mcatfam

introduction to layer 1 blockchain.

what’s a blockchain? 
- a blockchain is a decentralized, distributed digital ledger that records transactions across many computers in a secure, transparent, and tamper-resistant way. 
each transaction is grouped into a “block,” cryptographically linked to the previous one, forming a chronological “chain.”

a  blockchain should be three things:
• scalable
• secure
• decentralized
layer 1 refers to the main blockchain (e.g. Bitcoin and Ethereum), settling all transactions in one network.

limitations of layer 1 blockchain.

managing all of these transactions in one network can lead to network congestion.
due to this, scalability becomes an issue which could result in higher network fees (gas).