Cryptocurrency is nothing but a digital currency serves as a means of value exchange. But there's a problem: Some blockchain networks, such as Bitcoin and Ethereum, face scalability challenges, leading to slow transaction processing times and high fees during periods of network congestion.
To fix the above challenges, some smart people came up with something called "Layer 2 solutions." Think of these solutions as super-fast delivery services for crypto.
What Are Layer 2 Solutions?
Imagine you have a treasure chest (that's like a special box) where you keep your shiny coins (crypto). But instead of opening the chest every time you want to give someone a coin, you have a smaller, faster treasure chest that you can use for everyday stuff. This smaller chest is like a "Layer 2."
Why Are Layer 2 Solutions Awesome?
They Make Crypto Faster: With Layer 2, sending crypto is like sending a text message â it is super fast.
They Make Crypto Cheaper: You don't have to pay lots of extra money to use crypto anymore.
No More Crowded Roads: Imagine roads with too many cars â it's slow and annoying. Layer 2 solutions help clear the traffic, so things move smoothly.
Easier for Everyone: These solutions make crypto and cool dApps easier for all stakeholders everyone else.
