Are you new to the cryptocurrency world and feeling a bit lost? Don't worry, you are not alone. The cryptocurrency space can be daunting for newcomers, with its many terms, abbreviations and definitions that can be difficult to understand.
ATAIX crypto glossary will help make sense of some of the most common cryptocurrency terms and definitions. Armed with this information, you'll be ready to start participating in this exciting and innovative new economy!
What is Layer-1 Blockchain?
A layer 1 blockchain is a type of blockchain that is able to operate independently of any other blockchains. A layer 1 blockchain is typically built using its native token and is not reliant on any other tokens or assets.
A layer 1 blockchain is often seen as the most secure type of blockchain, as it is not reliant on any other systems or networks. This means that a layer 1 blockchain is less likely to be compromised by attacks or hacks.
Layer 1 blockchains are often used by businesses and organizations that need the highest levels of security and assurance. Some examples of companies that may use a layer 1 blockchain include banks, government agencies, and large corporations.
Layer 1 blockchains typically have higher transaction fees than other types of blockchains. This is due to the fact that layer 1 blockchains are often used for high-value transactions. Layer 1 blockchains are often seen as the most efficient and secure way to conduct business or transactions despite the higher transaction fees. This is why many companies and organizations that require the highest levels of security and assurance use layer 1 blockchains.