Ethereum

Layer N

SALT

In order to support a new generation of crypto apps that were previously impossible, Layer N, the high-performance blockchain project backed&nbsp;by Peter Thiel’s Founders Fund, has announced its transformation into N1, a full-stack app-centric Layer-1 blockchain built to emphasize scalability and speed. The goal of N1 is to enable onchain execution of any code or application with only two clicks.
N1 will adopt a hyper-app and product-focused strategy. It will significantly lower the learning curve for deploying onchain applications by being the first chain to offer Typescript app development (with support for additional languages like Solidity, Rust, and C also in the works). Additionally, N1 will have native apps like a wallet widget for unified cross-application login experiences, a “hub” wallet for cross-application asset management, and a deployment interface akin to Vercel that allows developers to launch and manage apps with only two clicks.
Additionally, N1 is collaborating closely with a few groups to release completely new and/or improved cryptocurrency applications. In addition to Susa, their flagship perpetuals DEX, Sushi is creating Kubo, a cutting-edge AMM protocol that is only possible on N1 because to its computational complexity. The Paradigm-backed Amber Group, a significant market maker, is developing its own perpetual&nbsp;DEX protocol, which will have deep liquidity and creative asset listings. Users of the innovative socialfi app Mindshare will be able to exchange cryptocurrency narratives directly. Additionally, a onchain AI world simulation modeled like Westworld is being developed. These applications all have one thing in common: their computational complexity prevents them from being developed elsewhere.
N1, which was first intended to be an L2 solution for Ethereum and was subsequently the first L2 to reach a <a href="https://www.theblock.co/post/274816/founders-fund-backed-layer-n-hits-120k-tps-in-testing-ahead-of-february-public-testnet" target="_blank" rel="noopener noreferrer nofollow">100k tps benchmark on the testnet</a>, has kept its high-performance execution layer while substituting its own full-stack L1 infrastructure for the Ethereum settlement layer. The development results from Ethereum being the obstacle to reaching a larger scale. With transaction speeds&nbsp;expected to surpass 100,000 tps, this allows N1 to provide 10-100 times the size and performance of current chains.
Dima Romanov, CEO and co-founder of Layer N stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “We are proud to introduce a new Innovative blockchain, one that combines unprecedented computational capabilities with developer-friendly features to enable a new class of decentralized applications.”
</blockquote>
So&nbsp;far, Founders Fund, Multicoin, dao5, Kraken, Amber, GSR, and SALT have all made significant investments in the N1 team. The team developed a high-performance onchain orderbook on Solana that handled more than half a billion in volume&nbsp;before N1.
The next generation of crypto apps will be made possible by N1, a high-performance Layer-1 blockchain. N1 was created by a group of seasoned business professionals with backgrounds in projects like DFINITY, Morpho, and Solana. It has transaction speeds of over 100,000 tps and supports a variety of programming languages. The platform’s primary goal is to foster and assist cutting-edge applications that expand the realm of what is feasible in the blockchain space.

Thiel-Backed Startup Launches High-Performance Layer-1 Blockchain N1 to Power Next-Gen Crypto Apps

TheNewsCrypto

Other articles published on Dec 6, 2024

Sandeep Nailwal Announces the 2024 Cohort of Nailwal Fellows

Breaking $100K Again: Is Consolidation Around the Corner?

BTFD Coin, Brett, and ACT’s AI Innovations Reshaping Meme Coins

Hawk Tuah Coin Causes Significant Losses in Cryptocurrency Market

Indian Central Bank (RBI) Launches AI Tool To Reduce Digital Frauds

Next Cryptocurrency to Explode, 6 December — Mog Coin, Virtuals Protocol, FTX Token

Join our free newsletter for daily crypto updates!