Smart contracts are computer programs that run on the Ethereum network.Hold up, what? Okay, let’s break that down.
Big names like Amazon and Sony are getting into the NFT action using the Ethereum blockchain and Layer 2 networks.Įthereum is the leading smart-contract blockchain.
Markets are beginning to see that NFTs can document ownership of anything. Growing use cases for NFTs include NFT music, NFT art, real estate, game skins, and more. NFTs are more than just fun pictures these days.And now, Coinbase is launching a Layer 2 called Base. Transactions on Layer 2’s are processed faster and cheaper than on Mainnet but passed to Mainnet for security. Abitrum, an Ethereum Layer 2 network, recently surpassed Ethereum Mainnet in daily transactions.
A reduction in the number of network transactions could change this trend, however. The recent change in the way Ethereum validates transactions (The Merge) is deflationary so far.
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