Thread by @zignaly

(1/11) Interested in knowing what #Blockchain Protocols are? Buckle up, as we’re all set to embark on a deep-topic voyage. 🧵 Read more at:

medium.com/@Zignaly-LLT/l…

(2/11) #Blockchain is a decentralized, distributed ledger that publicly stores information such as transactions. #Cryptocurrency networks use #protocols to ensure secure data transfer and protect the blockchain. 🔐

(3/11) #Blockchain protocols are essential for data sharing. They provide guidelines on how data is sent across networks and control the #network interface, rewards, data type, etc. 📉

(4/11) The 4 main objectives of #blockchain protocols are #security, #decentralization, #consistency, and #scalability. They guarantee the safety of the crypto network and ensure that every user is aware of the entire blockchain. 🔒

(5/11) The 3 levels of #blockchain protocols are Layer 1, Layer 2, and Layer 3. Layer 1 protocols include the Proof of Work (PoW) and Proof of Stake (PoS). Layer 2 protocols are designed to improve scalability, while Layer 3 protocols are used to execute #transactions. 📤

(6/11) Layer 1 protocols are responsible for the blockchain's central computer. They ensure the network's #security and trustworthiness. Layer 2 protocols build on the first layer and are used for faster and more scalable #transactions. 🤝

(7/11) Layer 3 protocols are used to implement and execute the #blockchain network. They are utilized by #decentralized applications and help to increase the number of transactions. #DecentralizedApps are a great way to build on the blockchain protocol. 🔗

(8/11) #Blockchain protocols can only work if all participants abide by the rules. The protocols provide the necessary structure, ensuring that the blockchain remains #safe, #secure and #consistent. 🔐

(9/11) Without blockchain protocols, #cryptocurrencies wouldn’t exist. They are essential for data sharing and help guarantee the network's consistency and scalability. 💻

(10/11) #Blockchain protocols are the backbone of #cryptocurrency transactions. They are responsible for the secure transfer of data, #decentralized networks, and the implementation of decentralized applications. 🔗

(11/11) #Blockchain protocols are the foundation of #cryptocurrency networks. They guarantee the safety and trustworthiness of the blockchain, allowing for secure and consistent #data transfer. 💰 #Crypto #Cryptocurrency #BlockchainProtocols