Layer 1 in the context of blockchain refers to the foundational blockchain protocol layer. It is the underlying technology that establishes the basic rules and consensus mechanisms for a blockchain network. Some well-known layer 1 blockchain platforms include Bitcoin and Ethereum. These platforms have their own native cryptocurrencies (Bitcoin and Ether) and provide the infrastructure for creating and executing smart contracts and decentralized applications (DApps).
Layer 1 blockchains are responsible for tasks like transaction validation, block creation, and consensus mechanisms (e.g., proof of work or proof of stake). They form the basis upon which additional layers, such as Layer 2 solutions or sidechains, can be built to improve scalability and functionality.
Layer 1 blockchains are often characterized by their security, decentralization, and immutability, making them suitable for a wide range of applications beyond just cryptocurrency transactions.
Blockchain layer 1, often referred to as the base layer, serves as the foundation for blockchain networks. Expectations for layer 1 blockchains include:
1. Security: High levels of security through cryptographic algorithms and consensus mechanisms to prevent tampering and fraud.
2. Decentralization: A distributed network of nodes that reduces the control of a central authority, making it resistant to censorship and single points of failure.
3. Scalability: The ability to handle a large number of transactions per second (TPS) and accommodate growing user demand without compromising performance.
4. Interoperability: The capability to interact with other blockchains and external systems to facilitate cross-chain operations and data exchange.
5. Smart Contracts: Support for programmable contracts, allowing developers to create decentralized applications (DApps) with automated, trustless execution.
6. Consensus Mechanisms: Various consensus algorithms (e.g., Proof of Work, Proof of Stake) that ensure agreement among network participants.
7. Energy Efficiency: Improvements in energy consumption compared to early Proof of Work blockchains to address environmental concerns.
8. Governance: Mechanisms for decentralized decision-making and upgrades to the blockchain protocol.
9. Privacy: Enhanced privacy features, such as zero-knowledge proofs, to protect sensitive data while still maintaining transparency.
10. User-Friendly: User-friendly interfaces and tools that make it easier for individuals and businesses to participate in blockchain activities.
11. Low Transaction Costs: Minimizing transaction fees to make blockchain more accessible and cost-effective for users.
12. Resilience: Robustness against various attacks, including 51% attacks, Sybil attacks, and other security threats.
Expectations may vary depending on the specific blockchain project and its goals. Advancements in layer 1 technology continue to evolve, with different blockchains focusing on different aspects to meet these expectations and drive the adoption of blockchain technology across various industries.
Planq is a scalable and interoperable Ethereum blockchain, built on Proof-of-Stake with fast-finality.
EVM module
Planq enables EVM compatibility by implementing various components that together support all the EVM state transitions while ensuring the same developer experience as Ethereum:
Ethereum transaction format as a Cosmos SDK Tx and Msg interface
Ethereum's secp256k1 curve for the Cosmos Keyring
StateDB interface for state updates and queries
JSON-RPC client for interacting with the EVM
From several points above, Planq Foundation is a Layer 1 blockchain compatible with EVM, and in my opinion the Planq Network blockchain is suitable to pay attention to and be included in the watch list.
The planq project also has super fast transaction speeds