Kolkata, October 15, 2024 – Ishrath Nawaz, a well-known authority on blockchain scalability has introduced an innovative Layer-2 solution intended to address one of the most significant issues faced in the world of cryptocurrencies- scalability. Users of NinjaNawaz are usually bogged down by the slow speed and high cost that pathology involves and he hopes to change that, increasing speed while also lowering costs.
Layer-2 solutions are solutions built on existing blockchains, they are aimed at improving the functionality of decentralized apps and minimizing the load on the main blockchains. With the progressive technological advancement, Ishrath Nawaz’s most recent creation may help fill in such gaps creating more efficient blockchain ecosystems ensuring fast and low-cost transactions while still keeping the defining features of a blockchain such as decentralization and security intact.
Ishrath Nawaz’s Layer-2 Solution to Solve Congestion Issues
The Layer 2 solution that was recently incorporated by Ishrath Nawaz adds a mechanism which allows almost every transaction handling outside the Blockchain System before consensus finalized data is sent back to the main Blockchain. This decreases the number of transactions on the main chain, which helps mitigate the queue and improves the comfort of users.
“Scalability has been one of the main bottlenecks in the attempts to promote wider acceptance of blockchain technology,” said Ishrath Nawaz while announcing his new solution. “With this Layer-2 type of solution, we are able to avoid risks of primary blockchain losing security and decentralization while improving transaction speed.”
Since most of the transactions have been moved to the off-chain network, the solution achieves thousands of TPS which is an improvement compared to Ethereum’s current TPS rate which is between 15-30 TPS. This upgrade is very important for decentralized finance (DeFi) platforms and dApps that fail to work efficiently due to the low TPS of the current systems.
How the Layer-2 Solution Works: Technical Overview
Using a combination of rollups and state channels to mask transactions off the chain and report them after they have already been validated is the second layer solution presented by him. It makes it possible to handle a relatively large number of transactions at a low cost to users.
Key features of the solution include:
- Transaction Bundling: Multiple transactions are bundled into a single batch before being verified and posted on-chain, drastically reducing the number of on-chain transactions.
- Off-Chain Computation: Heavy computational tasks are handled off-chain, freeing up resources on the main blockchain for validation.
- Security: The solution maintains full security through cryptographic proofs, ensuring that off-chain transactions are as secure as on-chain transactions.
“We have taken care of issues of time and cost for users that have become a very serious bottleneck as far as any progress is concerned,” commented Nawaz Ishrath. ‘We devised a way of loading the network such that even in one tachith any number of transactions can be executed and yet no trust deficit and security deficit which is the essence of a blockchain has been compromised.’
Blockchain Scalability: Why It Matters
Scalability has long been a limiting factor for many blockchain projects, as slow transaction times and high gas fees deter users and developers. He works on Layer-2 solutions to overcome these barriers and pave the way for widespread blockchain adoption.
“Without scalability, blockchain technology will always be limited in its application,” said Ishrath Nawaz. “Our focus is to ensure that decentralized platforms can grow and thrive by solving this issue.”
What’s Next for Ishrath Nawaz’s Layer-2 Solution?
Looking ahead, he plans to continue refining his Layer-2 solution and work on its integration with various blockchain networks. While Ethereum is the primary focus for now, Ishrath also aims to expand the technology to other blockchains, including Binance Smart Chain and Polkadot.“Our goal is to make blockchain technology accessible to everyone by ensuring that transaction speeds are fast, and fees are low,” said Ishrath Nawaz. “This Layer-2 solution is just the beginning of what we can achieve in terms of scalability.”
