Paul Sztorc Launches ‘Layer 2 Labs’ Company to Promote and Develop Drivechains Proposal with $3M Seed Funding

The source of funding has not been disclosed.Sztorc is the author of two Bitcoin improvement proposals, BIP 300 and BIP 301.The primary goal of drivechains is to enable altcoin functionality without the need for the respective tokens.Drivechains enable the creation of separate blockchains linked to the Bitcoin blockchain. Bitcoin is locked on chain, represented as an equivalent amount on a sidechain, with the goal of maintaining a 1:1 peg.For drivechains to be implemented it would require a soft fork of the bitcoin network. Based on current discussions within the bitcoin community this change is extremely unlikely to get implemented.

First, we will focus on the Bip300 sidechain. We have 6 sidechain-designs in development already, including two which are exact clones of Ethereum and zCash (but BTC-only). These allow for immediate global scale, easy-to-use impenetrable privacy, and total protocol flexibility.

— LayerTwoLabs (@LayerTwoLabs) December 20, 2022

Sztorc presented his proposal at TabConf last year:

Layer 2 Labs Website

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