🔵 What is layer 1 blockchain ?
A layer 1 blockchain is a blockchain protocol that is considered as the base layer or the foundational layer of a blockchain network and It is responsible for the creation, validation, and propagation of blocks on the blockchain network.
They enable the creation of decentralized applications (dApps) and smart contracts that can run on top of the blockchain network.
Layer 1 blockchains are also known as base layer protocols, as they provide the underlying infrastructure and architecture for other layers or protocols to build on top of them.
They serve as the primary layer for storing and validating data on the blockchain, and any modifications or updates to the blockchain network need to be done at the layer 1 level.
Overall, layer 1 blockchains are essential for creating decentralized networks and applications that are trustless, transparent, and censorship-resistant, which are some of the key features that make blockchain technology so revolutionary.
Some examples of layer 1 blockchain, have their own consensus mechanism, transaction validation rules, and native tokens.:
$BTC It is a decentralized, open-source, and permissionless network that allows for peer-to-peer transactions without the need for intermediaries or third parties.
$ETH it is a blockchain network that was designed to support the creation of decentralized applications (dApps) and smart contracts, which can be executed on the Ethereum Virtual Machine (EVM) and It allows developers to create and deploy their own custom tokens and build complex applications on top of the blockchain.
$ADA is a third-generation blockchain network that uses a proof-of-stake (PoS) consensus mechanism to validate transactions and add new blocks to the blockchain and It aims to provide a more sustainable and scalable blockchain infrastructure compared to earlier blockchains.
$DOT is a multi-chain platform that allows for interoperability between different blockchain networks and It uses a sharded architecture to enable parallel processing of transactions and smart contracts.
$SOL is a high-performance blockchain network that is designed to process thousands of transactions per second (TPS) without sacrificing security or decentralization and It uses a unique consensus mechanism called Proof of History (PoH) to enable fast transaction processing.
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