Utilization of Ethereum
Anatoly Yakovenko, co-founder of Solana Labs, which develops tools for the crypto asset (virtual currency) Solana (SOL), said on the 2nd that the Ethereum (ETH) blockchain could be Solana’s L2.
To be precise, “There is a possibility that you can become L2 rather than thinking at first glance,” commented Yakovenko. It should be noted that it does not actually refer to the plan to make Ethereum L2, but Solana is an appeal that it is a blockchain characterized by high scalability.
He defines L2 as a “bridge protocol.” It is explained that it is a network that operates in a mechanism that provides one-way security.
General L2 also leverages the security of the main L1 blockchain. It is used to relieve congestion in the L1 network by processing some of the transactions outside the L1 blockchain, and is being actively developed, especially in the Ethereum ecosystem.
connection: What is Blockchain Layer 2?
This time, Yakovenko considers the mechanism when using Ethereum for Solana’s L2. I described what was necessary and the issues to make it work.
Ethereum co-founder Vitalik Buterin commented on the 30th of last month that the U.S. Securities and Exchange Commission (SEC) had judged stocks such as Solana to be securities. Yakovenko’s observations attracted attention, partly because he had just defended projects such as Solana.
connection: Ethereum co-founder Buterin gives his opinion on US SEC securities claims
Mechanism and issues
Yakovenko believes that the following three things are necessary for this mechanism to work.
- Submitting all eligible Ethereum transactions to the Solana blockchain
- Submitting a “Simplified Payment Verification (SPV)” route for the resulting state
- Introduce a timeout mechanism in the bridge so that it can be proven to be faulty or wrong.
What is a route
“Merkle Route”. Refers to the final hash value obtained when hashing multiple transactions on the blockchain.
▶️Cryptocurrency Glossary
SPV is a method of verifying transactions without downloading all the data on the blockchain. Yakovenko cited root SPV discrepancies, invalid root calculations, and Ethereum’s censorship resistance as examples of glitches and mistakes.
Yakovenko said that while it is safe to hold Solana assets on Ethereum, it is not safe to use the assets for lending or to hold positions as margin. mentions.
This mechanism builds a permissionless (free participation) type bridge protocol. Yakovenko explained that Ethereum does not need to do anything.
connection: What is “Rollup”, a solution to the scaling problem | Detailed explanation of the mechanism and points to note
