Ethereum founder Vitalik Buterin has shared his view on how verification for transactions on Layer 2 is executed.
According to Buterin, Ether L2 inherits L1 security, meaning, assets on the L2 are safe and can be withdrawn as long as the L1 is secure.
Yeah this is not a rollup. “inherits L1 security” is not just a hash link, it’s a claim that assets on the L2 are safe and can be withdrawn as long as the L1 is secure, even if 99% of the L2 nodes are malicious and colluding against you.
— vitalik.eth (@VitalikButerin) August 23, 2024
This was a response to a video posted by developer Pratham Prasoon. In his take on crypto transaction safety, he touched upon the issue of movement rollup in regard to Ethereum L2.
Typically on blockchains today, after transactions there is a seven-day validation period. This means that if one wants to withdraw money from an L2 blockchain, they would have to wait a week.
This issue is fixed with staked rollups, when stakers can verify transactions within a few seconds, he said.
Earlier, Vitalik Buterin defended Ethereum in response to criticisms, backing his argument with concrete facts. He emphasized that both Layer 1 (L1) and Layer 2 (L2) solutions on Ethereum confirm transactions within seconds, with L2 transaction fees being less than $0.01, addressing concerns about high costs.
Buterin also pointed to the success of prominent projects like Farcaster, Lens and Polymarket within the Ethereum ecosystem, which have demonstrated significant progress and practical utility.
In addition to showcasing these achievements, Buterin highlighted advancements in zero-knowledge (ZK) technology, such as ZK voting and ZK ID.
These innovations promise to enhance both security and privacy, further underscoring Ethereum’s innovative capabilities and real-world problem-solving potential.
Despite this, the criticism extended beyond Ethereum’s technical performance, with skeptics arguing that while some individuals have become wealthy, the industry is largely developing blockchain solutions for problems that do not exist in the real world.