Ethereum co-founder says Layer2 solution will be acceptable under 5 cent fees

Vitalik shared his point of view on the better Layer2 scaling solution provider’ prior quality.

Vitalik Buterin is co-founder of Ethereum blockchain and right now he is living his life as a legend to guide the crypto Community to step forward to have a better revolutionary future for the crypto industry. Vitalik’s project Ethereum blockchain is currently standing at first ranked smart contract blockchain project. However many efficient blockchain networks are available in the crypto industry, which are much better than Ethereum, but still, Ethereum is getting advantages because of its high decentralized nature and first-mover advantage in terms of Smartcontract blockchain-enabled features.

On 3 May, Ryan Sean Adams, host of Bankless podcast, shared a picture, which was showing transaction fees to transfer crypto Ethereum (ETH) under the 6 Ethereum dedicated Layer2 scaling solution network. 

Ethereum co-founder Vitalik Buterin responded to this tweet and noted that Layer2 scaling solution-based networks should provide ETH transactions below $0.05 fees to be an ideally adaptive Layer2 scaling solution. However, at the same time, Vitalik noted that at this stage blockchain networks are moving toward better efficiency-based work and probably industry will be at that level, where we want desirable efficient blockchain transactions. 

These things explain very well why the Ethereum Foundation, the non-profit organization behind the Ethereum project, decided to shift the Ethereum blockchain from Proof-of-work Consensus to Proof-of-stake Consensus. 

Layer2 scaling solution is need 

Last year, Vitalik shared his thoughts on the Layer2 scaling solution providers’ crypto networks for Ethereum and noted that such development works are supporting the Ethereum blockchain. 

Vitalik also said that here we need to remain dependent on Ethereum Layer2 scaling solution providers because nothing will happen instantly. 

According to Vitalik, Ethereum will shift to Proof-of-stake Consensus in 2022 but in reality, it will take around 2-3 years to show the effect, in terms of transaction fees. So indirectly hinted that the crypto industry needed to remain dependent on the Layer2 scaling solution for the next few years. 

Read also: MakeMyTrip aims to push tourism in India with Crypto NFTs