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Those are payment networks, not base layer protocols.
by Geee 4y ago
Those are payment networks, not base layer protocols.
- arcticbull 4y agoSame thing. They're private protocols. People build on top of VisaNet you know. There's this company, Stripe, you may have heard of it.
- Geee 4y agoNot same thing.
- arcticbull 4y agoPlease explain clearly where you think the delta is.
- Geee 4y agoIn layered systems, there's a hierarchy of layers. Bitcoin is a layer 1 money protocol. Visa is level 8 (not literally), i.e. it is built on top of layers upon layers, which are built on top of US dollar and even that might not be the base layer yet. If we were in a gold standard, gold would be the base layer for US dollar, and the systems on top of it. Layered systems tend to naturally converge into a single base layer, and the higher layers are more sprawling and dynamic.
- arcticbull 4y agoBitcoin is built on top of several other layers too, the community has just arbitrarily called it 'L1', that's not the point. Thanks, though.