What is the L3 token: interactive crypto education through the Layer3 platform

Layer3 is a pioneering project designed to decentralize the $1 trillion attention economy through incentive and identity protocols. The platform connects myriad blockchain ecosystems together to help crypto users discover new projects and be rewarded for their activity across multiple chains and decentralized applications (DApps). Fundamental to this system is the unified cross-chain identity provided to users, which prevents fragmentation while simplifying the experience.

Through this approach, Layer3 aims to revolutionize onchain value distribution and redefine how ecosystems build communities. Users can discover and earn rewards through incentives, quests, and pre-token networks.

The Layer3 Foundation — the entity behind the platform — emphasizes a community-driven approach, allowing users to steer the development of the ecosystem. Through this approach, the foundation ultimately aims to help advance blockchain technology and encourage its wider adoption.

In this article, we'll explore Layer3 and the Layer Foundation in more depth, helping you to understand how the platform works, the goals of the foundation, and the role of the project's $L3 token.

TL;DR

• Layer3 uses incentive and identity protocols to decentralize the attention economy and improve onchain value distribution for users.

• Through Layer3 and the unified cross-chain identity provided to them, users can discover new projects and be rewarded for their onchain activity across multiple chains and decentralized applications.

• The project also includes a crypto-focused educational element. By completing quests — you earn CUBEs, which are ERC-721 tokens (non-fungible tokens). CUBEs can be collected like digital badges to celebrate your achievements.

• The Layer3 Foundation, which is the entity behind the Layer3 platform, prioritizes community governance and blockchain development from the interactive educational platform.

• L3 is the project's native, and holders of L3 gain voting rights over network decisions while also unlocking rewards through staking.

What is Layer3?

Over the years, you’ve probably created and maintained different emails, wallets, and usernames. But what if you could have one identity that grants you access to various protocols and chains? Layer3 provides this by granting you a single identity across all networks on the platform. With this unified identity, you can explore, earn, and trade without having to deal with multiple identities and passwords.

This helps prevent fragmentation while embracing a cross-chain experience. You can access more than 31 chains on Layer3, where you can complete quests — verifiable onchain and offchain actions designed to educate users in crypto — and earn CUBEs (Credential to Unify Blockchain Events). CUBEs are ERC-721 (non-fungible tokens) that get minted after you complete quests.

By collecting CUBEs through interactive quests, you can explore and learn about crypto in a less intimidating way, helping bring down the hurdles that prevent wider adoption. Think of CUBEs as virtual badges or trophies that mark your progress and milestones in your crypto journey.

These achievements unlock various rewards in the Rewards Hub, making the learning process both educational and lucrative. Layer3 is designed with the curiosity and open-mindedness of a crypto newbie. This makes sure that the community, whether beginners or crypto vets, can always find something new to learn and discover.

What are the goals of the Layer3 Foundation?

Let’s explore what the Layer3 Foundation is all about, including its goals and efforts so far.

Fostering community-led governance

One of the Layer3 Foundation's goals is to promote community governance. This means placing decision-making powers in the hands of community members, rather than a central authority. Here, the foundation wants to make sure the community and stakeholders lead the development of the Layer3 ecosystem by encouraging a decentralized approach.

Supporting blockchain development

The Layer3 Foundation has also stated its commitment to advancing blockchain development. The entity focuses on creating and maintaining the Layer3 protocols, which are essential for building a robust omni-chain infrastructure. These protocols make it easier to manage identities, distribute tokens, and reward users across various blockchain systems.

For example, the foundation's new CUBEs protocol makes it easy to access identity credentials across all blockchain networks. This is important for making transactions safe and efficient across different networks.

Improving adoption

A significant part of the Layer3 Foundation's mission is to support the growth and adoption of Layer3. Towards this goal, the foundation supports the integration of Layer3 solutions into different blockchain platforms by helping people interact with many ecosystems and tokens.

This integration is crucial for achieving widespread use and acceptance of the foundation's technologies. To date, Layer3 has enabled millions of interactions across different protocols, showing its impact and reach in the blockchain space.

Driving tokenomics and incentives

Understanding the role of tokenomics is also important to grasping the goals of the Layer3 Foundation. The foundation's tokenomics strategy uses a carefully designed system to reward participants based on their activity in the ecosystem.

This approach not only encourages participation but also aligns the interests of token holders with the wider goals of the Layer3 network, fueling its growth while involving the community.

Security-first

The Layer3 Foundation prioritizes security and integrity by regularly checking its rules and adopting robust, best-practice security measures. It also works with reputable audit firms to make sure its infrastructure remains secure and trustworthy. This commitment to security is essential for keeping the community safe and making sure the Layer3 ecosystem remains resilient into the future.

How does the Layer3 protocol enhance blockchain operations?

The Layer3 protocol is designed to enhance omni-chain technology by allowing for seamless interactions across multiple blockchain networks. This is important because it lets different blockchains talk and work together, like how different bank branches can handle transactions for the same customer. By supporting these cross-chain interactions, Layer3 enables the community to enjoy a one-stop-shop blockchain experience.

Improving blockchain distribution

A key feature of the Layer3 protocol is its ability to manage blockchain distribution effectively. This involves distributing tokens and data across different blockchain networks.

For example, consider a situation where a company wants to distribute rewards to users across multiple blockchain platforms. The Layer3 protocol helps to make this process streamlined and efficient. It makes sure all participants receive their rewards without the involvement of any third parties.

Enhancing identity management

The protocol secures and verifies identities across different blockchain networks. Picture it as a digital passport that multiple countries recognize. This feature allows users to keep the same identity across different platforms, making it safer and easier to move between networks. This capability is particularly important for applications that require reliable and verifiable information.

Blockchain incentives

Another significant aspect of the Layer3 protocol is its focus on blockchain incentives. By creating an incentive structure, Layer3 encourages active participation within its ecosystem. This is done through mechanisms like Layered Staking, where you can earn rewards based on your level of engagement. The more network activities you complete, the more rewards you gain. This encourages deeper and more consistent involvement from community members, which can ultimately strengthen the network overall.

The Layer3 protocol plays an important role in improving blockchain infrastructure. It helps omni-channel platforms to work better together, makes distribution easier, protects identity management, and offers attractive rewards to incentivize participation. These developments can not only help to make blockchain interactions more efficient but also more accessible and secure for communities across different platforms.

What is L3 and its tokenomics?

Have you ever heard the expression that everything happens in threes? Whoever came up with that, might have been thinking of the L3 token.

Design and distribution of L3 tokens

L3 is a deflationary token that launched with a total supply of 3,333,333,333 tokens. A large part, 51%, was given to the community. This means most of the tokens are distributed to participants who actively use the network. By taking a community-centric approach, Layer3 honors the decentralized nature of Web3 and encourages loyalty by rewarding those who've committed time and effort to the network.

Network incentives

By staking L3 tokens, the community can earn rewards, encouraging active participation in the network. The project applies an approach called Layered Staking to allow users to make gains on the L3 tokens they hold. Layered Staking encourages deeper ecosystem engagement through three layers of utility:

1. Passive staking rewards and governance

2. Actively earn other tokens and increased protocol utility

3. Actively earn L3

According to the project, users' staking and activity levels are used to measure their alignment with the Layer3 ecosystem, and a higher alignment score can unlock additional benefits, governance rights, and exclusive opportunities.

Governance tokens

Another crucial role of L3 is in network governance. Governance tokens like L3 give holders the power to vote on decisions affecting the Layer3 protocols.

This can include changes to protocol parameters, updates to governance processes, or operational initiatives. By letting the community lead, Layer3 makes sure that the ecosystem changes in a way that matches the interests and needs of community members.

Regarding governance, it may help to think of L3 tokens as shares in a company. Just as shareholders can vote on company decisions and earn dividends based on how well the company does, L3 token holders can vote on developments and gain rewards for being part of the network. This creates a balanced environment where community members are encouraged and given the power to help the network grow and remain stable.

How is governance structured in the Layer3 Ecosystem?

Governance in Layer3 is designed to be transparent, inclusive, and community-driven, making sure all stakeholders have a voice.

Community voting

L3 tokens aren’t just for transactions. They’re also governance tokens that empower holders to participate in the decision-making process.

Each token holder has the right to vote on proposals that affect the network, creating a more democratic approach. This process also helps to make sure no one can control the decision-making process, adding flexibility and fairness.

Proposal systems

The proposal system in Layer3 is a structured process designed to support effective decision-making. Any community member can submit proposals, and must follow a defined format to do so. This includes a clear title, a short summary, why the proposal is put forward, a detailed plan, and an analysis of possible benefits and risks.For example, if a member wants to suggest a new fee structure for transactions, they must explain why this change is needed and how it’ll help the system.

The decision-making process explained

Once a proposal is submitted, it undergoes a three-step decision-making process.

1. The proposal is first discussed in the Layer3 Governance Forum. There, community members can give feedback and suggest changes. The discussion period usually lasts 21 days to allow for thorough consideration and debate.

2. The proposal then moves to a community vote on the Tally platform, where token holders cast their votes.

3. Next, the Security Council reviews the proposal. If the majority of council members approve, the proposal is implemented.

This three-step process is another way Layer3 enables community members to actively support the project's management. In doing so, members have a say in how the network changes, guiding developments to meet the interests of the community.

The final word

Layer3 seeks to create a fairer and decentralized attention economy where users are rewarded for the attention they expend. Crucial to the project's aims is the unified cross-chain identity provided to users, which allows them to move freely between chains as they earn rewards. With the completion of quests helping to educate users in how to interact with the crypto space, Layer3 is also helping to encourage the wider adoption of Web3 technologies as it incentivizes participation.

Beyond education, the platform embraces the wider tenets of Web3 through community-led governance and blockchain innovation, empowering users to actively shape the ecosystem in a way that benefits the user. And with the $L3 token, participants can influence network decisions and earn rewards, blending education with community engagement.