Monero (XMR) Creator Riccardo Spagni Says Layer 2 Bitcoin Privacy Necessary
Monero Strong Belief In Layer 2 Scaling for Bitcoin Contradicting Roger Ver Prediction
This is a new era of the blockchain community development where all the program and network run over the blockchain think that there is a long step to go in its scalability, grasping the power of the systems and functionality. A lot of efforts has already been there but still, we have to figure out the limits on the number of individual transactions or smart contracts.
Monero was created in April 2014, which is an open source cryptocurrency and its function is to maintain the privacy and functionality of the process that runs on macOS, Windows, Linux, Android, iOS.
In one of a news article, it was mentioned that Monero team member Riccardo Spagni has a very strong belief that for Bitcoin the layer two scaling is required for it capacity improvements, maximum privacy, and security.
Spagni’s Strong Belief Contradicted Roger Ver Prediction
Spagni commented and has a strong belief about the layer two scaling is necessary for Bitcoin which proved wrong at Roger Ver prediction that the layer two scaling can use an alternative for Bitcoin.
Further, Ver stated that if you think Bitcoin with its capacity to maintain records and charging a high fee to its users can maintain market shares then you are mistaken. These are meant for the short-term goals and won’t be long-lasting.
A lightening network is very fast and can handle almost 4 million transactions per second. This technology has grown in the year 2018 to large extent and the blockchain is still using its power till date. The main area of focus is on micro-payments using Bitcoin. This whole transaction of micro-payment can be completed in just a minute. According to one of a Bitcoinst, he stated that a large transaction is very difficult to process, and it faces difficulty. Chances of rejection rates are high. As a result, the developers will force the network to reprocess it again with the capacity being low.
The super-fast network is termed as lightning which has its own types. One of a lightning includes Blockstrem’s c-lightning which is very fast and received appreciation from the users. According to Mow and Spagni, they agreed on a layer 2 scaling and solution which will see a better result used by Bitcoin Cash and others. Monero is continuously working to develop new products and is evolving at a high speed.