Chapter
Understanding Layer One and Layer Two in Blockchain Technology
2:06:33 - 2:13:40 (07:06)
This podcast episode discusses the difference between layer one and layer two in blockchain technology and their various use cases.
Clips
Layer two is defined as an open, permissionless, non-custodial protocol that uses the underlying layer one token as its gas fee.
2:06:33 - 2:10:06 (03:33)
Summary
Layer two is defined as an open, permissionless, non-custodial protocol that uses the underlying layer one token as its gas fee. This technology allows for a higher frequency of use of Bitcoin in day-to-day transactions without putting large amounts of assets at risk every time a small transaction is made.
ChapterUnderstanding Layer One and Layer Two in Blockchain Technology
Episode#276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money
PodcastLex Fridman Podcast
The Bitcoin network is layer one, while other protocols that use their own tokens are competing for layer one.
2:10:06 - 2:11:40 (01:33)
Summary
The Bitcoin network is layer one, while other protocols that use their own tokens are competing for layer one. Open protocols that use the Bitcoin token as its fee become layer two, and custodial layers are considered layer three.
ChapterUnderstanding Layer One and Layer Two in Blockchain Technology
Episode#276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money
PodcastLex Fridman Podcast
The different layers of Bitcoin applications include layer one, base chain transactions, layer two, Lightning Network, layer three, embedded proprietary products, and layer four, Bitcoin on an application that cannot be withdrawn.
2:11:40 - 2:13:40 (02:00)
Summary
The different layers of Bitcoin applications include layer one, base chain transactions, layer two, Lightning Network, layer three, embedded proprietary products, and layer four, Bitcoin on an application that cannot be withdrawn.