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What Are Blockchain Layers?

2/22/2023

 
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If you are unfamiliar with Bitcoin, you may have heard the phrase “Layer 2” or “Layer 3” used in connection with blockchain networks. Phemex.com offers a helpful summary:
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•  Layer 1 blockchain refers to the underlying blockchain architecture.
•  Layer 2 blockchain refers to various protocols that are built on top of layer 1 to improve the original blockchain’s functionality.
•  Layer 3 is represented by blockchain-based applications, such as decentralized finance (DeFi) apps, games, or distributed storage apps.

Among the notable layer 2 projects on Bitcoin are the Lightning Network, Liquid Network, and Omni Layer. Lightning Network (LN) is a layer 2 Bitc oin protocol that offers users a fast micro-payment platform. While crypto payments conducted via layer 1, the BTC chain itself, are slow and expensive, payments conducted via LN are executed very quickly and involve very low transaction fees.

The average transaction on Lightning Network is confirmed within seconds, and virtually all transactions are confirmed in less than a minute. In contrast, BTC layer 1 transactions take several minutes to confirm on average, and some transactions may remain in an unconfirmed state for days. For those who prefer a visuals, this graphic from Bitcoin Magazine, an online publication dedicated to Bitcoin news and developments, shows the connection between blockchain network layers:

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JCN, LLC, d/b/a “PODMines” is an Illinois based LLC offering a subscription service suite of amenities for cryptocurrency and digital currency miners located at several properties in the Midwestern United States. Those amenities include: physical space within an exterior or interior mining pod, ambient air flow, electricity, bandwidth, 24x7 camera monitoring / key card access, and helping hands during normal business hours. PODMines expressly denies and disclaims making any representations, warranties, promises, and/or assurances of any kind regarding its subscription service to the customer other than those expressly contained within the service order and the accompanying terms and conditions of service. PODMines is not a security, or a security dealer. PODMines customers own their own mining equipment, and 100% of their subsequent mining rewards. PODMines customers may cancel their service at any time, subject to the terms and conditions of service. PODMines is not in control of, and has no influence over, the price of any digital or cryptocurrency. Cryptocurrency assets sometimes experience extreme market volatility, and anyone interested in gaining exposure to this asset class should discuss the potential risks and benefits of investing in cryptocurrency mining with any legal, investment, or other professional consultants prior to gaining exposure to this new class of assets. PODMines is not directly responsible for the day to day price of Bitcoin, or any other cryptocurrency or digital currency. PODMines customers assume all risks and liabilities inherent in mining for cryptocurrency or digital currency.
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