What is Layer 1 Blockchain?

If you are willing to learn more about Web3, cryptocurrency, or blockchain, you have come to the right place. Here, on this page, we will discuss what exactly are these Layer 1 cryptocurrencies and how they work. 

It happens most of the time those who are willing to learn new technologies often end up getting confused by different opinions from different sources. Hearing these terms might be confusing as well if you are not acquainted with this domain earlier.

So, the Layer 1 is the biggest in the market as per the current market capitalization. Given that fact, these cryptocurrencies are the most popular and widely used crypto assets in the market today.

What are the Major Features of Layer 1?

Being the biggest crypto category in the market, Layer 1 holds some significant key features. Security is one of the best of all. Layer 1 crypto tokens are designed to be secure and have high levels of encryption and consensus mechanisms. Such mechanisms ensure that each transaction is valid and tamper-proof.

The second key feature is Decentralization. Layer 1 tokens aim to be highly decentralized in the market. These tokens don’t have any central authority, reducing the chances of failure, censorship, or interference from outside parties.

Next comes its Scalability. Layer 1 tokens aim to be scalable. This allows them to process a high volume of transactions quickly and efficiently.

Layer 1 tokens are also flexible. These tokens are designed to allow for the development of a wide range of dApps and use cases.

Some Significant Examples of Layer 1 Tokens:

Layer 1 tokens have gained significant adhesion since their inception. Some of the well-known and widely-used Layer 1 tokens are as follows:

Bitcoin – The first cryptocurrency in the world Bitcoin is considered as a Layer 1 crypto token. Founded by the mysterious Satoshi Nakamoto in 2009, Bitcoin is still the sensation of all crypto lovers across the world.

Ethereum – The second most talked about cryptocurrency after BTC (Bitcoin). Actually, Ethereum is the name of the Blockchain that makes every crypto transaction possible. The platform’s native crypto token is named Ether.

Algorand – Another Layer 1 token that makes it easy to fungible and non-fungible tokens.

Cardano – This Layer 1 crypto token is known for its ability to facilitate peer-to-peer transactions with its internal cryptocurrency ADA.

Hedera – It is also one energy-efficient crypto by Layer 1.

How to Buy Layer 1 Tokens?

You should never worry about getting your hands on these popular tokens. As we are providing below a step-by-step guide for buying these tokens on FreeBitco.in.

1. Go to FreeBitco.in and sign yourself in.
2. Play the Provably fair Hi-Lo game and win Bitcoins for free.
3. Join their generous referral program by inviting your friends and family to FreeBitco.in.
4. Earn interests on your deposit.
5. Play a free weekly lottery game.
6. Join the wagering contest.

Key Takeaways:

However, Layer 1 also comes with some disadvantages and potential risks. The most important concerns are its scalability and centralization. But, despite these challenges, Layer 1 presents many opportunities for investors.

This whole Layer 1 alone accounts for nearly $900 billion worth of market capitalization currently out of the total crypto market cap of $1.2 trillion at the time of writing. Hence, it is the single largest and most valuable cryptocurrency category by far.