Layer 2 Labs Aims to Revolutionize Bitcoin with Drivechains

• Layer 2 Labs is launching with a goal of scaling and building out drivechains for the Bitcoin Network, and has raised $3 million in funding.
• Drivechains define a specific way to create Bitcoin sidechains to enable BTC to “flow” between the two networks in a two-way peg.
• Layer 2 Labs believes that drivechains have the potential to revolutionize the way we use Bitcoin by enabling greater scalability, extensibility, privacy, and flexibility on the network.

Layer 2 Labs is an ambitious new startup aiming to further revolutionize the Bitcoin network. With a goal of scaling and building out drivechains for the Bitcoin Network, Layer 2 Labs has closed a seed round at launch, raising $3 million in funding. The company is led by co-founder and CEO Paul Sztorc, the author of two Bitcoin improvement proposals (BIPs), BIP 300 and BIP 301, which detail the technical specifications of drivechains.

Drivechains are a way to create Bitcoin sidechains in order to enable BTC to “flow” between the two networks in a two-way peg. The goal is that the representation of BTC in the sidechain maintains a 1:1 peg to the actual BTC locked on the Bitcoin network. This allows for the sidechain to be a parallel blockchain to the Bitcoin network, and is currently exemplified by Liquid, Blockstream’s federated sidechain.

Layer 2 Labs believes that drivechains have the potential to revolutionize the way we use Bitcoin by enabling greater scalability, extensibility, privacy, and flexibility on the network. The company believes that drivechains could kill altcoins, increase Bitcoin adoption, and provide the catalyst for hyperbitcoinization. To this end, Layer 2 Labs is dedicated to building out the drivechain protocol and making it easier for people to use Bitcoin.

The company is currently looking for technical talent to join their team and help accomplish their mission. The team is also actively engaging with Bitcoin miners, developers, and other stakeholders in the Bitcoin ecosystem to discuss the potential of drivechains and how to best move forward. By pushing the boundaries of Bitcoin technology, Layer 2 Labs hopes to make everyone in the world a Bitcoin user.