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Layer 2 blockchain technology represents a significant evolution in the blockchain ecosystem. It's designed to address the scalability and efficiency issues inherent in traditional, or Layer 1, blockchains. This technology plays a pivotal role in enhancing transaction speed and reducing costs, making blockchain more practical for various applications.
Layer 2 blockchain refers to a secondary framework or protocol built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling issues for larger blockchain networks like Bitcoin and Ethereum.