Blockchain technology holds the potential to enhance various industries, particularly in the financial sector. Layer one protocols, which are essentially the base layer of any blockchain network, serve as key components of a blockchain system. Examples of layer one blockchains include Bitcoin, Ethereum, and Binance Smart Chain. These blockchains serve as the base layer for various decentralized applications (DApps) and smart contracts.
Layer one protocols are responsible for establishing the fundamental rules and consensus mechanisms that govern a blockchain network. They determine how transactions are validated and added to the ledger. Additionally, layer one protocols are where interoperability between different dApps will take place in the future.
Businesses can also deploy their own layer one, known as an “enterprise blockchain” so as to achieve goals of their business or offer services. These blockchains are fundamentally different from the abovementioned layer ones, which f
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