Smart contract platforms and blockchain scaling
Blockchain Networks have evolved beyond the use case of digital currencies and transferring economic value in a decentralized way. Newer networks such as Ethereum, Solana, and more provide capabilities to write general-purpose computer programs that can be executed on the blockchain networks.
The demand for blockchain applications is increasing exponentially, leading to scaling challenges. Transactions on the blockchain are slow and expensive.
Today, mainnet chains like Solana, Avalanche, and many others, are trying to solve this through alternative technology approaches. Side chains such as Polygon, Arbitrum, Optimism, zkSync, etc., are building up as a Layer 2 chain on the Ethereum mainnet.
All chains provide different tradeoffs between security, scalability, and decentralization.
Blockchain Networks retain records of time-stamped transactions going back to the founding of the Blockchain. The first broadcast to the Bitcoin network was on January 12, 2009 at 9:00 AM GMT+5:30 from Satoshi Nakamoto to Hal Finney of 50 BTC.