restaurant Expert Witness

Phone Number: 800-300-5764

Email Address: porter@restaurantexpertwitness.com

CONTACT: Restaurant Operations Institute, Inc. 

Contact Person: Howard Cannon (Author) Brittney Gunter (Admin)

Website URL:  https://restaurantexpertwitness.com/alcohol-liability-dram-shop-expert-witness/?swcfpc=1

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Press Release

A-1 Forklift Certification – Paving the Way for Safe and Skilled Forklift Operators Across the Nation

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In an industry where safety and precision are paramount, A-1 Forklift Certification is setting the standard for comprehensive and accessible forklift operator certification. As businesses increasingly prioritize safety and efficiency, the need for trained and certified forklift operators has never been greater. A-1 Forklift Certification is rising to the occasion, providing high-quality training programs designed to equip operators with the skills and knowledge they need to excel in their roles.

Meeting the Demand for Certified Forklift Operators

The modern workplace, especially in industries such as warehousing, construction, and manufacturing, relies heavily on skilled forklift operators to ensure that materials are handled safely and efficiently. However, the increasing demand for these skills has highlighted a critical gap: the need for standardized, reliable forklift operator certification. A-1 Forklift Certification addresses this need by offering a comprehensive range of certification programs that cater to both novice and experienced operators.

“At A-1 Forklift Certification, we believe that a well-trained forklift operator is the cornerstone of a safe and productive workplace,” said a spokesperson at A-1 Forklift Certification. “Our programs are designed to provide the highest level of training, ensuring that operators not only understand how to operate a forklift safely but also how to respond to the various challenges they may encounter on the job.”

Comprehensive Training Programs for Every Skill Level

A-1 Forklift Certification offers a range of training programs to meet the needs of different skill levels. From beginners looking to obtain their initial certification to experienced operators seeking to renew their credentials, A-1 Forklift Certification provides the necessary training to ensure compliance with industry standards and regulations, including OSHA regulations.

The company’s flagship program, the Forklift Operator Certification course, covers all the essential aspects of forklift operation. This includes in-depth instruction on equipment handling, safety protocols, load management, and hazard identification. Participants are also trained to perform pre-operation inspections and understand the importance of maintaining a safe working environment.

In addition to the standard certification course, A-1 Forklift Certification offers specialized training for different types of forklifts, including counterbalance, reach, and rough terrain forklifts. This ensures that operators are well-equipped to handle the specific demands of their roles, regardless of the type of equipment they will be using.

Accessible and Flexible Training Solutions

Understanding that time and accessibility are critical factors for many businesses and individuals, A-1 Forklift Certification has developed flexible training solutions that cater to a wide range of needs. The company offers both in-person and online training options, making it easier than ever for operators to obtain their certification.

“Our goal is to make forklift certification as accessible as possible,” said the spokesperson. “We recognize that not everyone has the time or resources to attend in-person training, which is why we’ve developed an online platform that allows participants to complete the theoretical portion of the training at their own pace. This is particularly beneficial for businesses that need to certify multiple employees simultaneously.”

For those who prefer hands-on training, A-1 Forklift Certification provides in-person courses at various locations across the country. The company also offers on-site training for businesses that require a tailored approach, ensuring that employees are trained on the specific equipment they will be using in their day-to-day operations.

A Commitment to Safety and Compliance

Safety is at the heart of everything A-1 Forklift Certification does. The company is committed to ensuring that all operators who complete their certification programs are fully prepared to operate forklifts safely and in compliance with all relevant regulations. This commitment to safety extends beyond the training itself, with A-1 Forklift Certification offering ongoing support and resources to help businesses maintain a safe working environment.

As the demand for skilled forklift operators continues to grow, A-1 Forklift Certification stands out as a leader in the field, providing top-tier training and certification services that prioritize safety, accessibility, and compliance. If you are searching “Forklift training near me,” A-1 Forklift Certification is the partner you can trust to deliver the training you need.

For more information about A-1 Forklift Certification and to find the nearest training center to obtain a license, search “Forklift license near me” to begin your journey towards becoming a certified forklift operator.

Contact Information:

A-1 Forklift Certification

950 N. Tustin Ave. Anaheim, CA 92807 

1-877-922-5438 

train@forkliftcertify.com 

https://www.forkliftcertify.com/ 

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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