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What's L1?

• kharak 5y ago
  L1 = Layer 1. Example of how I understand it with gold: L1 is gold itself. L2 would be currencies with gold backing. L3 would be bank / credit card services based on that currency. Bitcoin: L1 is Bitcoin itself. L2 are certain technologies, like the Lightning Network, that allow for bundling of transactions. L3 would be service providers who use L1 and L2 Bitcoin technologies in the background. Someone correct me if I'm wrong.