Last updated on July 21st, 2023 at 09:04 pm
Layer 1s are ‘the base layer’ blockchains. They are what allows the networks to exist, and what enables everything else that happens on top of them. Since cryptocurrency is still very much an early emerging sector, each new layer 1 blockchain aims to solve many of the problems with other existing layer 1s.
These blockchains can be used as a base layer for other systems like fungible tokens, non-fungible tokens (NFTs), decentralized exchanges, smart contracts and so on.
Here, we look at each of the most popular layer 1 blockchain’s own ‘standards’, and what applications can be built on top of the network with each standard.
| Blockchain | Consensus | Standard | Used For | Forked From |
|---|---|---|---|---|
| Ethereum | Proof of Stake (PoS) | ERC-20 | Fungible Tokens | |
| ERC-721 | Non-Fungible Tokens (NFTS) | |||
| ERC-777 | Token Extra Functionality | |||
| ERC-1155 | Advanced Tokens | |||
| ERC-4626 | Tokenized Vaults | |||
| Binance Smart Chain | Proof of Staked Authority (PoSA) | BEP-2 | Fungible Tokens without Virtual Machine | ERC-20 |
| BEP-20 | Fungible Tokens with Virtual Machine | ERC-20 | ||
| BEP-721 | Non-Fungible Tokens (NFTS) | ERC-721 | ||
| Tron | Proof of Stake (PoS) | TRC10 | Fungible Tokens without Virtual Machine | |
| TRC20 | Fungible Tokens with Virtual Machine | |||
| TRC721 | Non-Fungible Tokens (NFTS) | |||
| Polkadot | Nominated Proof of Stake (NPoS) | PSP22 | Fungible Tokens | |
| PSP34 | Non-Fungible Tokens (NFTS) | |||
| Solana | Proof of Stake (PoS) | SPL | Fungible & Non-Fungible Tokens (NFTS) | |
| XRP | Ripple Protocol Consensus Algorithm (RPCA) | XRPL | Fungible & Non-Fungible Tokens (NFTS) | |
| EOS | Delegated Proof of Stake (DPoS) | EOSIO | Fungible & Non-Fungible Tokens (NFTS) | |
| ERC-721 | Non-Fungible Tokens (NFTS) | ERC-721 | ||
| Algorand | Pure Proof of Stake (PPoS) | ASA | Fungible & Non-Fungible Tokens (NFTS) | |
| Tezos | Proof of Stake (PoS) | FA1.2 | Fungible Tokens | |
| FA2 | Unified Tokens |
