On June 21, the NFT market Zola Announcing Zora Network, a new layer 2 blockchain solution designed to provide an improved digital infrastructure to artists and brands that have used its platform in the past.The network is backed by over 35 Web3 entities including Sound.XYZ, Rainbow Wallet and PleasrDAO and will be able to better serve the platform 100,000 monthly active users By unlocking the structural advantages of the Zora platform and ensuring its ability to scale appropriately. In the context of blockchain technology, layer 2 solutions are ancillary protocols built on top of existing blockchains with the aim of increasing the speed, efficiency, and scalability of the underlying chain (layer 1). While they handle tasks that layer 1 chains would otherwise have to handle, layer 2 chains reduce the amount of work that layer 1 chains have to handle and can increase speed and reduce transaction costs. Various layer 2 solutions exist for the Ethereum blockchain, of which Arbitrum is one of the most famous.
Improve scalability and security
Built on Optimism’s stack, Zora Network will become a more efficient L2 network secured by Ethereum. The company claims that the integration of Zora Network with the existing infrastructure of the Zora marketplace will be seamless. In a letter to nft now, the company stated: “Zora Network is designed to minimize costs for creators, making Zora a place where on-chain media and culture can flourish.” Transactions are bundled into a single layer-1 transaction, which is why they can reduce data processing load. In order to maintain the security advantage of layer 1 established by secondary chains, they settle transactions on the main network. Reducing fees and enabling more transactions is a huge benefit for platforms using layer 2 chains, as they free up space to increase the reach of online applications and generally help improve user experience. To commemorate the launch, Zora released an open NFT called Energy that fans can mint for the next 17 days.