What are the Primary Functions of a Blockchain
- What is the Execution Layer of a Blockchain?
Execution on a blockchain refers to the computation and processing of transactions to transition the blockchain between states.
- What is the Settlement Layer of a Blockchain?
Settlement refers to dispute resolution. It is only relevant in a roll-up scenario and is optional in the case of monolithic layer 1s. Because execution on roll-ups is confirmed and verified on the base layer, any discrepancies or errors are resolved during settlement.
- What is the Consensus Layer of a Blockchain?
Consensus is about blockchain transaction ordering and finality. Nodes of a blockchain network download and execute all transactions in a block and reach an agreement upon their ordering and validity.
- What is the Data Availability Layer of a Blockchain?
Data availability refers to roll-up transaction data being made available on the base layer so anyone can recreate the state, execute the transactions, and verify their validity. Data availability is also related to roll-ups because transaction data on monolithic blockchains are available by default.
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