Existing Layer 1 Blockchains

The global Blockchain landscape features several prominent Layer 1 solutions, each with distinct architectural choices that present various trade-offs between decentralization, scalability, and security:

Bitcoin, launched in 2009, pioneered the Blockchain concept with its Proof of Work consensus mechanism. While Bitcoin offers strong security and decentralization, it processes only 7 transactions per second and has limited programmability.

Ethereum introduced smart contract functionality in 2015, creating a platform for decentralized applications. Despite its extensive developer ecosystem and wide adoption, Ethereum has struggled with scalability issues and high transaction fees.

BNB Chain (formerly Binance Smart Chain) offers higher performance with lower fees through a more centralized validator system. While this approach improves speed and cost-effectiveness, it sacrifices some aspects of decentralization.

Solana achieves high throughput and low fees through parallel processing and a unique consensus mechanism. However, it has experienced network outages and requires more powerful hardware for validators.

Several nations have also developed sovereign Blockchain networks, such as Klaytn in Korea and Blockchain Services Network (BSN) in China. These networks typically prioritize regulatory compliance and national interests while maintaining some degree of interoperability with global systems.