![]() ![]() However, how the independent nodes agree on their shared state (the consensus mechanism) is Proof of Stake versus Proof of work. However, depending on the number of block validators, less security.Ī side note: Validators are like miners in their role of verifying network transactions. That means they have greater independence and flexibility. Sidechains secure their network by having their own validators or miners. In broad terms, the difference between sidechains and layer 2 is how the network is secured. Think of them as side streets that cars can drive to reduce traffic on Main Street. What are Side Chains vs Layer-2?īoth sidechains and Layer-2 chains are scaling solutions to allow more transactions at a cheaper cost by offloading them from the main network. Currently, miners pick the fees which pay the most to maximize profit and remain incentivized to run the network. ![]() There is a scarce amount of space on a blockchain’s block, bided up by those who want their transactions confirmed. No wallet can control the gas fees on a blockchain network because its demand determines those. It is similar to how your web browser is an interface to the internet of information. MetaMask is just the interface to the internet of value. The reason gas prices are high is not due to MetaMask controlling the fees. The real-world effects of this trade-off are that less scalable blockchains lead to higher gas but are more secure.Įach network typically has its own custom token used to pay for network activity. The borrowing and lending protocol would value security and decentralization over higher throughput. The video game will need high throughput and be willing to sacrifice a bit of security. This is called the security trilemma.Ī blockchain-based video game with a high volume of small transactions will have different needs than a borrowing/lending protocol. This is known as the security trilemma, and it states that blockchains can have 2 of 3 properties, but not all three. Broadly speaking, blockchains can specialize via three avenues: scalability (high throughput), decentralization, or security. As the industry evolves, many will specialize in different use cases. Why do these blockchains differ?ĭifferent blockchains can be used for different needs. ![]() Reminder: Never share your seed phrase, aka secret recovery phrase. ![]() That means that a single secret recovery phrase (aka seed phrase) can access your assets across all your accounts and networks. Since they are Ethereum based networks, your addresses will be the same across all the networks. The differences can lie in reaching a consensus (agreement between the different nodes) and how much data can be placed in their blockchain’s block. Their similarities are in that they execute smart contracts in a similar manner. They share many of the same features but differ in some key ways. Think of them as siblings or relatives of Ethereum. They are based on Ethereum but are not Ethereum. How do you do this? Well, first of all, what are custom networks? What are custom networks?Ĭustom Networks are non-Ethereum networks that are EVM compatible (Ethereum Virtual Machine). Example of custom networks are Binance Smart Chain, Polygon (MATIC), Huobi ECO Chain, Avalanche, and xDai.Īfter successfully installing (or re-installing) MetaMask and securing your secret recovery phrase (aka seed phrase), you decide you want to interact with custom networks.Sidechains and Layer-2 solutions mainly differ on how their blocks are validated.They may have lower gas fees at the expense of decentralization or security. Sidechains and Layer-2 solutions are types of custom networks you can add to MetaMask.Different networks have different gas fees based on their design and demand.Gas is determined by a network’s demand, not by MetaMask or any wallet provider.Custom networks are Ethereum compatible networks.If things get expensive in one network, you can go to another with possibly lower fees, while Ethereum begins to scale and lower costs. In reality, it’s market demand for a blockchain network that sets the prices. Some incorrectly think that MetaMask sets the high fees and tries to rip them off. This is an excellent question because many users are not aware of different custom networks with lower gas fees or how to set them up on MetaMask. A user asks: How do I add custom networks like Binance Smart Chain, Polygon or Avalanche to MetaMask?** How to Add Custom Networks To MetaMask ![]()
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