What coins are available in Layer 1?

As we've seen with Bitcoin, improving the scalability of a Layer 1 network is difficult.

As a solution, developers have created Layer 2 protocols that rely on Layer 1 networks for security and consensus, and Bitcoin's Lightning Network is an example of a Layer 2 protocol.

 What coins are available in Layer 1?

1.ETH

Ethereum is an open-source public blockchain platform with smart contract functionality. Through its dedicated cryptocurrency, Ether (also known as "Ethereum"), it provides a decentralized virtual machine (known as the "Ethereum Virtual Machine") to process peer-to-peer contracts.

2.BNB

BinanceCoin is a token issued by Binance, abbreviated as BNB, which is a decentralized blockchain digital asset based on Ethereum. The total issuance is constant at 200 million, and BNB will be burned every quarter according to the trading volume of the Binance platform in the current quarter, and the destruction record will be announced as soon as possible, and users can query it through the blockchain browser to ensure openness and transparency.

3.SOL

Founded in late 2017 by former Qualcomm, Intel, and Dropbox engineers, Solana is a single-chain delegated proof-of-stake protocol that focuses on providing scalability without decentralizing or security. At the heart of Solana's scaling solution is a decentralized clock called "Proof of History (PoH)" that aims to solve the problem of time in a distributed network where there is no single trusted time source.

4.ADA

The cryptocurrency ADA is the currency of the Cardano protocol, which can be used to send and receive digital funds. This digital cash represents the future of money and makes it possible to secure fast direct transfers through cryptography. Cardano is not just a cryptocurrency, it is also a technology platform that will be able to run financial applications that are currently used daily by individuals, organizations, and governments around the world. The platform is built in layers, which gives the system more flexibility to maintain and allows for upgrades via a soft fork.

5.DOT

The Polkadot community voted to approve the 100x split of DOT. This is a 100x split DOT. Polkadot will enable a fully decentralized internet where users have full control. It envisions the Internet as one where everyone's identity and data are in their own hands – unaffected by any central authority.

6.LUNA

Terra is an algorithmic stablecoin platform that runs on the ProofofStake (PoS) built using Tendermint, which is the underlying proof-of-stake blockchain. LUNA is Terra's platform token and is used for the issuance of stablecoins (TerraSDRs), price stabilization mechanisms, and network governance. Users can use LUNA tokens to exchange for TerraSDRs stablecoins and vice versa.

7.AVAX

Formerly known as Ava/AVA, the Avalanche (AVAX) project is an open-source platform for launching highly decentralized applications, new financial primitives, and new interoperable blockchains. Using a groundbreaking consensus protocol architecture, a smart contract platform that can confirm transactions in less than a second, supporting the full content of the Ethereum Development Kit, enabling millions of complete block producers.

8.ALGO

Algorand is a blockchain project led by Silvio Micali, a professor at the Massachusetts Institute of Technology (MIT), winner of the Gödel Prize, and winner of the Turing Award. The project raised a $4 million seed round from well-known venture capitalists Pillar and Union Square Ventures.

9.TRX

TRON is committed to promoting the decentralization of the Internet and is committed to building infrastructure for the decentralized Internet. Its TRON protocol is one of the world's largest blockchain-based decentralized application operating system protocols, providing high-throughput, high-scalability, and high-reliability underlying public chain support for decentralized application operation on the protocol.

Scalability is one of the things hindering global crypto adoption, and as the demand for cryptocurrencies increases, so will the pressure to scale blockchain protocols.

Since both blockchain layers have certain limitations, the solution in the future will be to build a protocol that can solve the scalability trilemma.