Layer 1 Consolidation: A New Dawn For Blockchains?
Layer 1 protocols are the foundational architectures upon which blockchain technology rests, dictating the rules and infrastructure that govern the entire ecosystem. Understanding these protocols is crucial for anyone looking to delve deeper into cryptocurrencies, decentralized applications (dApps), and the future of the internet. In this comprehensive guide, we'll explore what Layer 1 is, how it works, different types of Layer 1 protocols, and their importance in the broader blockchain landscape.
What is Layer 1?
Defining Layer 1
Layer 1 (L1) refers to the base blockchain, or the foundational layer, upon which other applications and protocols are built. It's the core architecture that processes and finalizes transactions, manages consensus, and provides the essential security and data int...