What Are "Layer 2 Solutions?" - Crypto Whiteboard 101

Sending value through cryptocurrency has many advantages. It is quite secure, permissionless, decentralized, etc. Despite these many advantages, sending cryptocurrency transactions can also be somewhat costly and time-consuming depending on the specific blockchain network. For example, it takes about 10 minutes to send a Bitcoin transaction, and the fee for a simple ERC-20 token transfer can cost several dollars depending on network congestion. In this video, I’ll discuss how “Second Layer Solutions” (sometimes called off-chain settlement) bring greater speed and lower-cost to blockchain transactions.