Questions have arisen as to whether bitcoin is evolving into a multi-layered system. Well, the answer is yes. This article seeks to lay out the different layers on which bitcoin rests. All yours!
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Have you heard of those who call bitcoin digital gold? Obviously, cryptocurrency is rapidly gaining popularity and recognition in the world of cryptography. It is estimated that the value of the coin will rise higher. However, it is also noted that a coin can gain or lose 50% of its value overnight. This is a source of speculation among investors, but the coin is nonetheless “digital gold”. And to the question of whether bitcoin is a multi-layered system, one should know that bitcoin exists in two main layers. It is mining and semantic layers.
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Layer of extraction
This is the layer in which the coin is created. In addition to bitcoins, ether is created in this layer. After creating the coins, the real blocks of bitcoins are transferred to the book. Currency generation is performed here. It should be noted that currency is generated from transactions contained in blocks of bitcoins. Blocks are known as transaction fees. Currency can also be generated from the network itself, or you can say “from the air”. The main advantage of generating currency from the grid is that it stimulates miners.
This provides a very important platform. The semantic layer is a layer in which bitcoins are used as a means of payment. It also provides a platform for bitcoins to be used as a vault. The layer seems very important, doesn’t it? Bitcoin currency owners sign valid transactions that signal the start of bitcoin transfer among nodes at the semantic level. Transfer can be made possible by creating smart contracts. Smart contracts transfer coins between different accounts.
You probably haven’t heard of the lightning net. This is the latest invention that is being introduced by the bitcoin community. This layer will be able to work on bitcoins. With this invention will appear an applied level that is above bitcoin. It will be so exciting. The most interesting aspect is that its cost can also be used to make payments. This will be made possible by the transfer of its value between people. With the invention of the lightning network, bitcoins will become a transport layer as well as an applied layer.
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To date, the value of bitcoin is estimated at about $ 9 billion. It is also known that bitcoin is a decentralized cryptocurrency. This means that it works without the control of the bank or administrator. Bitcoin definitely prevails over the crypto world.
It is also important that the technology used during bitcoin mining is called blockchain technology. This works by allowing the distribution of digital information rather than copying. Cryptography is a really exciting topic, and in the near future bitcoins may overtake our major currencies.