Layer 1 Should Be Innovative in the Short Term but Less in the Long Term

See update 2018-08-29 One of the key tradeoffs in blockchain design is whether to build more functionality into base-layer blockchains themselves (“layer 1”), or to build it into protocols that live on top of the blockchain, and can be created and modified without changing the blockchain itself (“layer 2”). The tradeoff has so far shown itself most in the scaling debates, with block size increases (and sharding) on one side and layer-2 solutions like Plasma and channels on the other, and to some...

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