Peter Thiel-backed blockchain technology firm Layer N has announced a full pivot to “N1,” a new proprietary blockchain purportedly capable of “hyperfast” transactions and aiming to implement traditional tech coding languages such as Typescript, Rust, and C.
Now known as N1, the company originally launched its blockchain services on Ethereum as a layer-2 blockchain. With the pivot, Layer N is no more, and the company says it is solely focused on developing what it deems the “next generation” of blockchain technology.
N1 announces the switch to its proprietary blockchain technology on X.com. Source: N1
Next-generation blockchain technology
According to the Dec. 5 announcement, N1’s proprietary blockchain is “aimed at enabling new generation applications with 100,000 tps and multi-language support.”
In this context, “tps” refers to transactions per second, a measure of how swiftly a blockchain can meet demand.
For context, around 4-8 transactions are added to the Bitcoin blockchain’s mempool per second. At the other end of the spectrum, Ethereum co-founder Vitalik Buterin claims that Ethereum L1s and L2s will eventually reach 100K tps as part of “The Surge,” a series of planned updates.
Related: Ethereum, L2s to reach over 100K TPS with the ‘Surge’ — Vitalik Buterin
It’s unclear at this time when the N1 network would be capable of reaching a tps rate of 100K as the phrase “aimed at enabling” implies it’s yet to reach that threshold. Assuming it does, N1 would rank among the fastest blockchains by tps.
Cointelegraph reached out to N1 for more information but did not receive an immediate response.
Transactions per second
Perhaps just as noteworthy as the project’s professed tps rates is the N1 development team’s assertion that it will support some of the most popular programming languages, including Typewrite, Solidity, Rust, and C.
The company says that, ultimately, it intends to support any code language for any app.
N1 also announced partnerships with Sushi and Amber Group, as well as projects in development including “Mindshare,” a socialfi app and a “Westworld-inspired onchain AI simulation.”
According to the company, “all these apps feature a unique theme: they cannot be built elsewhere due to their computation complexity.”
While N1 seems highly ambitious, a cursory review of its posted “lite paper,” and the pedigree of being backed by Peter Thiel’s investment firm (whose previous tech investments include Meta and Palantir) position it as a potential disruptor in the blockchain sector.
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