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#LearnCrypto is an educational hashtag empowering users to explore cryptocurrency concepts, blockchain technology, trading strategies, investment tips, market analysis, and financial literacy, fostering a community of informed digital currency enthusiasts.
Understanding Layer 1 Blockchains: The Core of Crypto What is an L1 or Layer 1 blockchain? Let's hop right into the basics. If you don't know who I am, my name is EQ and I've helped over 1300 people learn how to trade since 2021. Now Layer 1s refer to the base layer of the blockchain, such as Bitcoin, Ethereum, XRP, Solana, and so on and so forth. Now each one of these blockchains and Layer 1s operate independently of each other. They don't communicate with each other and they do not communicate with the internet. The way that they communicate with the internet is through smart contracts and oracles. Now within each blockchain, they can handle their own independent transactions and they can maintain their own consensus mechanism. Layer 1s are the core of crypto, but they do run into a lot of issues. When you're talking about the blockchain trilemma, there's three major components, scalability, speed, and security, which was thought to be impossible to achieve all three. So when you're looking to enhance scalability and functionality, that's where Layer 2 solutions come in, which I'll cover in another video. If you want to learn how to trade, comment “EPIQ” below. And if you want to stay up to date with anything crypto trading related, hit that follow button. #blockchain #cryptoforbeginners #learncrypto #epiqtradingfloor
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