Are You Aware of Arbitrum?
Here is everything you need to know about the Ethereum Layer 2
Are you aware of Arbitrum?
Speeding up Ethereum – Here is everything you need to know:
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What is Arbitrum?
Arbitrum is a Layer 2 network protocol that seeks to solve the congestion on the Ethereum network by improving how smart contracts are validated.
What goals does Arbitrum have?
Increasing transaction speed
Improving scalability
Adding privacy features
Who created Arbitrum and why?
Arbitrum is developed by Offchain Labs, New York based development company with a deep passion for blockchain and cryptocurrencies.
It is solving weaknesses in Ethereum Smart Contract Technology – Low efficiency and high execution costs for users.
How does Arbitrum work?
Arbitrum processes Ethereum transactions through the Optimistic Rollup protocol. Ethereum Smart Contracts scale using the Layer 2 built on it. The layer handles transactions and then reports back to Ethereum – Increasing speed.
More on Optimistic Rollups
An optimistic rollup executes transactions off-chain. Since Ethereum is already cluttered, Side chains settle rollups. Arbitrum gathers transactions in batches, commits them, and finally pushes data back to Ethereum’s mainnet – dodging hacks.
The Arbitrum Bridge
The Arbitrum One bridge allows users to send ERC-20 Tokens, including ETH. You need to connect your Ethereum wallet to the bridge to use it. You can use MetaMask or any other supported wallet.
Aave & Curve are among the top DeFi apps leveraging Arbitrum.
Is Arbitrum a token?
As of October 2022, Arbitrum has no native token. Arbitrum is a blockchain network serving to scale applications built on Ethereum while reducing transaction costs. However, there is speculation regarding a potential ARBI cryptocurrency.
The advantages of using Arbitrum
Here are the unique features of Arbitrum:
Low transaction costs
High EMV Compatibility – Supports many developers' languages
Powerful developer tools – Comprehensive developer documentation
A better ecosystem – Open to partnerships
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