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Former Fidelity International Executive Luc Froehlich Joins Layer N Advisory Board

Layer N, a roll-up network dedicated to expanding financial applications on the Ethereum platform, has welcomed Luc Froehlich to its advisory board. Froehlich, formerly an executive at Fidelity International located in Hong Kong, brings a wealth of experience to the role. He notably held the position of global head of digital asset solutions at Fidelity International, spearheading the company’s initiatives in cryptocurrencies and tokenized assets for a duration of seven years.

Froehlichr Highlights Protocol’s Innovative Approach to Decentralized Exchanges

Layer N, a Layer 2 network constructed on Ethereum, is dedicated to supporting decentralized exchanges aimed at emulating their centralized counterparts.

In an interview, Froehlich articulated his rationale for joining Layer N’s advisory board, emphasizing the protocol’s capacity to tackle the fragmentation prevalent in financial technologies. He underscored the project’s architecture, which introduces a network of customizable virtual machines capable of facilitating seamless communication and liquidity sharing, thereby overcoming the isolated nature of conventional systems.

“Layer N’s introduction of a network comprising customizable virtual machines capable of seamless communication and liquidity sharing addresses the typical siloed operation of traditional systems,” he stated.

Froehlich highlighted Layer N’s integration of zero-knowledge proofs (ZK) to meet the demand for transaction confidentiality in traditional finance. Through enabling verification without revealing transaction content, the project satisfies regulatory and competitive requisites while safeguarding confidentiality. He affirmed that blockchain technology is now poised to challenge the antiquated infrastructure of traditional finance, heralding a significant transformation in the industry landscape.

Layer N Unveils Nord Roll-up Testnet, Poised to Revolutionize Decentralized Exchanges

Layer N has unveiled plans to launch a public testnet for its Nord specialized exchange roll-up, which pledges significantly enhanced throughput and latency compared to existing scaling solutions. The Nord roll-up is poised to deliver performance akin to centralized exchanges like Binance and Coinbase, thereby enabling decentralized exchanges to attain similar levels of efficiency.

During closed testnet trials, the Nord Engine exhibited its ability to manage high trading volumes, achieving a peak of 120,000 transactions per second. Layer N confirmed the roll-up’s resilience and scalability by sustaining a rate of 20,000 transactions per second over an extended duration. The mainnet for Layer N is slated to go live sometime this month.

Dima Romanov, CEO and co-founder of Layer N, outlined the vision of launching multiple optimized roll-ups, including a variant of the Ethereum Virtual Machine compatible with the Nord Engine. Developers utilizing the platform will have the capability to construct native integrations, enabling them to develop applications directly on decentralized exchanges.

A pivotal technology employed by Layer N is EigenDA, which efficiently stores batched transaction data, thereby reducing costs compared to direct storage on the Ethereum mainnet. In September 2023, the project secured $5 million in a seed funding round spearheaded by Founders Fund and dao5, with contributions from investors such as Kraken Ventures, Mirana Ventures, GSR, and Amber Group.

Layer N recently disclosed its expansion into the Asian market through a strategic investment from BlackPine and a partnership with VSFG. These initiatives are geared towards fortifying its Web3 offerings in the region, consolidating its position in the ever-evolving financial technology landscape.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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