What does layer 1 mean in blockchain?
We are very familiar with the words layer 1 or layer 2. We are familiar with Bitcoin and Ethereum coins. Moreover, many of us must have heard the names of these two popular Bitcoin and Ethereum blockchains. These are the world's two largest L1 blockchains based on Layer 1. L1 innovation is crucial to shaping the future of the crypto industry. L1s provide critical infrastructure. Layer 1 is the blockchain on which exciting and innovative solutions like decentralized finance, blockchain gaming, NFT and decentralized social are built. Layer 1 or Layer 2 based blockchains are very important. So today I will discuss layer 1 with you.
Layer 1 which is basically abbreviated as L1 Blockchain. This is a base blockchain. An L1 blockchain is a blockchain on which secondary blockchain networks and applications are sometimes built. L1 blockchains are important because they provide basic infrastructure and security. Moreover, such blockchains are required for the functioning of layer 2 blockchains.
Layer 1 blockchains are basically known as base blockchains. As such, Ethereum is also a base blockchain. Optimism is also a blockchain. These are usually based on the Ethereum blockchain. But this is known as second layer blockchain. Such blockchains rely on the base blockchain, Ethereum, for security. It uses a secure proof-of-stake (PoS) consensus process. Layer 1 blockchain based ones are very secure especially they secure and validate transactions. Because such blockchains have a network of stakers, node operators and blocks. Optimism also relies on Ethereum for data availability.
Layer 1 is important because it securely stores the history of data associated with transactions in a decentralized ledger. All these networks use a consensus process to validate and secure the transactions that are completed. and thereby encourage participants to network.
Every such layer 1 based blockchain has a native cryptocurrency. And through this type of native token, fees can be paid for network resources. Such blockchains create secondary blockchains and applications. and also provides the underlying infrastructure for such applications. However, transactions carried out on such a player blockchain can often be slower and more expensive than on a layer 2 network. Also such blockchains act as a source of truth for transaction settlement.
Very nice explanation about layer 1 in blockchain. Actually had no idea about it. I understand a lot from you, thank you. I hope to benefit from this in the future.
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Brother has discussed very nicely about layer 1 blockchain. Decentralization is what makes Bitcoin and Ethereum so popular. It might not have gained so much popularity if it was centralized. People have confidence in Bitcoin and Ethereum because of decentralization.
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Layer 1 blockchains such as Ethereum and Optimism serve as infrastructure for a secondary blockchain network. They provide some security required for decentralized packages and validate transactions. Understanding their work is key to navigating the complex blockchain ecosystem. Layer 1’s reliance on Ethereum underscores its importance in blockchain technology.