⚙️Layer 1 of a Blockchain: What Is It?⚙️
✅In its most basic sense, this word describes the blockchain technology itself. Solana, Ethereum, Bitcoin, and BNB Smart Chain are just a few examples. The name "layer 1" comes from the fact that these networks represent the backbone of their own ecosystems. Developed on top of these main networks are following layers, such as off-chains and layer-2 solutions, which are separate from this one.
✅The capacity to execute and complete transactions on its blockchain autonomously is a defining feature of a layer-1 protocol. Further, the transaction costs associated with these systems are often covered by their own distinct token.
⚙️An Overview of Layer 1 Blockchains!⚙️
✅Looking at the transactions that happen in a user's wallet reveals the simple principle that layer 1 blockchains operate on.
Private keys or secret phrases are used to secure each wallet app. The security of users' wallets and the ability to begin transactions are guaranteed by this. After then, the nodes in the network that are associated with the user's chosen blockchain confirm the legitimacy of the transaction.
✅Proof of Work (PoW) and Proof of Stake (PoS) are two examples of the consensus processes used by different blockchains. The future block's transactions may be agreed upon by the nodes, which are basically computers, via these procedures. The transaction's success or failure is decided by this procedure.
✅The next step is to put the validated transactions into blocks. Under Proof-of-Work, participants compete to solve difficult mathematical problems in order to create the next block. Staking assets is a way for validators to compete in PoS.
A block is added to the blockchain when it is created and accepted by the validators or miners of the network. This enhancement is the key that unlocks the immutability and security of the blockchain.
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