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Ethereum is Turing-Complete, which means that essentially any possible application or use case can be implemented on Ethereum. Part of the DeFi narrative is the creation of Web 3.0 – the decentralisation of the internet. Additionally, it kickstarts a staking industry where even institutional investors are showing interest. Its main weakness is scalability and this is the angle of attack many projects are using but a lot of it gets fixed with the implementation of ETH2.0. This begs the question – are lawyers necessary to ensure that an agreement is carried out in full? Do we even need an intermediary at all? This is the whole narrative behind Ethereum – decentralised finance, or DeFi.Įthereum has the largest number of DApps as well as the widest variety which is keeping it at the forefront of this race. Here, the technology is being used to enforce the rules. Conversely, if it is in the code, then it will happen. Since then, it has practically become a household name and the chain that every new L1 project is secretly trying to overtake.Īt the most basic level a smart contract is an on-chain agreement – if it is not in the smart contract code, it will not happen. Nick Szabo is the first one who to discuss smart contracts, but Ethereum is the first blockchain to implement them. Unique Selling Points: Largest network effect, first-mover advantage, largest number and variety of applications.Consensus Mechanism: Proof-of-Work ( moving to Proof-of-Stake in 2022).Only you are responsible for any capital-related decisions you make and only you are accountable for the results. How do they handle consensus? What is the native token? Any updates? In this journal we will be covering some of the more interesting and larger market capitalisation Layer 1 projects.ĭisclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE.
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With Bitcoin and Ether back at all-time highs and Uptober in full swing, we thought it would be beneficial to write up a TLDR of the main Layer 1 blockchains. We believe that the narrative of Q4 will be Layer 1s, Bitcoin ETFs and, to a lesser extent, NFTs. However, new Layer 1 blockchains have entered the space in the last 24 months that have changed the game in terms of transaction speed, cost, and interoperability. Older Layer 1 protocols tend to suffer from scalability problems, and the Proof-of-Work consensus mechanism is generally considered to be outdated technology. It does not store any personal data.What is a Layer 1 blockchain? Simply, a Layer 1 blockchain is the underlying core architecture upon which other solutions and, in the case of smart contract enabled chains, applications are built. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly.