What is Layer 1 Blockchain, Everything you Need to Know About Layer 1

What is Layer 1 Blockchain, Everything you Need to Know About Layer 1
What is Layer 1 Blockchain, Everything you Need to Know About Layer 1. Image by rawpixel.com on Freepik

What is Layer 1 Blockchain

Layer 1 refers to the basis of the blockchain network. It is the underlying data pattern, consensus mechanism, and the kind of network that interpret blockchain core functionalities. Layer 1 blockchains possess their native cryptocurrency that provides a decentralized and secure platform to facilitate storage and transfer of digital assets.

It also powers the blockchain tech, network, and data input. Furthermore, it gives security and hard-and-fast of the network while providing transparency of transactions. It is the beginning all other layers of the blockchain are built on, notable results are seen in the changes made to layer 1 affecting the whole network. On of the few examples are Bitcoin, Litecoin, and Ethereum.

Layer 1 blockchain is also called the “thin protocol layer” being the basic layer that supports the rest of the blockchain tech. It boils down to confirming that each node in the network agrees on the state of the blockchain. It also specifies the network so also the rules state how nodes interact with one another.

Each blockchain network is likely to possess different layer 1 protocols. However, they have different features and advantages. Well-known layer 1 protocol is Bitcoin’s Proof of Work (PoW), Ethereum’s Proof of Stake (PoS), and Polkadot’s Substrate framework. Layer 1 blockchain is the difference in layers or components that makes up the blockchain network.

Examples of Layer 1 Blockchain

Bitcoin – Bitcoin happens to be the first and most groundbreaking cryptocurrency and blockchain network.

Ethereum – this is a decentralized blockchain platform enabling the creation of smart contracts and decentralized applications (dApps).

Litecoin – this coin was created in 2011 to be a faster and more lightweight alternative to Bitcoin.

Bitcoin Cash – it is a fork of Bitcoin in other to increase the block size limit that will process more transactions per second.

Dogecoin – another crypto that has gained its ground in the crypto space.

Cordano – it is a proof-of-stake blockchain platform that is aim to improve the scalability and security of previous blockchain networks.

Polkadot – this is a multi-chain infrastructure that powers interoperability between different blockchain networks.

There are still many other examples, listed above are a few examples of the Layer 1 blockchain protocols.

Three Different Layers of Blockchain

The application layer: This is the topmost layer that has a user-facing application interacting with the blockchain network. Layer 1 is decentralized applications (dApps), and wallets, with other user-friendly interfaces.

The Protocol Layer (layer 1): Protocol Layer 1 refers to the technology rules that state how blockchain operates. The protocol layer encompasses the consensus algorithm, the data structure, the cryptographic mechanism, and the protocol specifications that oversee how transactions are validated, recorded, and stored on the blockchain. For instance, the Bitcoin blockchain has a protocol layer that includes the proof-of-work consensus algorithm, the blockchain data structure, the SHA-256 hashing algorithm, and as well the peer-to-peer network protocol. These are the component that works together in giving a decentralized and immutable ledger that is resistant to hacking and fraud. However, each blockchain platform may have a different protocol layer, depending on its features and goals.

The consensus layer: This is responsible for consensus which is an essential part of the protocol layer. It states the rules use to validate transactions, add new blocks to the blockchain, and as well keeping the integrity of the network. All the different layers join to operate the blockchain network more securely and reliably. Users interacting with a blockchain network directly interact with the application layer, and then communicate with the protocol layer to carry out transactions and store data on the blockchain.

The Importance of Layer 1 Blockchain

Decentralization: Layer 1 blockchain is a decentralized network, with no central authority that controls the network. The decentralization makes it transparent, and secure and resists breaches.

Security: It provides a secure space for data storage and processing. It possesses an inbuilt cryptographic security mechanism ensuring confidentiality, integrity, and availability of transaction data.

Interoperability: the layer 1 blockchain gives interoperability between different blockchain networks. This allows seamless communication and transfer of value between various blockchain networks.

Scalability: Layer 1 blockchain provides scalability for the network. Gives room for many users to join the network and allows for quick and efficient transaction processing.

To sum it up, Layer 1 blockchain is important in facilitating the blockchain ecosystem to function effectively. It went on to provide the core foundation for a secure, decentralized, scalable, and interoperable blockchain network.

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