Layer-2 scaling solutions: As the name suggests, second layer or layer-2 scaling solutions offer an alternative approach to boost a cryptocurrency networkвЂ™s transaction capacity. However, you may still find many in the cryptocurrency community refer to ETH and other tokens as altcoins. Usage of this term has somewhat diminished in recent years. To that end, here are a few terms and phrases that you may come across while reading this article:ДЄltcoins: An altcoin is simply a colloquial or informal term for cryptocurrencies other than Bitcoin. LetвЂ™s take a comprehensive look at how the underlying technology works and why the cryptocurrency community thinks it may be worth a trillion dollars or more someday.Д¬ryptocurrencies are a relatively new technology.

Ethereum is designed to eliminate mediators and intermediaries from just about any service you can think of - including lending, advertising, and property ownership, to name a few. Instead, it was the first to implement the concepts of smart contracts and decentralized applications. Unlike Bitcoin, Ethereum is not designed for the singular purpose of wealth transfer or serving as a store of value asset. Ethereum has also revolutionized the startup crowdfunding landscape, as demonstrated by single-handedly enabling the Initial Coin Offering (ICO) boom of 2017. Since its release in 2015, it has promised disruption in several industries, ranging from financial services to supply chain management. Ethereum has reigned supreme as the second-largest cryptocurrency by market capitalization for several years now.

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