Layer 1 🎮

If we playfully consider blockchain as the “it girl” of Web3, we’re curious to know — how does she do it all? The secret: layers. Let us discuss about Layer 1 today 🚀

What is Layer 1?

Layer 1 is the fundamental base network of a blockchain platform. It executes all on-chain transactions and therefore acts as a public ledger’s source of truth.

Processing a transaction, for most networks, consists of logging a user’s cryptocurrency wallet via asymmetric key pairs and its corresponding coin or token balances. The deal passes through a consensus mechanism — which will be distinct to each platform — to verify and finalize the trade or sale. Additionally, layer 1 blockchains host their own native token, which is used to cover transaction costs, or gas fees.

Determining which consensus mechanism is fit for a platform comes down to a trade-off between three main features: security, scalability and decentralization. This compromise is commonly referred to as “the blockchain trilemma,” a concept originally identified by Ethereum co-founder Vitalik Buterin. Whatever isn’t fully covered by layer 1 protocols — typically scalability — can be compensated for in the layer 2 protocol built on top of it (more on that tomorrow), serving as an extension to the mainnet’s functionality.

That's it for the day geeks, Web3Shala Signing off ✌🏻

Have a nice day :)Keep Learning 🙏🏻