Layer 2 Labs Launches with $3M Seed Round to Revolutionize Bitcoin

• Layer 2 Labs is a start-up aiming to scale and build drivechains for the Bitcoin Network.
• They have closed a seed round at launch, raising $3 million in funding.
• Their goal is to make everyone in the world a Bitcoin user, and they believe drivechains have the potential to revolutionize the way we use Bitcoin.

Layer 2 Labs is a start-up company that has recently launched with the goal of scaling and building out drivechains for the Bitcoin Network. The company closed a seed round at launch, raising $3 million in funding, and they have a clear vision of what they want to accomplish.

The driving force behind Layer 2 Labs is their desire to make Bitcoin more accessible and easier to use for everyone in the world. Co-founder and CEO Paul Sztorc said in a statement, “We believe that drivechains have the potential to kill altcoins, increase Bitcoin adoption, and provide the catalyst for hyperbitcoinization.”

Drivechains define a specific way through which to create Bitcoin sidechains. Sidechains are parallel blockchains to Bitcoin that enable BTC to “flow” between the two networks in a two-way peg. Since bitcoin can’t actually leave the Bitcoin network, sidechains accomplish this task by locking up BTC on the Bitcoin blockchain and representing them in different ways in the sidechain. The goal is that the representation of BTC in the sidechain maintains a 1:1 peg to the actual BTC locked on the Bitcoin network.

Layer 2 Labs believes that drivechains have the potential to revolutionize the way we use Bitcoin. They can provide greater scalability, extensibility, privacy, and flexibility on the network. Sztorc has authored two Bitcoin improvement proposals (BIPs) that detail the technical specifications of drivechains, BIP 300 and BIP 301.

The company hopes to make Bitcoin more accessible to a wider audience and to reduce the reliance on altcoins. They believe that drivechains are the way forward for Bitcoin and that they have the potential to increase adoption and create a more efficient and secure network.

Layer 2 Labs is just getting started and they have already raised significant funds to support their mission. It will be interesting to see how their drivechain technology will affect the Bitcoin network and the wider cryptocurrency community.