Google is throwing its hat into the Layer-1 ring with the development of an in-house blockchain.
The US-based giant has announced the development of the Google Cloud Universal Ledger on LinkedIn, designed to be an open infrastructure used to bridge services between competing blockchains.
It’s not only Layer-1 solutions that are making the news; Layer-2 platforms – like market newcomer Bitcoin Hyper ($HYPER) – are also rising to the fore.
And with the promise of a Layer-2 that will eliminate Bitcoin’s not-insignificant pain points, all eyes are on $HYPER and the potential it holds.
According to Rich Widmann, Google’s Head of Strategy and Web3, it’s a Layer-1 one platform that’ll be compatible with Python-based smart contracts.
Other than that, however, Google is holding its cards close to its chest, and wider technical details about the chain won’t yet be revealed for a few more months.
What we do know, however, is that the news of Google’s development comes off the back of the announcement of several other Layer-1 blockchains.
For one, Circle intends to open a public testnet this fall for its own Layer-1 – Arc – which is optimized for stablecoin finance. Financial services multinational Stripe is said to also be building a Layer-1.
While this has yet to be confirmed by the company, it’s expected to include payment features integrated into a vertical financial network, designed to compete with Visa and Mastercard.
These Layer-1 solutions highlight just how outdated the Bitcoin network is. It doesn’t offer meaningful smart contract capabilities, and without an upgrade it could soon be left in the dust by more powerful Layer-1 – and Layer-2 – solutions, like Bitcoin Hyper ($HYPER).
Here’s the bottom line – there are fundamental limitations in existing networks, particularly when it comes to the Bitcoin blockchain.
Scalability bottlenecks are the most pressing issue. For example, Bitcoin can approve just seven to 10 transactions per second (TPS) due to its Proof-of-Work consensus system.
When the Bitcoin network is in high demand, transaction fees get driven up as a result. This issue is only going to get worse as more users onboard into $BTC.
There are also concerns about the environmental impact of technologies like Bitcoin. It’s estimated that the Bitcoin network uses up 185TWh of electricity each year, which is comparable to the power consumption of Thailand.
Newer proof-of-stake blockchains use a negligible amount of power in comparison.
Bitcoin Hyper ($HYPER) is a Layer-2 solution designed to put the Bitcoin network back on an even playing field with high-speed, low-fee blockchains like Ethereum.
If you’ve ever been frustrated that you’re sitting on $BTC and want to be able to use it to interact with the Web3 world, $HYPER is the project for you.
First off, Bitcoin Hyper will integrate the Solana Virtual Machine into its Layer-2 ecosystem. This supercharges Bitcoin with smart contract capabilities, unlocking a world of dApps to interact with, as well as the ability to trade NFTs and swap crypto pairs.
Bitcoin Hyper will use a Canonical Bridge to mint and transfer wrapped $BTC to the Layer-2.
That means significantly reduced transaction fees and faster clearing speeds. If you want to withdraw your $BTC, it’s as easy as making a withdrawal request, at which point the Bridge will release $BTC back to your wallet on the Layer-1.
The $HYPER token itself is what will power Bitcoin Hyper behind the scenes. By holding it, you’ll get reduced transaction fees on any swaps you make over the Bitcoin Hyper network.
Bitcoin Hyper also allows developers to gate exclusive features to $HYPER holders only, increasing the value of the token.
Bitcoin Hyper is already smashing all expectations with $12.5M+ already raised in its presale. Right now, $HYPER costs $0.012815. As it’s still in presale, you can also stake your $HYPER for 88% APY.
In presales, though, prices increase in stages, and the staking APY becomes lower as more holders stake their tokens. So you’ll need to act fast if you want to lock in those returns.
Purchase $HYPER now and guarantee 88% in staking rewards.
Google’s proposed Layer-1 is a bold play from a company that has traditionally stuck to smaller Web3 experiments, but it could signal the start of serious investment from Google in the Web3 space.
As for $HYPER, we’re excited about the capabilities it promises to bring to Bitcoin, enabling cheaper transactions and a smart contract ecosystem that will be able to compete with the likes of Ethereum and Solana.
