Bitcoin layer 3 – What is it going to be like?
Bitcoin’s layer 1 base layer is not scalable. As a result it only allows a certain amount of transactions to happen on the blockchain. However, additional layers built on top of the base layer fix this problem.
Layer 2 is all about the Lightning Network and allowing smaller and many more transactions. Layer 3 is going to be built on top of layer 2. In addition it is going to be bring in more functionality to Bitcoin.
This means that layer 3 is going to become more like Ethereum. Similarly, layer 3 will feature Dapps (decentralised applications) that will have all sorts of use cases.
This is what the internet was meant to be from the start. Up till now we have had the internet of information, where we could transfer data easily via the internet. It made society much more productive, but now we are getting an upgrade.
We are transitioning to the internet of value, where we will easily transfer value over the internet. Blockchain is going to be the key infrastructure to facilitate this. The value being transferred does not just include cryptocurrency, but also NFT’s.
Examples of Dapps for Bitcoin layer 3
An API infrastructure for the peer-to-peer-internet. This means it allows individuals to stream content directly to their audience. Certainly this includes content creators, social networks and for general data transfers. It is decentralised, censorship and surveillance resistant, default encrypted and has payments built in.
This Dapp is for gamers, in other words it provides virtual payment infrastructure for virtual worlds. Zebedee have their own Zebedee wallet that is compatible with both IOS and Android. It facilitates Bitcoin payments for scores and economies in virtual worlds.
A chat Dapp that can be downloaded on mobile or desktop. Additionally Sphinx enables lightning payments. You can chat directly to a friend or group chat.
Check out the Sphinx website.