Elrond uses sharding as its main Layer 1 scalability solution. Theoretically, it can process up to 100,000 tps thanks to the combination of secure proof-of-stake (SPoS) consensus protocol and Adaptive State Sharding (ASS). Layer 1 protocols crypto Litecoin (LTC) is the second-oldest cryptocurrency, created from a fork from the Bitcoin protocol in 2011 to make a blockchain network that would be able to accommodate a wider range of transactional requirements. LTC, created by former Google engineer Charlie Lee, is one of the first “altcoins” — a name given to cryptocurrencies other than bitcoin.
The first category of layer 1 blockchain solutions would obviously include references to the switching of consensus mechanisms. Many conventional blockchain networks use Proof of Work, a resource-intensive and slow consensus mechanism. While Proof of Work supports decentralized consensus and security through cryptography, it presents notable setbacks for scalability. 11 Altcoins to Watch in 2022 The (adoption of) innovation in the ecosystem is a key driver until the blockchain network is ready for mass adoption and the lower protocols become hardened protocols with very rare changes.
Other platforms like Cardano and Polkadot use Proof-of-Stake, where validators pledge or “stake” their coins to have the right to participate in the consensus process. In such systems, validators that are found to be behaving dishonestly are penalized by having their stake reduced or “slashed”. What’s the main difference between layer-1 blockchains? Mar 1, 2020
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