Layer 1 coins are cryptocurrencies that function on their blockchain and form the basics of the blockchain ecosystem. This means that Layer 1 coins provide the primary infrastructure for other cryptocurrencies and decentralised applications. Well-known examples of Layer 1 coins are Bitcoin and Ethereum.
Unlike regular currencies, cryptocurrencies are decentralised and can be sent directly between users without third-party intervention.
Layer 1 coins are designed to be reliable, secure and efficient, providing the basis for developing new and innovative decentralised applications. Layer 1 coins are an essential part of the future of cryptocurrency.
This article lists the top 10 Layer 1 coins of 2023 for you. So read on quickly!
1. Bitcoin (BTC)
is the first decentralised cryptocurrency that operates on a peer-to-peer network. This cryptocurrency uses pioneering blockchain technology that stores and validates transactions. Bitcoin's blockchain technology allows users to complete transactions without the intervention of a central authority, such as a bank or government. BTC is the first digital currency not tied to a government or central authority.
You can use Bitcoin, like other cryptocurrencies, for transactions. You can also use Bitcoin to pay for services and products, exchange the currency for other cryptocurrencies or choose to invest in Bitcoin.
2. Ethereum (ETH)
is a decentralised open-source blockchain platform that, in addition to peer-to-peer transactions, also allows applications to be developed on the platform. The Ethereum blockchain supports smart contracts and does not use a central authority that stores and processes data. The Ethereum blockchain uses a collective force made up of thousands of computers spread around the world.
One of the key features of Ethereum is that developers can develop decentralised applications (dApps) on the platform. These dApps are built on the platform and run on Ethereum's network. You can also complete transactions or choose to invest in Ethereum.
3. Polkadot (DOT)
is a next-generation blockchain protocol. The Polkadot protocol is an open-source sharding multichain protocol that enables the cross-chain transfer of data or assets. This creates an extensive network of blockchains that are interconnected.
The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing independent blockchains to share information and transactions confidentially. Therefore, the two main issues Polkadot focuses on are scalability and blockchains' isolation.
4. Cardano (ADA)
is a blockchain platform powered by the ADA coin. The platform uses smart contracts to execute transactions as quickly and securely as possible. Cardano's network is similar in some ways to ether and the Ethereum blockchain. Cardano claims the mechanism behind the platform is the first of its kind, with a level of security comparable to Bitcoin.
Cardano launched in 2017 as Crypto 3.0. Cardano is a third-generation blockchain aiming to improve the functionalities of predecessors, such as Bitcoin and Ethereum.
Cardano uses a Proof of Stake consensus mechanism. This mechanism makes Cardano more sustainable and scalable than other cryptocurrencies. Cardano's blockchain system is among the most environmentally friendly systems in the cryptocurrency world.
5. Binance Smart Chain (BNB)
The Binance Smart Chain (BNB)
is the latest blockchain created by the cryptocurrency platform Binance. Binance Smart Chain is related to the Binance Chain and should provide the solution to bring DeFi and other types of dApps to the Binance platform.
Binance Smart Chain focuses primarily on smart contracts, just as Ethereum (ETH) does. The platform allows developers to run their decentralised application (dApp) or project on the Binance Smart blockchain. BSC's network ensures that the applications created are correctly executed and end users can use the application.
6. NEAR Protocol (NEAR)
NEAR Protocol (NEAR)
is a decentralised development platform designed to create the ideal environment for decentralised applications (dApps). The platform does this by overcoming some of the limitations of competing systems, such as low throughput, slow speeds and poor cross-compatibility. With NEAR Protocol, the emphasis is on the project's community. NEAR Protocol is a highly scalable, low-cost platform for developers to build dApps.
7. Avalanche (AVAX)
is a smart contract platform focusing on DeFi. Avalanche intends to be a global asset exchange where anyone can trade or launch any asset. These assets are controlled on the platform in a decentralised manner using the smart contract and other advanced technologies.
Avalanche is trying to compete with the great Ethereum by always being one step ahead of the platform. The Avalanche platform has built a blockchain that can process up to 4,500 transactions per second.
8. Solana (SOL)
is a decentralised smart contract platform that aims to solve the scalability problem of decentralised networks. Solana aims to compete with Ethereum by solving the platform's scalability problem. Solana, like Ethereum, is a smart contract platform on which you can theoretically build any application worldwide.
Solana's platform is built to handle a throughput of up to 65,000 transactions per second with transaction costs that are practically zero. This makes Solana an excellent alternative to Ethereum's mere 15 transactions. However, Solana does sacrifice more decentralisation with the large volume of transactions.
9. Cosmos (ATOM)
is a project that aims to form an ecosystem of independent blockchains, forming the basis for the next generation of the Internet. Connecting blockchains makes it possible to interact with different blockchains.
Cosmos allows developers to set up their blockchains quickly and easily. The Cosmos platform provides the basis for a blockchain, so the developer only has to deal with the details. This leaves more time for the development of dApps running on the blockchain.
10. Aptos (APT)
is a layer one blockchain that uses the Proof-of-Stake (PoS) consensus mechanism. Aptos attempts to solve the most common problems in the cryptocurrency market. The blockchain strives to be the most perfect in the cryptocurrency world.
During the development of the blockchain, Aptos started using Web 3.0 technology. This new technology improves the decentralisation of the blockchain. The blockchain is working hard to make the integration of Web 3.0 technology easier to increase accessibility for users.