Blockchain layer 1, often referred to as L1, is the foundational layer of a blockchain network. It is responsible for creating and managing the blockchain's main ledger, consensus mechanism, and basic functionalities. Some well-known examples of Layer 1 blockchains include Bitcoin and Ethereum.
Key characteristics of Layer 1 blockchains:
1. Consensus Mechanism: Layer 1 blockchains use various consensus mechanisms like Proof of Work (PoW) in Bitcoin and Ethereum (although Ethereum is transitioning to Proof of Stake), and Proof of Stake (PoS) in networks like Cardano and Polkadot.
2. Security: Layer 1 blockchains prioritize security and decentralization. They rely on a large network of nodes to validate and record transactions, making them resistant to attacks.
3. Smart Contracts: Some Layer 1 blockchains, like Ethereum, support smart contracts, enabling programmable and decentralized applications (DApps) to run on the network.
4. Scalability: Layer 1 blockchains have limitations in terms of scalability and transaction throughput. This has led to the development of Layer 2 solutions and sidechains to alleviate congestion and improve speed.
5. Native Tokens: These blockchains have their native cryptocurrencies (e.g., Bitcoin's BTC or Ethereum's ETH) used for various purposes within the network, including as a means of value transfer and paying transaction fees.
Layer 1 blockchains serve as the foundation for the entire blockchain ecosystem. Developers often build Layer 2 solutions and decentralized applications on top of them to leverage their security while addressing scalability issues.
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Basic concepts Planq
Ethereum transactions refer to actions initiated by EOAs (externally-owned accounts, managed by humans), rather than internal smart contract calls. Ethereum transactions transform the state of the EVM and therefore must be broadcasted to the entire network.
Ethereum transactions also require a fee, known as gas. (EIP-1559 (opens new window)) introduced the idea of a base fee, along with a priority fee which serves as an incentive for miners to include specific transactions in blocks.
There are several categories of Ethereum transactions:
regular transactions: transactions from one account to another
contract deployment transactions: transactions without a to address, where the contract code is sent in the data field
execution of a contract: transactions that interact with a deployed smart contract, where the to address is the smart contract address
For more information on Ethereum transactions and the transaction lifecycle, go here (opens new window).
Planq supports the following Ethereum transactions.
Note: Unprotected legacy transactions are not supported by default.
Dynamic Fee Transactions (EIP-1559 (opens new window)
Access List Transactions (EIP-2930 (opens new window)
Legacy Transactions (EIP-2718 (opens new window)
Planq is a Cosmos-based chain with full Ethereum Virtual Machine (EVM) support. Because of this architecture, tokens and assets in the network may come from different independent sources.
The PLANQ Token
The denomination used for staking, governance and gas consumption on the EVM is the PLANQ. The PLANQ provides the utility of: securing the Proof-of-Stake chain, token used for governance proposals, distribution of fees to validator and users, and as a mean of gas for running smart contracts on the EVM.
Planq uses Atto (opens new window)PLANQ as the base denomination to maintain parity with Ethereum.
1 planq = 1018 aplanq
This matches Ethereum denomination of:
1 ETH = 1018 wei
Cosmos Coins
Accounts can own Cosmos coins in their balance, which are used for operations with other Cosmos and transactions. Examples of these are using the coins for staking, IBC transfers, governance deposits and EVM.
EVM Tokens
Planq is compatible with ERC20 tokens and other non-fungible token standards (EIP721, EIP1155) that are natively supported by the EVM.