LightLink CEO Explores Blockchain Challenges and Solutions on Hashing It Out Podcast
Summary:
This article details a conversation between Elisha Owusu Akyaw and Roy Hui, LightLink's CEO, on Cointelegraph's latest Hashing it Out podcast. Hui discusses the complex landscape of blockchain technology, emphasizing the challenges faced by layer-2 solutions like LightLink, and the company's unique efforts to address those challenges. He thoroughly explores blockchain technology saturation, its implications, the strive to navigate these hurdles, and the importance of developer engagement in the Web3 space.
In the most recent edition of Cointelegraph's Hashing it Out podcast, presenter Elisha Owusu Akyaw hosts a conversation with LightLink's co-founder and CEO Roy Hui. Hui, whose company is a layer-2 blockchain entity, talks candidly about the current paradigm of the blockchain domain, the difficulties encountered by layer-2 entities, and the unique measures LightLink has taken to tackle these hurdles.
Hui sheds light on the now heavily saturated blockchain technology scene, mentioning the overflow of layer-1 and layer-2 systems, and underlining the immense unexplored potential of practical real-world uses. He ponders on the immense global population and daily transactions, whether it's catching a bus or playing a video game, stating that the capacity of present blockchain technology is not sufficient. He concedes that the sector is getting populated as fewer individuals utilize on-chain apps for quotidian tasks. As a result, several networks have to identify measures to set themselves apart from their competitors.
Hui accentuates LightLink's commitment to breaching the boundaries of enterprise usage and its ambition of fast-tracking the global implementation of Web3 technologies. He articulates how LightLink's gasless transactions are specifically tailored to appeal to Web2 users and businesses. He points out the hindrances enterprises come across in adopting Web3, including intricate technology, potential risk, and erratic transaction costs. In Hui's view, eliminating transaction costs and the necessity to predict potential costs is crucial in providing an experience akin to that offered by Web2 platforms.
The topic of community establishment and developer interaction in the Web3 domain also takes center-stage. Hui delves into LightLink's tactics for drawing in developers and users, citing hackathons and airdrops. Despite the increasing user base and heightened expectations making the execution of airdrops more challenging in 2024, Hui confesses this strategy might not suffice to retain users on a given network considering the intense competition in the field.
For in-depth information tune into the latest episode of Hashing It Out on Spotify, Apple Podcasts, or TuneIn. To listen to a plethora of informative podcasts, visit the Cointelegraph Podcasts page.
Please note that this write-up is for informational purposes only and does not constitute any form of legal or investment counsel. The perspectives, ideas, and opinions stated here express the author's individual views and do not necessarily represent or reflect the views and beliefs of Cointelegraph.
Published At
6/20/2024 8:10:01 PM
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