According to a statement from the Singapore-based business, Kumar, 34, would be in charge of carrying out the organization's worldwide operating model and advancing its goal of creating personalized services for Web3 apps and innovators.
Kumar co-founded Zilliqa Research, where he served as president and chief science officer before founding AltLayer. Layer 2 describes a collection of off-chain systems or unique blockchains constructed on top of layer 1s. The foundational network of a blockchain is known as a layer 1 network.
About 25 individuals work for AltLayer, which develops compensation blockchains for Web3 applications and decentralized applications (dapps). A dapp is a digital application that leverages blockchain technology to protect users' data from the companies who created it. The next version of the internet, known as Web3, encourages decentralized protocols and seeks to lessen reliance on major tech firms.