In this episode of Cointelegraph’s Hashing it Out podcast, host Elisha Owusu Akyaw interviews Roy Hui, co-founder and CEO of LightLink, a layer-2 blockchain. Hui discusses the current state of the blockchain industry, the challenges faced by layer-2 solutions, and LightLink’s unique approach to addressing these challenges.
Hui discusses the current landscape of blockchain technology, noting the saturation of layer-1 and layer-2 networks while emphasizing the vast untapped potential for real-world applications.
“I think when you consider the number of people in this world, the number of transactions that we do on a daily basis in terms of [...] riding a bus or playing a video game, there’s not enough capacity in all of the blockchain combined right now.”
He also admits that the space is getting crowded because fewer people use onchain applications for everyday activities. Due to this saturation, various networks need to find ways to differentiate themselves from their counterparts.
Hui emphasizes LightLink’s focus on enterprise adoption and its mission to accelerate the global adoption of Web3 technologies.
He explains how LightLink’s gasless transactions were designed to attract Web2 users and enterprises. Hui highlights the challenges enterprises face in adopting Web3, including the technology’s complexity, risk and the fluctuating cost of transactions. According to him, removing the cost of transactions and the need to estimate what that cost could be is an important step in creating a user experience similar to Web2 platforms.
The conversation also touches on the importance of community building and developer engagement in the Web3 space. Hui shares LightLink’s strategies for attracting developers and users, such as hackathons and airdrops. Hui admits that doing airdrops has become more difficult in 2024 as more users come online and expectations increase. He adds that with so much going on in the space, airdrops may not be enough to retain users on a particular network.
Listen to the latest episode of Hashing It Out on Spotify, Apple Podcasts or TuneIn. You can also explore Cointelegraph’s complete catalog of informative podcasts on the Cointelegraph Podcasts page.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.