Crypto Terms:
Letter L
Jun 19, 2023 |
updated Apr 02, 2024
What is Layer-1 Blockchain?
Layer-1 Blockchain Meaning:
Layer-1 Blockchain -
a collection of solutions that enhance the protocol's core functionality.
Let's find out Layer-1 Blockchain meaning, definition in crypto, what is Layer-1 Blockchain, and all other detailed facts.
A Layer-1 blockchain stores a variety of solutions used for the enhancement of the protocol's core functionality with the goal of making the system more scalable. One of the main benefits of Layer-1 solutions is that nothing needs to be added to the existing infrastructure. Sharding and consensus protocol changes are two central Layer-1 blockchain solutions.
Talking about sharding, instead of forcing a network to operate sequentially on each transaction, it divides them into small data sets called shards, which can then be handled in parallel by the network.
In terms of a consensus protocol, it guarantees that various blockchain operations are agreed upon nodes rather than a single entity. Talking about changes in consensus protocols, large blockchains like Ethereum are moving from protocols like Proof-of-Work (PoW), which are a bit outdated and chunky, to protocols like Proof-of-Stake (PoS), which are faster and waste less energy.
NFTs/a>, or even <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//tutorials//metaverse-augmented-reality/">metaverse/a> spaces<\/strong>. The rewards do depend on the project in question, though.<\/p>\n<p>You can find some cool <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//learndrops/">LearnDrops on BitDegree<\/strong><\/a>. All you have to do to earn rewards is pick the project you want to learn about, watch a few video courses about it, and complete some tasks. Besides, the best part about these LearnDrops is that they are <strong>completely free<\/strong>.<\/p>\n<p>However, do note that this type of initiative is usually available for a <strong>limited amount of time <\/strong>because they have limited prize pools. Nevertheless, the learning material typically remains accessible even after the prize pool runs out.<\/p>","definition":"a limited-time learn-and-earn initiative that allows earning rewards while learning about something.","status":"published","updated_at":"2024-04-02T14:16:57.000000Z"}"
:prev-section="{"id":439,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Layer_2","level":"easy","section":"L","keyword_en":"Layer 2","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","slug":"what-is-layer-2","title":"What is Layer 2?","keyword":"Layer 2","content":"<p>Layer 2 is a secondary protocol developed on top of an existing blockchain system that helps major cryptocurrency networks to <strong>handle scaling and transaction speed difficulties<\/strong>. Large blockchains, like <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum/strong>/a>, became really popular over the last few years because they are resistant to censorship and can be programmable. This means that a lot of products can be built on them and they can be used in various cases.<\/p>\n<p>However, the issue with Ethereum is that it can only process 7 to 11 transactions per second, which is really not that much. A lot of users on the blockchain start to compete with each other over who will be the first to process their transactions, which leads to a bidding war over space that results in an increase in transaction prices. It even cost over $80 to send a token to another address on the Ethereum network at one point in 2021.<\/p>\n<p>Layer 2 protocol was launched in order to solve problems like the one that is described above. It enables transactions to be detached from the underlying blockchain, which allows thousands of transactions to be processed per second. There are two main forms of Layer 2 protocols – <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-zero-knowledge-rollup/">Zero-Knowledge Rollups<\/strong><\/a> and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-optimistic-rollup/">Optimistic Rollups<\/strong><\/a>.<\/p>\n<p>Besides, note that <strong>layer 2 solutions inherit their security from Ethereum (or other blockchains)<\/strong>, which means that they are not dependent on any other network, validators, or businesses to secure assets.<\/p>","definition":"a secondary protocol built on an existing blockchain system that helps to solve scaling and transaction speed issues.","status":"published","updated_at":"2024-04-02T14:16:55.000000Z"}"
:model="{"id":447,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Blockchain","level":"easy","section":"L","keyword_en":"Layer-1 Blockchain","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","slug":"what-is-layer-1-blockchain","title":"What is Layer-1 Blockchain?","keyword":"Layer-1 Blockchain","content":"<p><strong>A Layer-1 blockchain stores a variety of solutions<\/strong> <strong>used for the enhancement of the protocol's core functionality<\/strong> with the goal of making the system more scalable. One of the main benefits of Layer-1 solutions is that nothing needs to be added to the existing infrastructure. <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-sharding/">Sharding/strong>/a> and consensus protocol changes are two central Layer-1 blockchain solutions.<\/p>\n<p><strong>Talking about sharding<\/strong>, instead of forcing a network to operate sequentially on each transaction, it divides them into small data sets called <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-shard/">shards/strong>/a>, which can then be handled in parallel by the network.<\/p>\n<p><strong>In terms of a consensus protocol<\/strong>, it guarantees that various blockchain operations are agreed upon <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes/strong>/a> rather than a single entity. Talking about changes in consensus protocols, large blockchains like Ethereum are moving from protocols like <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work (PoW)<\/strong><\/a>, which are a bit outdated and chunky, to protocols like <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)<\/strong><\/strong><\/a>, which are faster and waste less energy.<\/p>","definition":"a collection of solutions that enhance the protocol's core functionality.","status":"published","updated_at":"2024-04-02T14:16:55.000000Z","author":{"id":1,"user_id":1,"image_id":2641,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-02-29T07:19:25.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","referral_token":"05TMu2NysXOCn525","referred_by":null,"last_connected_at":"2024-04-09T08:14:54.000000Z","created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-04-09T08:14:54.000000Z","full_name":"Aaron S."}}}"
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current-chapter="L"
current-section="what-is-layer-1-blockchain">