Author name: Gururaj Potnis

NFTs, though gaining exponential traction recently, have a relatively brief but interesting history. The first known NFT project was created in 2012, known as Colored Coins, built on top of the Bitcoin blockchain. Although it was a primitive implementation compared to modern-day NFTs, it laid the groundwork for the technology and highlighted the concept of unique digital assets.

Each and every layer have its own unique functionality. These layers are combined together to make the blockchain a complete solution offering technology from data management to user applications. The road to innovations in blockchain technology has brought many lucrative initiatives to the global community of web 3 enthusiasts.

Scalability is one of the crucial factors because it contributes to the high transactional throughput of a network. Scalability issues are tackled by increasing the transaction capacity with Layer-1 and Layer-2 scaling solutions.

Faster transaction processes, security, low transaction cost, ownership of assets, ease of verification, etc., are some of the factors that have elevated the payment system backed by blockchain technology.

Ethereum- One of the oldest and most popular blockchain networks. Solana- A newbie in the crypto market, known for its multiple features. Both the blockchain are giving tough competitors to each other.