A trilemma is a dilemma that has three unique components. The "scalability trilemma" refers to the unavoidable compromises that developers must make while optimizing certain blockchain features. The word was invented by Ethereum founder Vitalik Buterin. The trilemma is sometimes portrayed as a triangle with three positive blockchain features — scalability, decentralisation, and security – at each point. According to the trilemma, improving any two of these attributes holds back the third. This tradeoff often constrains blockchains and results in slower transaction processing times. Layer-2 solutions are used by developers to address the trilemma. These methods delegate part of the processes of a primary chain to other protocols and related chains.
Hosted wallets are digital cryptocurrency wallets provided by trusted third parties that keep users’ private keys and funds safe. These third parties are usually cryptocurrency exchanges. Coinbase and Binance are two well-known examples. Hosted wallets share similarities with centralized banking applications because they leverage two-factor authentication and password recovery. They are also custodial, meaning that users don’t retain control of their private keys. Less experienced traders often choose them as they are easy to set up and use. In addition, traders who regularly operate on centralized exchanges may opt for hosted wallets.
MetaFi is a blend of two words - ‘Meta’ for meta ecosystem and ‘Fi’ for DeFi. MetaFi is a concept that combines all different types of projects such as Metaverse, DeFi, GameFi, SocialFi, Web3, and NFTs and puts them under one umbrella – MetaFi. MetaFi can comprise DeFi goods or a blend of fungible and non-fungible coins or assets, as well as community governance such as Decentralized Autonomous Organizations (DAOs).
Mining difficulty is a unit of measurement used in the Bitcoin mining process. It reflects how difficult and time-consuming it is to obtain the correct hash for each block. Depending on the amount of miners in the network, the difficulty of mining additional units grows or decreases over time. Increase in difficulty is required to maintain the target block time.
Decentraland is an Ethereum-based virtual world in which you may play, explore, and participate in games and activities. You may also buy chunks of land to develop your own settings, marketplaces, and apps. Decentraland's three native tokens — MANA, LAND, and Estate — each serve a different purpose in the Decentraland economy. Users administer the platform using the Decentraland DAO, a decentralized autonomous organization.
Helium is a technology company responsible for launching “the People’s Network”, a fully decentralized wireless 5G network based on its own proprietary blockchain technology. The Helium blockchain rewards individuals with an HNT a cryptocurrency used to build up hotspots that give wireless device coverage. This mining technique employs a novel and low-energy proof-of-work mechanism known as "Proof of Coverage," which use radio technology to assess the activity of hotspots. Helium is notable because it has quickly garnered a large number of users – 50,000 at the time of writing – and offers an array of exciting opportunities for expanding internet coverage in developing countries.