Wishing all members of this wonderful community a happy and bless filled day,hope all is well, without any further delay I will like to head straight to the topic of discussion, which is "layer 2 solution on Ethereum "what's is layer 2 solution, what does it involve (types),and it's advantages and disavantages.

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what is layer 2 solution

Ethereum as we all know is a Decentralized Blockchain platform which gives room for the developers to build a Decentralized application (dApps)and smart contracts.in essence the rate of decentralized applications and transactions on the Ethereum network is increasing,this in effect has caused the network to become congested, leading to slow transaction times and high gas fees.the growth to popularity of the Ethereum network has faced a major challenge, scalability.and in other to address these issues,the developers has resulted to proposed various layer 2 solution.
Layer 2 solution in simple sense can be referred to as the multiple solutions being proposed to the Blockchain scalability problems.

Types of layer 2 solutions

1) plasma
This refer to a framework that is used for building secondary Blockchain that are anchored to the main Ethereum Blockchain.
2) Rollups
This bundles batch of transactions together and submit it to the main Ethereum Blockchain in a single transaction.in essence reducing the amount of data that is required to be stored on the main chain, improving scalability and reducing the gas fees .
3) state channel
This tends to allow two parties to transact with each other without broadcasting every transaction on the main Ethereum Blockchain.instead,state channel uses a smart contract to create a channel between parties,where they can make numerous transactions without the need for on chain confirmation.
4) sidechains
This are separate Blockchain which are connected to the main Ethereum Blockchain through a two way peg, making transaction to be processed on a sidechain,and then periodically reconcile with the main chain.

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Advantages of layer 2 solution

1) Increased speed and scalability
2) reduced gas fees
3) highly scalable
4) it can handle thousand of transportation per second
5) it enables scalability without sacrificing security
6) it can be used for gaming and micro payments
7) it can be combined with other layer 2 solution for even greater scalability.

Disadvantages of layer 2 solution

1) it requires a certain level of high trust between the parties involved
2) it cannot handle very high volume of transaction
3) requires two way communication between parties
4) more complex to set up than other solutions

conclusion

Layer 2 solution provides a promising and reliable mean of addressing scalability challenges in the Ethereum network.as the Ethereum ecosystem continue to rapidly evolves,the need of layer 2 solution become more important, because it has the power to enable the network to handle the growing demand for decentralized application and smart contract.