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Tuesday, September 28, 2021

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all set for the launch of this scalability solution for Ethereum

The launch of Arbitrum, a second layer solution for Ethereum is imminent. According to some indications provided by the developer, Offchain Labs, and allied companies, it could occur during the next few hours.

Arbitrum, which has already gone through testing stages, is a rollup. This means that it “wraps” various transactions (which can be transfers or smart contract signatures) in a second layer of Ethereum. It is only necessary to pay commissions to bring money to the rollup, or when you want to withdraw it, which implies settling the transactions in the main blockchain.

In this way, both money transfers and decentralized applications (dApps) can be executed without the need to pay Ethereum commission costs which, when the network is congested, are usually high. A considerable reduction in the time it takes for a transaction is also expected.

In early August 2021, Offchain Labs had promised that the launch would take place before the end of the month. Today is the last day for this promise to be fulfilled and the expectation from the Ethereum user community is high.

Among the novelties that accompany the imminent launch to the public of Arbitrum is a alliance with the computer security company Inmunefi. Together, they have developed a program that will give rewards to those who find errors in the smart contracts of the rollup.

Depending on the type of error found, it will be the value of the reward that is received. The amounts range from USD 1,000 to USD 1,000,000. On the Inmunefi website it is reported that the launch of this program is today, August 31st.

The Arbitrum development team also reportedly said, in statements to the press, that are ready for the launch of the rollup.

High Ethereum fees are not a problem with second layer developments like Arbitrum. Source: Y Charts / ycharts.com

Uniswap and Balancer chose this scalability solution on Ethereum

Not like others rollupse.g. Optimism, Arbitrum promises seamless compatibility with existing developments in Ethereum, without the need for complicated code modifications.

This ease of adaptation has made recognized protocols such as Uniswap, which is the decentralized exchange with the highest trading volumehave decided to incorporate this scalability solution. Also the decentralized finance platform Balancer ad recently the incorporation of Arbitrum.

As reported by CriptoNoticias, Arbitrum was already available on the Ethereum mainnet since June only for developers.

Offchain Labs promised that before the end of August 2021, Arbitrum would be available to the general public. Source: Offchain Labs / offchain.medium.com

Among the criticisms that Arbitrum has received is the issue of decentralization, which is not yet absolute. During the first months, the development team could pause the system if it deems it necessary. In any case, it is expected that the decentralization of the protocol will progressively increase in conjunction with its development.

“The ability to perform rapid updates during the first months after launch is important to be able to respond quickly to any security event”

Offchain Labs, Arbitrum developer company.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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