Hello everyone! Thank you for joining us and taking the time to become more educated on VIBENet and layer 2 solutions. Now more than ever with all-time high gas fees on Ethereum, layer 2 solutions have become pivotal for the scalability of Ethereum, Bitcoin, and other blockchains. VIBENet is a layer 2 solution that has been built to facilitate instant and atomic transactions with no gas fees. A perfect foundation for Games, NFT’s, and companies seeking fast and secure transactions. While VIBE is mainly known for gaming & entertainment on blockchain, VIBENet is one of the most important cornerstones of the VIBE Ecosystem.
What is a Layer-2 solution?
Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain. The goal of layer-2 solutions is to fix transaction speeds and reduce gas fees for blockchains like Ethereum and Bitcoin. Users across the digital assets industry can see whether its for Games, DeFi, and transferring digital assets. Transaction fees and wait times have become a large problem in 2020.
Popular decentralized exchanges like Uniswap V2 have recently had their users spend $1.69 Million U.S.D in gas fees in just 24 hours. Gaming projects and NFT Creators building on Ethereum are having issues regarding gas fees and wait times. This is not an enjoyable experience for users playing games and buying & transferring NFT’s. Users have to spend multiple dollars in gas fees and extended wait times. This is why we built VIBENet.
VIBENet
VIBENet is a layer 2 solution that is built on top of Ethereum and can scale across any blockchain. VIBENet facilitates instant and atomic transactions with no gas fees for any currencies integrated on the network. VIBENet is built with the framework in mind to be a foundation for Gaming companies, NFT projects, and any company that seeks fast and secure transaction speeds with no gas fees.
So far VIBE, LINK, NEO, and ETH are integrated onto VIBENet. There has been over 100,000 transactions on VIBENet resulting in over $20,000 U.S.D in gas fees saved and hours worth of waiting time. Our team is continuing to develop VIBENet and we are excited for what the future holds! Current VIBENet initiatives are:
- Video demonstration of transactions per second VIBENet faciliates
- Integrating BTC and BUSD
- Release Public Nodes
At the end of 2020 on the VIBE teams roadmap is to release the VIBE SDK. The VIBE SDK will mark the first time developers can build on top of VIBENet and enjoy all it’s features. We’re happy to announce we are adding a new module to the VIBE SDK, NFT Management. NFT Management will allow game developers and NFT creators to easily build out their projects, enjoy fast and secure transactions, and have their NFT’s be apart of the VIBE NFT Ecosystem.
Developers and creators can have their NFT’s backed with collateral, able to lend NFT’s, earn income just from holding, take loans on NFT’s and earn income from collateral distribution pools. VIBE NFT’s gives the community, NFT enthusiasts, developers, and creators the foundation for DeFi meets NFT’s. The VIBE SDK will be completely free and open source for anyone to use and contribute.
The VIBE team is very excited for our first NFT auction to take place during Septemeber! If you missed our recent announcement, go and check out the new VIBE website! Thank you all for your continued support and stay tuned for more updates!
