Can the Ethereum Layer 2 project Layer N, which raised $5 million in funding, boost the commercialization of blockchain technology?

In today's digital age, blockchain technology has become a hotspot for technological innovation due to its unique decentralized characteristics and security. Especially Ethereum, as the world's leading smart contract platform, continuously faces challenges related to scalability and high transaction fees.
In this context, Layer N, as a revolutionary second-layer solution for Ethereum, is not only dedicated to addressing these challenges but also driving the entire blockchain network towards higher efficiency and scalability. On June 23, Layer N launched its testnet V1.2 version, marking a milestone event that signifies a dual enhancement in its technological maturity and market acceptance.
Layer N was born to solve the problems of network congestion and high transaction fees caused by the surge in user numbers on the Ethereum network. The core mission of Layer N is to improve the network's scalability and efficiency while optimizing the user experience, particularly in terms of transaction speed and cost.

Layer N Technology Iteration and Version Update:

The following highlights the technical iteration of the project.
Phased Launch of the Testnet: The Layer N test network consists of three important phases, each specifically optimized and adjusted for different technical implementations. The first phase introduced NordVM, the first XVM implementation on Layer N, providing ultra-low latency and high throughput for transaction processing. The second phase launched NEVM, a public Ethereum Virtual Machine (EVM) chain that enhanced compatibility with the Ethereum mainnet. The third phase integrated StateNet, a unified communication layer that supports efficient cross-chain communication and data sharing.
Innovation of StateNet: As one of the core technologies of Layer N, StateNet implements a highly scalable network capable of handling large-scale node interactions without sacrificing security and stability. This system allows independent XVM nodes to continuously engage in peer-to-peer communication, significantly reducing transaction and message latency.
Ongoing Technical Upgrades: With the launch of Testnet V1.2, Layer N further strengthened its platform for developers and users to test functionalities and performance. This version marks an important step for Layer N in enhancing the scalability and efficiency of blockchain networks, reflecting its continuous efforts in blockchain technology innovation.

Introduction to Layer N's Financing and Specific Functionalities:

Financing and Market Expansion:

September 2023 Financing: Layer N completed a $5 million financing round led by Founders Fund and dao5, with participation from SALT, Kraken Ventures, Mirana Ventures, GSR, and Amber Group. The funds are aimed at promoting the deployment of the public testnet and the development of the Nord Rollup network to enhance its financial applications and on-chain transaction processing capabilities.
Strategic Investment Expansion: In November 2023, Layer N received strategic investment from BlackPine, marking its official entry into the Asian market and expanding the availability of its native Web3 products.
2024 Liquidity Support: Amber Group committed to providing $20 million in support for Layer N's liquidity program to help early-stage protocols enter the market, focusing on leveraging the StateNet architecture to drive innovation and compete with traditional financial institutions.

Functional Expansion and Innovation:

Enhanced Security: Advanced encryption technologies and smart contract auditing mechanisms have been introduced to enhance the network's security.
Performance Improvement: Through self-developed optimization algorithms and protocols, Layer N has significantly improved network performance and reliability, especially under high-load conditions.

Facing Future Challenges:

Layer N continues to innovate technologically, exploring cutting-edge technologies such as zero-knowledge proofs to meet future market demands and technical challenges. On this basis, the project needs to strengthen the developer community, provide more development tools and support, and promote the prosperous development of the ecosystem.

Overview of Layer N's Testnet V1.2 Version:

Layer N's testnet V1.2 version brings several core functionalities and innovations, providing new momentum for the advancement of Ethereum's second-layer solutions. The following are the main features and technical innovations of version V1.2:
Performance Improvement: Version V1.2 significantly enhances network performance by optimizing data processing workflows, reducing transaction confirmation times, and increasing the overall processing speed and efficiency of the network.
Enhanced Security: Stricter security protocols and encryption technologies have been introduced to ensure that all transactions conducted on Layer N meet the highest security standards.
User Experience Improvement: The user interface design has been improved to provide a more intuitive and user-friendly operating experience, making it easier for developers and users to access and utilize the network.

Technological Innovation: V1.2 integrates the latest blockchain technologies, such as improved smart contract functionalities and advanced verification mechanisms, enabling Layer N to handle more complex transactions and provide more flexible application scenarios.

Conclusion: Layer N May Play an Important Role in the Commercial Trajectory of Blockchain

The release of Layer N's testnet V1.2 not only marks the continuous progress of technological innovation but also provides the blockchain community with a more stable and efficient testing environment. Through this platform, developers can thoroughly test and optimize their applications before actual deployment, which is significant for accelerating the commercial application and popularization of blockchain technology. With more functionalities realized and performance improvements, Layer N is gradually demonstrating its important role and potential in the global blockchain ecosystem.