• Layer 2 Labs is a new company that seeks to scale and build out drivechains for the Bitcoin Network.
• The company has raised $3 million in seed funding and is led by Paul Sztorc, author of BIP 300 and BIP 301.
• The goal of Layer 2 Labs is to make everyone in the world a Bitcoin user by leveraging drivechains to provide greater scalability, extensibility, privacy, and flexibility on the network.
Layer 2 Labs is a new company that has recently been launched with the goal of scaling and building out drivechains for the Bitcoin Network. Drivechains are a specific way to create Bitcoin sidechains, which are parallel blockchains that enable BTC to “flow” between the two networks in a two-way peg. The company has closed a seed round at launch, raising $3 million in funding.
The company is led by Paul Sztorc, who is the author of two Bitcoin improvement proposals (BIPs), BIP 300 and BIP 301, which detail the technical specifications of drivechains. Sztorc has stated that the firm seeks to “make everyone in the world a Bitcoin user”, and that drivechains have the potential to revolutionize the way we use Bitcoin.
The goal of Layer 2 Labs is to leverage drivechains to provide greater scalability, extensibility, privacy, and flexibility on the Bitcoin Network. Drivechains have the potential to kill altcoins, increase Bitcoin adoption, and provide the catalyst for hyperbitcoinization. With this in mind, Layer 2 Labs has made it their mission to make everyone in the world a Bitcoin user.
Drivechains differ from other sidechains in that they don’t rely on a federation to handle the on-chain lockups and withdrawals, as well as sidechain block creations. Instead, drivechains use Bitcoin’s own miners to facilitate these tasks. This is done by having miners create blocks in the sidechain, which are then timestamped on the Bitcoin blockchain. This allows Bitcoin to move from one sidechain to another without ever leaving the Bitcoin network.
Layer 2 Labs is committed to building out the Bitcoin Network and making it easier for everyone to use. The company will be using their seed funding to further develop drivechains and explore new opportunities for Bitcoin. With the help of Layer 2 Labs, the Bitcoin Network may soon become more accessible and more powerful than ever before.