What is Layer 1?
Let's take a brief look:
Cryptocurrencies are built on distributed ledger technology, often called blockchain. These blockchains consist of various layers, and each layer performs a specific function. "Layer 1" is the first of these layers.
These transactions are carried out through consensus mechanisms such as Proof of Work (PoW) or Proof of Stake (PoS), which are used to create and verify blocks in the Blockchain.
For example, while#PoWmechanism is used for #Bitcoin,#PoSmechanism is used for#Solanaor #Ethereum, I have already explained what these are in my profile.
This layer refers to the underlying blockchain protocol of cryptocurrency. #Bitcoin's blockchain is Layer 1. This layer provides basic features, verifies transactions, and creates a secure and reliable ledger between all nodes on the blockchain.
For this, it uses the#PoWmechanism, which depends on the workforce. Layer 1 is the main layer of the blockchain and defines the underlying protocol of the cryptocurrency.
You can examine a few#Layer1projects as examples;
$DOT
$NOV
$INJ
Which is your favorite Layer1 project?
