#blockchain
Blockchain Technologies: The Foundation of Everything. These are the technical pillars that support the world of crypto and Web 3:
🔹L1 (Layer 1) term: This is the core blockchain network itself, such as Bitcoin or Ethereum. It is responsible for recording and securing transactions.
🔹L2 (Layer 2) term: These are protocols or networks built on top of Layer 1 to enhance its performance, such as increasing transaction speeds and reducing fees. Example: Arbitrum as a Layer 2 for Ethereum. Their importance: Layer 2 solutions are essential for scaling blockchain networks to accommodate millions of users and applications, making them faster and cheaper.