layer 1 protocols crypto

Get your step-by-step guide to setting up an account with Crypto.com Layer 1 blockchains, often referred to as decentralized ledgers or distributed databases are the backbone of the entire Web3 infrastructure. When you carry out a transaction, when you buy an NFT, or when you deploy a smart contract that data tends to be stored, in bundles called ‘blocks’, with each new block that is created being linked to the previous one forming a layer 1 blockchain, so named because it is the most fundamental layer on which the data is stored. If https://btcbinary.biz/ think of a blockchain as a structure, layer 0 is a collection of the critical components that all blockchains need even before they can come into existence. Layer 1 is the foundation that helps define the blockchain. Among other things, this layer defines the consensus mechanism of the blockchain, such as proof-of-work or proof-of-stake.