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EXERCISE: :
i. Watch the above lesson video and also read through the recommended resources. Then, answer the following questions
ii. What Are The Differences Between Layer 1 and Layer 2 Blockchain?
iii. Summarize in your own word in this forum below:
(NOTE: please, don't just copy-paste from other students - instead answer in your own word based on your level of understanding the lesson and resources)
NOTE:
This Is An Exercise From Our FREE COURSE with CERTIFICATION:
Metis Blockchain Programming 101 Course
(If you have not enrolled yet, you can join the course totally for FREE).
What Are The Differences Between Layer 1 and Layer 2 Blockchain Explained:
i- Layer 1 Blockchain refers to the main Blockchain for example Ethereum Blockchain, Bitcoin Blockchain, Solana Blockchain, Polkadot Blockchain etc.
ii- Layer 2 Blockchain are built on top of the Layer 1 Blockchain security infrastructure usually to help scale the number of transactions that can be handled by Layer 1 Blockchain
and also comes with other benefits like cheaper transaction fees and dedicated
iii- Example of Layer 2 Blockchains For Ethereum Blockchain are Metis, Polygon etc
iv- Layer 2 Blockchain also makes it possible to have dedicated chains for specific use cases beyond general use-cases focus by their Layer 1 Blockchain
- like Immutable X layer 2 Blockchain on Ethereum dedicated to NFTs
The differences between layer one Blockchain and layer two Blockchain include the following;
1) Layer 1 is the native Blockchain in which layer 2 is built on top
2) Layer 1 Blockchain has what we called Miners or Validators which act as security watchers of the Blockchain and those participating are rewarded with the native token why layer 2 has no such arrangements
3) Layer 2 are meant to solve specific problem of layer 1 eg scalability, gas fee security etc