As a seasoned crypto investor with a knack for spotting promising projects and a keen eye for potential disruptors in the blockchain sector, I find the news about Layer N’s pivot to N1 quite intriguing. Having witnessed the rise and fall of numerous blockchain projects, I can’t help but feel a sense of cautious optimism regarding this latest development.
As a researcher in the field, I am thrilled to share that the blockchain technology company I’m associated with, Layer N – backed by Peter Thiel, has declared a significant shift in its direction. We are now focusing on “N1,” our innovative, proprietary blockchain solution. The goal of N1 is to facilitate lightning-fast transactions, setting new standards for speed. Moreover, we aim to simplify the development process by integrating popular programming languages such as Typescript, Rust, and C into our system.
As an analyst, I’d rephrase that statement as follows: Previously, our company operated under the name N1, offering blockchain services through a layer-2 solution on Ethereum. However, we have now transitioned away from Layer N and are fully committed to advancing what we believe is the future of blockchain technology – the so-called next generation.
Next-generation blockchain technology
As stated in the December 5th announcement, N1’s unique blockchain technology aims to empower next-generation apps by offering a throughput of up to 100,000 transactions per second (tps) and multilingual compatibility.
In the given scenario, “tps” stands for Transactions Per Second, which is a metric that indicates the speed at which a blockchain can handle transaction requests effectively.
As an analyst, I find myself consistently monitoring the transaction rates on both Bitcoin‘s blockchain and Ethereum. Notably, approximately 4-8 transactions per second are added to the Bitcoin mempool. On the other hand, Ethereum co-founder Vitalik Buterin envisions that with updates like “The Surge,” Ethereum L1s and L2s could potentially handle up to 100,000 transactions per second in the future.
At present, it’s uncertain when the N1 network will achieve a transaction per second (tps) rate of 100K, as the term “aimed at enabling” suggests it hasn’t reached that speed yet. If it does manage to reach this speed, however, N1 would be among the fastest blockchains in terms of transactions per second.
CryptoMoon reached out to N1 for more information but did not receive an immediate response.
Transactions per second
As a keen analyst, I find it equally captivating to highlight not only the declared TPS (Transactions Per Second) rates for this project but also the assurance given by the N1 development team regarding their support for well-liked programming languages such as Typewrite, Solidity, Rust, and C.
The company says that, ultimately, it intends to support any code language for any app.
In addition, N1 unveiled collaborations with Sushi and Amber Group, while also revealing ongoing projects such as “Mindshare,” a social media-oriented application, and an artificial intelligence simulation on the blockchain that draws inspiration from the television series “Westworld.
As stated by the company, “each of these applications boasts a distinctive style that makes them impossible to replicate elsewhere, as they are too complex in terms of computations.
Although N1 appears quite ambitious, a quick look at its published “light paper” and the fact that it’s supported by Peter Thiel’s investment company (known for investing in tech ventures like Meta and Palantir in the past) suggests it could be a game-changer in the blockchain industry.
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2024-12-05 21:19