Verizon said it turned on 5G wireless in two cities. Here's what it is, and who can access it.

Verizon said Wednesday it had turned on its ultrafast 5G wireless network in parts of Chicago and Minneapolis, though it will be available only to certain subscribers who pay a fee and own a compatible smartphone. The move makes Verizon the first wireless carrier in the United States to flip the switch on speedy, smartphone-ready 5G service in select urban areas, the company said in a statement, though other U.S. carriers including AT&T, Sprint and T-Mobile have pledged to do the same in the coming months. The service Verizon is offering -- 5G, the fifth generation of wireless data networks -- could provide consumers Internet speeds that are up to 100 times faster than 4G networks, according to an industry trade association. Through the placement of small boxes that serve as conduits for invisible, data-transmitting radio waves, 5G networks could power a wide range of consumer devices, from smartphones that can stream Netflix videos more quickly to enabling the arrival of self-driving cars. The promise of faster speeds and more reliable connections has generated a full-on race between AT&T, Verizon, Sprint and T-Mobile, the country's four largest carriers, to see who can offer service first (and capture new consumers and their cash in the process). The U.S. government also has taken notice, with lawmakers and the Trump administration looking to supercharge research, investment and development in the telecom sector, believing that better wireless networks will grant the country a more competitive business edge -- particularly against China, which is racing to deploy 5G as well.