[1:44 PM, 10/23/2021] PP Vicentia Asilevi: Hello everyone, hope we are having a great day so far.
Just a reminder of this event🎉
3PM GMT
Don't miss out
[2:23 PM, 10/23/2021] ZTX Sedem Attah-Addo: Well noted
[3:00 PM, 10/23/2021] PP Vicentia Asilevi: Hello everyone
[3:00 PM, 10/23/2021] PP Vicentia Asilevi: ⌛
[3:01 PM, 10/23/2021] Elton Personal: Hellooo
[3:02 PM, 10/23/2021] PP Vicentia Asilevi: More responses, anyone else online?
[3:02 PM, 10/23/2021] ZTX Sedem Attah-Addo: Hi
[3:03 PM, 10/23/2021] PP Vicentia Asilevi: We are about to commence this activity🎉
[3:03 PM, 10/23/2021] PP Vicentia Asilevi: So quickly
[3:03 PM, 10/23/2021] PP Vicentia Asilevi: We would start with the AMA session
[3:03 PM, 10/23/2021] PP Vicentia Asilevi: Any questions about Tezos and crypto generally you have
[3:03 PM, 10/23/2021] PP Vicentia Asilevi: You can make them flow
[3:04 PM, 10/23/2021] PP Vicentia Asilevi: We will take a few and up with the quiz
[3:08 PM, 10/23/2021] PP Vicentia Asilevi: 👀
[3:08 PM, 10/23/2021] ZTX Sedem Attah-Addo: What price has Tezos sold for( All time high since it started in 2014)?
[3:11 PM, 10/23/2021] PP Vicentia Asilevi: Market stats on CMC indicates that Tezos hit it's all time high just this month at $9.175
[3:13 PM, 10/23/2021] PP Vicentia Asilevi: And it's all time low is $0.3146
[3:14 PM, 10/23/2021] PP Vicentia Asilevi: Any more questions
[3:14 PM, 10/23/2021] PP Vicentia Asilevi: Such data can be found on crypto data aggregators like CoinmarketCap & Coingecko
[3:15 PM, 10/23/2021] PP Vicentia Asilevi: Any more questions?
[3:18 PM, 10/23/2021] C Prince Anane: So if I have some money to invest, shy should I choose tezos over btc
[3:19 PM, 10/23/2021] C Prince Anane: shy why
[3:21 PM, 10/23/2021] ZTX Sedem Attah-Addo: Well noted
[3:21 PM, 10/23/2021] PP Vicentia Asilevi: There are many things that sets Tezos apart from BTC, I will talk about;
- Self amendment nature of the blockchain
- It's smart contract feature
- On chain governance
[3:22 PM, 10/23/2021] PP Vicentia Asilevi: These are very unique features of Tezos.
1&3 ensures that there are no forks of the Tezos blockchain like we see in BTC
[3:24 PM, 10/23/2021] PP Vicentia Asilevi: There have been several forks of BTC leading to spin offs such as Bitcoin cash etc.
And this goes along way to affect the community loyalty and use of a blockchain
[3:26 PM, 10/23/2021] C Prince Anane: Ok, this explains what I read on the tezos page
[3:26 PM, 10/23/2021] PP Vicentia Asilevi: And as we see, BTC doesn't have that smart contract feature yet so decentralized applications cannot be built on the network though there may be plans of doing such stuff in the future, it hasn't played out yet.
[3:26 PM, 10/23/2021] ZTX Sedem Attah-Addo: Sure, I think I need more explanation to understand this three statements
[3:27 PM, 10/23/2021] PP Vicentia Asilevi: Absolutely, the links I left to the quiz will do justice to that
[3:27 PM, 10/23/2021] PP Vicentia Asilevi: I will repost them at the end of the quiz
[3:27 PM, 10/23/2021] ZTX Sedem Attah-Addo: Well noted
[3:27 PM, 10/23/2021] PP Vicentia Asilevi: Ok, I think I can take one more question then we zoom into the quiz
[3:29 PM, 10/23/2021] PP Vicentia Asilevi: As we await the question, let me spill out the rules of quiz
[3:29 PM, 10/23/2021] XTZ edward amewu: Why do I need Tezos?
[3:31 PM, 10/23/2021] PP Vicentia Asilevi: Great question
This question usually points to Tokenomics of a project and its use cases.
Tezos has had a pretty impressive bullish run this year and it is due to its Usecases.
It is really pulling of some massive moves in terms of DEFI & NFTS
[3:32 PM, 10/23/2021] PP Vicentia Asilevi: In terms of NFTs, it's providing a clean way of minting NFTs with very low gas fees. No wonder it has chalked many successes in the NFT space though it hasn't been long in the space
[3:34 PM, 10/23/2021] PP Vicentia Asilevi: Another is Defi, you can stake the Tezos you buy band earn some pretty sumptuous APY rewards. What's better? You can actually engage some Defi protocols like PlentyDefi for some pretty insane returns
[3:34 PM, 10/23/2021] PP Vicentia Asilevi: I will leave resources to more of these so you could do your own research
[3:35 PM, 10/23/2021] XTZ edward amewu: Alright thanks 🙏
[3:35 PM, 10/23/2021] PP Vicentia Asilevi: band and**
[3:35 PM, 10/23/2021] ZTX Sedem Attah-Addo: I think the questions section is great, I'm understanding Tezos and Cryptocurrency better
[3:36 PM, 10/23/2021] PP Vicentia Asilevi: Awesome! We are glad to hear
[3:37 PM, 10/23/2021] XTZ edward amewu: What will you say most people misunderstand about what Tezos stands to solve
[3:42 PM, 10/23/2021] PP Vicentia Asilevi: Well, there is a lot of comparison to Ethereum probably because both blockchains are in the smart contact game. The main misunderstanding here is that we are doing exactly what other smart contract blockchains are doing so what is the difference🤷🏾♀️😅
But one thing Tezos stands to solve even though there are a lot of smart contract blockchains is that power given to the people! That on-chain governance & self ammendment is a very unique value proposition for Tezos.
[3:45 PM, 10/23/2021] XTZ edward amewu: When you say “power is given to the people” what do you mean
[3:46 PM, 10/23/2021] PP Vicentia Asilevi: All stakeholders participate in governing protocol through an election cycle which ensure there is a seamless change/effect or upgrade to the network and hence gives the community/stakeholders the chance to make suggestions that improve the blockchain
[3:47 PM, 10/23/2021] PP Vicentia Asilevi: What's better?😃
Proposed amendments that are accepted by stakeholders can include payment to individuals or groups that improve the protocol.
[3:47 PM, 10/23/2021] PP Vicentia Asilevi: Consequently, this fosters an active, open, and diverse developer ecosystem that is incentivized to contribute to the protocol will facilitate Tezos development and adoption.
[3:48 PM, 10/23/2021] PP Vicentia Asilevi: No wonder there are stats out there that suggests Tezos has one of the highest active developers
[3:49 PM, 10/23/2021] PP Vicentia Asilevi: Also the foundation allocates funding for developers, researchers and education to ensure there is constant development and adoption
[3:50 PM, 10/23/2021] PP Vicentia Asilevi: 😃
I think we can zoom to the quiz now
[3:51 PM, 10/23/2021] XTZ edward amewu: Now the billion dollar question
what are some of the ways you can make money with Tezos
[3:53 PM, 10/23/2021] ZTX Sedem Attah-Addo: 😊
[3:53 PM, 10/23/2021] PP Vicentia Asilevi: ◾ Trading Tezos
◾ Hodling Tezos
◾ Staking or becoming a baker
◾ Building dApps on top of the Tezos Blockchain
◾Minting & trading NFTs on Tezos NFT marketplaces
These are some
[3:55 PM, 10/23/2021] PP Vicentia Asilevi: Baking is Tezos' own way of referring to "mining" as we see in BTC.
But here, we don't use all those complex computers and huge electricity energy that BTC uses
[3:56 PM, 10/23/2021] PP Vicentia Asilevi: I will drop resources you can understand this better
[3:56 PM, 10/23/2021] XTZ edward amewu: Alright Vee thanks
[3:56 PM, 10/23/2021] PP Vicentia Asilevi: It's a pleasure
[3:56 PM, 10/23/2021] PP Vicentia Asilevi: Thank you all for your questions too😃
[3:57 PM, 10/23/2021] ZTX Sedem Attah-Addo: Well noted
[3:57 PM, 10/23/2021] PP Vicentia Asilevi: And everyone who asked a question will surely get some Tez rewards too🎉
Congratulations
@ZTX Sedem Attah-Addo
@C Prince Anane
@XTZ edward amewu
[3:57 PM, 10/23/2021] PP Vicentia Asilevi: So to our quiz
[3:58 PM, 10/23/2021] ZTX Sedem Attah-Addo: 🔥🔥🔥
[3:58 PM, 10/23/2021] PP Vicentia Asilevi: It's a mix of the fastest finger and accuracy. The top 3 winners will earn some Tez rewards.
The first to answer a question correctly wins a point.
Ready?😉
[3:58 PM, 10/23/2021] XTZ edward amewu: Yes
[3:58 PM, 10/23/2021] ZTX Sedem Attah-Addo: Yes
[4:00 PM, 10/23/2021] PP Vicentia Asilevi: Ok, let's go
[4:01 PM, 10/23/2021] PP Vicentia Asilevi: What's the ticker name for Tezos?
[4:01 PM, 10/23/2021] PP Vicentia Asilevi: 👀
[4:01 PM, 10/23/2021] PP Vicentia Asilevi: Clock is ticking
[4:01 PM, 10/23/2021] ZTX Sedem Attah-Addo: XTZ-USD
[4:01 PM, 10/23/2021] PP Vicentia Asilevi: ⌛
[4:02 PM, 10/23/2021] ZTX Sedem Attah-Addo: XTZ
[4:02 PM, 10/23/2021] XTZ edward amewu: Xyzzy
[4:03 PM, 10/23/2021] PP Vicentia Asilevi: ✅✅✅
[4:03 PM, 10/23/2021] XTZ edward amewu: Lol auto correct messing me
[4:03 PM, 10/23/2021] PP Vicentia Asilevi: 😂😂😂...sorry
[4:04 PM, 10/23/2021] PP Vicentia Asilevi: @ZTX Sedem Attah-Addo got that🎉
Next question
[4:04 PM, 10/23/2021] ZTX Sedem Attah-Addo: 🔥🔥🔥
[4:04 PM, 10/23/2021] PP Vicentia Asilevi: What concensus mechanism does Tezos run on?
[4:04 PM, 10/23/2021] PP Vicentia Asilevi: Clock is ticking
[4:05 PM, 10/23/2021] XTZ edward amewu: Pod
[4:05 PM, 10/23/2021] XTZ edward amewu: Pos
[4:05 PM, 10/23/2021] ZTX Sedem Attah-Addo: Proof of Stake
[4:05 PM, 10/23/2021] ZTX Sedem Attah-Addo: Short to Heaven
[4:05 PM, 10/23/2021] XTZ edward amewu: proof of stake
[4:05 PM, 10/23/2021] PP Vicentia Asilevi: ✅✅✅
[4:06 PM, 10/23/2021] PP Vicentia Asilevi: Not taking this😅
Can mean anything
[4:06 PM, 10/23/2021] XTZ edward amewu: Lol 😂
[4:06 PM, 10/23/2021] ZTX Sedem Attah-Addo: Thanks 👊👊👊
[4:07 PM, 10/23/2021] PP Vicentia Asilevi: Eiiiii, where is everyone😅
They have left the quiz for @XTZ edward amewu & @ZTX Sedem Attah-Addo
[4:07 PM, 10/23/2021] PP Vicentia Asilevi: @ZTX Sedem Attah-Addo got that🎉
Next question
[4:07 PM, 10/23/2021] ZTX Sedem Attah-Addo: 🔥🔥🔥
[4:07 PM, 10/23/2021] XTZ edward amewu: And only @ZTX Sedem Attah-Addo is winning
[4:08 PM, 10/23/2021] ZTX Sedem Attah-Addo: I'm sure there are lot of questions
[4:08 PM, 10/23/2021] PP Vicentia Asilevi: Who knows, the next question will be yours...hehe
[4:08 PM, 10/23/2021] XTZ edward amewu: Yh dm me the answers so I win some
[4:08 PM, 10/23/2021] PP Vicentia Asilevi: Name 3 software wallets Tezos can be stored on as mentioned on the official website
[4:08 PM, 10/23/2021] PP Vicentia Asilevi: See am😂😂😂
[4:09 PM, 10/23/2021] PP Vicentia Asilevi: You need to mention all accurately to win
[4:09 PM, 10/23/2021] PP Vicentia Asilevi: I can see people checking out the website right now🤭
[4:10 PM, 10/23/2021] PP Vicentia Asilevi: Clock is ticking
[4:10 PM, 10/23/2021] PP Vicentia Asilevi: Time almost up
[4:10 PM, 10/23/2021] ZTX Sedem Attah-Addo: Temple
AirGap
Atomex
[4:10 PM, 10/23/2021] XTZ edward amewu: Binance wallet
[4:10 PM, 10/23/2021] XTZ edward amewu: Atomic wallet
[4:10 PM, 10/23/2021] PP Vicentia Asilevi: ✅✅✅✅
Eiii senior man mean the thing oo
[4:10 PM, 10/23/2021] XTZ edward amewu: Exodus
[4:10 PM, 10/23/2021] XTZ edward amewu: Oh!
[4:11 PM, 10/23/2021] ZTX Sedem Attah-Addo: 😊😊😊
[4:11 PM, 10/23/2021] +233 55 122 0616: 😂😂😂😂😂😂
[4:13 PM, 10/23/2021] PP Vicentia Asilevi: Makafui since you are here, join the fun😃
[4:13 PM, 10/23/2021] PP Vicentia Asilevi: ◾AirGap
◾Atomex
◾Trust wallet
◾Galleon
◾Guarda
◾Kukai
These are some others
[4:13 PM, 10/23/2021] +233 55 122 0616: I didn't learn o😅
[4:13 PM, 10/23/2021] PP Vicentia Asilevi: Next question
[4:14 PM, 10/23/2021] PP Vicentia Asilevi: Name the NFT market place built on Tezos for artistes to mint their pieces
[4:15 PM, 10/23/2021] PP Vicentia Asilevi: Clock is ticking...
[4:16 PM, 10/23/2021] PP Vicentia Asilevi: Time up😅
[4:16 PM, 10/23/2021] ZTX Sedem Attah-Addo: Pinata
[4:16 PM, 10/23/2021] PP Vicentia Asilevi: Eii senior
[4:16 PM, 10/23/2021] XTZ edward amewu: I was about to say it
[4:17 PM, 10/23/2021] ZTX Sedem Attah-Addo: 😊
[4:17 PM, 10/23/2021] PP Vicentia Asilevi: ❌
[4:17 PM, 10/23/2021] XTZ Tornam Kofi Dzakuma: 😂
[4:17 PM, 10/23/2021] PP Vicentia Asilevi: https://www.oneof.com/
The answer is OneOf
You can check it out later
[4:17 PM, 10/23/2021] ZTX Sedem Attah-Addo: 🤔🤔
[4:18 PM, 10/23/2021] +233 24 023 0606: How different is it from Hicetnunc?
[4:18 PM, 10/23/2021] ZTX Sedem Attah-Addo: 😊
[4:19 PM, 10/23/2021] +91 93158 42748: When tezos touch 50$
[4:20 PM, 10/23/2021] PP Vicentia Asilevi: Hic et nunc is generally for everyone but OneOf is just for artistes
[4:20 PM, 10/23/2021] PP Vicentia Asilevi: Musicians
[4:20 PM, 10/23/2021] +233 24 023 0606: Got it
[4:21 PM, 10/23/2021] +233 24 023 0606: Thanks
[4:21 PM, 10/23/2021] PP Vicentia Asilevi: So recently DojaCat had her successful NFTs minted on Tezos
[4:21 PM, 10/23/2021] PP Vicentia Asilevi: Uw
[4:21 PM, 10/23/2021] PP Vicentia Asilevi: So moving on...
[4:22 PM, 10/23/2021] XTZ edward amewu: Ok
[4:22 PM, 10/23/2021] PP Vicentia Asilevi: Smart contracts codes can be written with a native smart contract language on Tezos called?
[4:22 PM, 10/23/2021] XTZ edward amewu: I know this one
[4:22 PM, 10/23/2021] XTZ edward amewu: Solidity
[4:22 PM, 10/23/2021] ZTX Sedem Attah-Addo: Camel
[4:23 PM, 10/23/2021] PP Vicentia Asilevi: No senior😅
[4:23 PM, 10/23/2021] +233 57 864 3005: SmartPy
[4:24 PM, 10/23/2021] +233 57 864 3005: And Ligo
[4:24 PM, 10/23/2021] PP Vicentia Asilevi: You got the idea, but that's not the native smart contract language I'm referring to
[4:25 PM, 10/23/2021] PP Vicentia Asilevi: It's called Michelson
[4:25 PM, 10/23/2021] ZTX Sedem Attah-Addo: 🤔🤔🤔
[4:25 PM, 10/23/2021] +233 57 864 3005: Half mark then 😂
[4:26 PM, 10/23/2021] ZTX Sedem Attah-Addo: My guy guy
[4:26 PM, 10/23/2021] XTZ edward amewu: There should be a reward for most answers got wrong
[4:27 PM, 10/23/2021] PP Vicentia Asilevi: Well, I would consider that😃👍🏽
Smartpy and Ligo are used but the native one is Michelson
[4:27 PM, 10/23/2021] PP Vicentia Asilevi: Quiz ending soon...
[4:27 PM, 10/23/2021] ZTX Sedem Attah-Addo: 😊😊😊
[4:28 PM, 10/23/2021] PP Vicentia Asilevi: What is the name of the protocol upgrade that doubled the maximum size of operations and more than doubled the maximum size of smart contracts.
[4:28 PM, 10/23/2021] PP Vicentia Asilevi: This is the next, who can get this?
[4:28 PM, 10/23/2021] +233 24 023 0606: Basically Michelson is the language like python and Ligo and smartpy are libraries like numpy, scipy and pandas
[4:29 PM, 10/23/2021] ZTX Sedem Attah-Addo: 🤔🤔🤔
[4:29 PM, 10/23/2021] PP Vicentia Asilevi: Awesome! Thanks Dr. Pay for the technical insight.
[4:30 PM, 10/23/2021] PP Vicentia Asilevi: Time is ticking...
[4:30 PM, 10/23/2021] PP Vicentia Asilevi: Time up⌛
[4:31 PM, 10/23/2021] PP Vicentia Asilevi: There she goes;
Florence
[4:31 PM, 10/23/2021] PP Vicentia Asilevi: 😃
[4:31 PM, 10/23/2021] ZTX Sedem Attah-Addo: ??
[4:32 PM, 10/23/2021] PP Vicentia Asilevi: Yh, Florence is the name of the upgrade
[4:32 PM, 10/23/2021] ZTX Sedem Attah-Addo: Well noted
[4:32 PM, 10/23/2021] PP Vicentia Asilevi: Interesting huh?😅
[4:33 PM, 10/23/2021] ZTX Sedem Attah-Addo: Yes, never heard of that
[4:33 PM, 10/23/2021] +233 24 023 0606: Let's gooooo
[4:33 PM, 10/23/2021] +233 24 023 0606: Next one 😁
[4:33 PM, 10/23/2021] PP Vicentia Asilevi: This took place in May, find out more of those upgrades on the homepage
[4:34 PM, 10/23/2021] PP Vicentia Asilevi: Last two
[4:34 PM, 10/23/2021] PP Vicentia Asilevi: These are bonuses😃
[4:35 PM, 10/23/2021] PP Vicentia Asilevi: The Tezos coins are called?
[4:35 PM, 10/23/2021] +233 24 023 0606: Awesome
[4:35 PM, 10/23/2021] ZTX Sedem Attah-Addo: Tez
[4:35 PM, 10/23/2021] PP Vicentia Asilevi: Clock is ticking oo
[4:35 PM, 10/23/2021] PP Vicentia Asilevi: ✅✅✅✅✅
[4:36 PM, 10/23/2021] PP Vicentia Asilevi: Nice😃🎉
[4:36 PM, 10/23/2021] +233 24 023 0606: 👏
[4:36 PM, 10/23/2021] PP Vicentia Asilevi: Tez is the answer
[4:36 PM, 10/23/2021] PP Vicentia Asilevi: Next
[4:36 PM, 10/23/2021] PP Vicentia Asilevi: The act of signing and publishing blocks to the Tezos blockchain is known as?
[4:37 PM, 10/23/2021] PP Vicentia Asilevi: ⌛
[4:37 PM, 10/23/2021] ZTX Sedem Attah-Addo: Baking
[4:37 PM, 10/23/2021] +233 24 023 0606: Baking
[4:37 PM, 10/23/2021] ZTX Sedem Attah-Addo: Fastest hands
[4:37 PM, 10/23/2021] +233 24 023 0606: 😂arh which network are yuu using that you send messages so fast like that
[4:37 PM, 10/23/2021] ZTX Sedem Attah-Addo: MTN
[4:38 PM, 10/23/2021] PP Vicentia Asilevi: Eiiiii😃
✅✅✅
[4:38 PM, 10/23/2021] +233 24 023 0606: Smh 😂
[4:38 PM, 10/23/2021] PP Vicentia Asilevi: Finally finally😃
[4:38 PM, 10/23/2021] ZTX Sedem Attah-Addo: Pro Max😂😂😂
[4:41 PM, 10/23/2021] PP Vicentia Asilevi: I call them the Power couple💙...What are their names and who are they with regards to the Tezos Blockchain?
[4:41 PM, 10/23/2021] PP Vicentia Asilevi: This should be the easiest⌛😅
[4:42 PM, 10/23/2021] ZTX Sedem Attah-Addo: Kathleen and Arthur Breitman
[4:42 PM, 10/23/2021] ZTX Sedem Attah-Addo: Kathleen and Arthur Breitman
[4:43 PM, 10/23/2021] PP Vicentia Asilevi: 😃😃😃
✅✅✅
[4:43 PM, 10/23/2021] PP Vicentia Asilevi: Dope
[4:43 PM, 10/23/2021] PP Vicentia Asilevi: The last part of the question tho?
[4:43 PM, 10/23/2021] PP Vicentia Asilevi: @+233 24 023 0606 you dey?
[4:44 PM, 10/23/2021] ZTX Sedem Attah-Addo: Co-founders of Tezos
[4:44 PM, 10/23/2021] PP Vicentia Asilevi: Too much🔥
@ZTX Sedem Attah-Addo came prepared for today
[4:44 PM, 10/23/2021] PP Vicentia Asilevi: Anyway this has been a really exciting time😃
I had fun
[4:45 PM, 10/23/2021] ZTX Sedem Attah-Addo: Absolutely 💯💯
[4:45 PM, 10/23/2021] +233 24 023 0606: Me too. It's been an amazing session 🥳
[4:46 PM, 10/23/2021] ZTX Sedem Attah-Addo: Yes oooo
[4:47 PM, 10/23/2021] PP Vicentia Asilevi: Our obvious winner is @ZTX Sedem Attah-Addo
Congratulations🎉💙🚀
[4:48 PM, 10/23/2021] PP Vicentia Asilevi: We don't really have a second & third place
@Adnan would have been second place but it was half mark attempt😃
[4:49 PM, 10/23/2021] PP Vicentia Asilevi: But to say thank you to all who participated or attempted to answer any question, we have Tez rewards for you all💙🎉
[4:49 PM, 10/23/2021] ZTX Sedem Attah-Addo: 🤝🤝🤝
[4:50 PM, 10/23/2021] ZTX Sedem Attah-Addo: ❤️
[4:50 PM, 10/23/2021] PP Vicentia Asilevi: @XTZ edward amewu
@+233 24 023 0606
@Adnan
Thanks for your participation, you have Tez rewards too🎉
[4:51 PM, 10/23/2021] +233 24 023 0606: Thank you🥳🥳🥳. Next time we'll come prepared as @XTZ edward amewu 🏅
[4:52 PM, 10/23/2021] +233 24 023 0606: @PP Vicentia Asilevi please I'd like to ask some questions. I joined the convo late
[4:53 PM, 10/23/2021] PP Vicentia Asilevi: Eiii, did @XTZ edward amewu come prepared😂😂...
I think it's @ZTX Sedem Attah-Addo you are referring to
[4:53 PM, 10/23/2021] PP Vicentia Asilevi: Sure
[4:53 PM, 10/23/2021] +233 24 023 0606: Sorry I wrongly tagged 😁
[4:55 PM, 10/23/2021] +233 24 023 0606: Is Tezos a layer 1 or layer 2 protocol?
[4:55 PM, 10/23/2021] +233 24 023 0606: And can you talk about those two layers
[4:56 PM, 10/23/2021] PP Vicentia Asilevi: Please all the winners, send me a DM with your Ejara username.
If you don't have Ejara, kindly download it.
Do well to keep your private keys safe🔐
[5:00 PM, 10/23/2021] PP Vicentia Asilevi: In the decentralized ecosystem, a
🔥 Layer-1 network refers to a blockchain, while
a Layer-2 protocol is a third-party integration that can be used in conjunction with a Layer-1 blockchain.
Bitcoin, Litecoin, and Ethereum, for example, are Layer-1 blockchains and so is Tezos.
[5:01 PM, 10/23/2021] +233 24 023 0606: Understood
[5:03 PM, 10/23/2021] PP Vicentia Asilevi: Good
Now there can be Layer 1 scaling solutions which change the rules of the protocol directly to increase transaction capacity and speed, while accommodating more users and data.
[5:06 PM, 10/23/2021] ZTX Sedem Attah-Addo: Tezos does that I guess..😊😊
[5:06 PM, 10/23/2021] PP Vicentia Asilevi: Such an example of a layer 1 scaling solution is making improvements to the consensus mechanism. There is a mechanism called Sharding; it's a layer 1 scaling solution and Ethereum & Tezos explores this mechanism
[5:07 PM, 10/23/2021] ZTX Sedem Attah-Addo: 😊😊😊
[5:07 PM, 10/23/2021] +233 24 023 0606: Great
[5:08 PM, 10/23/2021] PP Vicentia Asilevi: Now a Layer-2 refers to a network or technology that operates on top of an underlying blockchain protocol to improve its scalability and efficiency.
[5:08 PM, 10/23/2021] PP Vicentia Asilevi: For instance, Bitcoin is a Layer-1 network, and the Lightning Network is a Layer-2 solution built to improve transaction speeds in this fashion on the Bitcoin network.
[5:09 PM, 10/23/2021] +233 24 023 0606: That's where bsc and matic comes in
[5:11 PM, 10/23/2021] PP Vicentia Asilevi: Exactly
[5:11 PM, 10/23/2021] +233 24 023 0606: Got it. You simplified everything 👏
[5:12 PM, 10/23/2021] PP Vicentia Asilevi: Awesome! Glad to hear
When free, you could read more into them as there are many types of layer 2 solutions n stuff like that
[5:13 PM, 10/23/2021] ZTX Sedem Attah-Addo: Eii saa, me I'm lost...
[5:13 PM, 10/23/2021] ZTX Sedem Attah-Addo: Bsc and Matic
This is my confusion
[5:13 PM, 10/23/2021] PP Vicentia Asilevi: No pee
This cryptoverse is really huge, there is unending learning everyday😃
[5:14 PM, 10/23/2021] PP Vicentia Asilevi: Bsc stands for Binance smart chain
[5:14 PM, 10/23/2021] PP Vicentia Asilevi: Matic is a layer 2 solution built for Ethereum
[5:14 PM, 10/23/2021] ZTX Sedem Attah-Addo: Encyclopedia🤔🤔🤔
[5:14 PM, 10/23/2021] PP Vicentia Asilevi: I will drop resources later we can learn more ok😃
[5:15 PM, 10/23/2021] ZTX Sedem Attah-Addo: God bless you for the great work
[5:15 PM, 10/23/2021] PP Vicentia Asilevi: In the end, the summary is that Layer-1 and Layer-2 scaling solutions are two sides of the same crypto coin: They’re strategies designed to make blockchain networks faster and more accommodating to a rapidly growing user base.
[5:15 PM, 10/23/2021] PP Vicentia Asilevi: AMEN!
[5:16 PM, 10/23/2021] PP Vicentia Asilevi: Thank you all and catch you later... We will definitely have more of such initiatives😃🎉
[5:17 PM, 10/23/2021] PP Vicentia Asilevi: Don't forget to slide into my DM with your Ejara username.
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