Cryptocurrency Q&A
Is Monero a Layer 1?
Is Monero a Layer 1?
Raffaele
Wed May 15 2024
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6 answers
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Could you please clarify for me whether Monero is classified as a Layer 1 blockchain? I've been hearing different opinions about this, and I'm trying to get a clear understanding. Layer 1 blockchains are typically associated with mainnets that have their own independent security and functionality, without relying on any other blockchain. Given Monero's focus on privacy and scalability, I'm curious to know if it meets the criteria for being considered a Layer 1. Could you enlighten me on this matter? Your expertise in the field of cryptocurrency and finance would be greatly appreciated.
6 answers
BonsaiVitality
Fri May 17 2024
Smart contracts are diverse in terms of functionality, ranging from simple to highly complex. Some, akin to Bitcoin's, serve a fundamental purpose, facilitating basic payments.
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EthereumEagle
Fri May 17 2024
Others, such as Ethereum's, offer a robust platform for developers to create intricate applications. These contracts enable a wide range of functionalities, extending beyond simple transactions.
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Federico
Fri May 17 2024
Layer 1 blockchains, including Solana and Binance Chain, represent the foundation of these smart contract ecosystems. They provide the underlying infrastructure that powers transactions and applications.
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mia_anderson_painter
Fri May 17 2024
Ripple, another Layer 1 blockchain, specializes in facilitating cross-border payments. Its technology aims to streamline financial transactions, making them faster and more efficient.
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KatanaBlade
Thu May 16 2024
Monero, on the other hand, focuses on privacy and anonymity. Its blockchain technology ensures that transactions remain secure and untraceable, safeguarding user privacy.
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