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Gungun Bhatia
Dec 21, 2022
by Gungun Bhatia

Layer 2 Labs Acquires $3M to Introduce Drivechains to Network

Layer 2 Labs Drivechains

Table of contents

  1. Layer 2 Labs Raises Funds to Introduce Drivechains
  2. The Objective of Drivechains
Layer 2 Labs has received a $3 million initial round from angel investors in order to introduce drivechains and other cutting-edge technology to Bitcoin .

Layer 2 Labs Raises Funds to Introduce Drivechains

Drivechains are a particular kind of sidechain, a second blockchain that communicates with the main blockchain that tries to provide an enhanced user experience (UX). Paul Sztorc, the CEO and founder of the business and a renowned researcher and developer of the Bitcoin protocol, has been focusing on drivechains since 2015.

In Bitcoin improvement proposals (BIPs) 300 and 301, Sztorc described the idea of drivechains. The system, on which Layer 2 Labs would primarily concentrate its efforts, enables users to transfer bitcoin (BTC) back and forth between the significant Bitcoin blockchain and several drivechains.

The Objective of Drivechains

Sztorc claims that the goal of drivechains is to provide Bitcoin users with access to cutting-edge services and goods that are now only available on altcoin platforms. Examples would include Ethereum's Augur, a prediction market where users may place bets on particular outcomes, and Zcash's zero-knowledge proofs, a method of demonstrating anything without revealing private information.

The business stated in a release that it believes that drivechains can destroy altcoins, promote Bitcoin acceptance, and serve as the spark for hyperbitcoinization. Austin Alexander, an 8-year Kraken veteran and developer of the Bitcoin Core CryptAxe, makes up the core team of Layer 2 Labs in addition to Sztorc.

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Layer 2 Labs Acquires $3M to Introduce Drivechains to Network
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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