What is a layer-1 blockchain?

A Layer-1 blockchain is the base level of the blockchain architecture. Layer-1 blockchains validate and execute transactions without support from another network, and reimburses transaction fees with cryptocurrencies. For example, Ethereum runs transactions without depending on an external system and has its own native cryptocurrency, Ether.

What are the different types of blockchains?

The majority of the most familiar blockchains are all layer 1 chains. Examples include Bitcoin, Ethereum, Avalanche, and Cardano. These all share certain features that define them as layer 1 chains. The individual units of the blockchain— blocks —are produced by miners (or validators) and recorded on the network’s layer 1 chain.

What are the common consensus mechanisms used on Layer-1 blockchain networks?

Common consensus mechanisms used on layer-1 blockchain networks include proof-of-work (PoW), proof-of-stake (PoS) and delegated proof-of-stake (DPoS). Layer-1 blockchain technology is the foundation for many of the leading public blockchain networks, such as Bitcoin and Ethereum.

What is Elrond blockchain?

Elrond is a layer-1 network founded in 2018 that uses sharding to improve its performance and scalability. The Elrond blockchain can process over 100,000 transactions per second (TPS). Its two unique main features are its Secure Proof of Stake (SPoS) consensus protocol and Adaptive State Sharding.