On Wednesday, the Layer-2 scaling key for Ethereum, Arbitrum, will conclude one of its multiple significant scalings. This will improve transaction speed, reduce transaction fees, and improve cross-chain interaction between Ethereum and Arbitron.
In a Twitter post on August 29, Arbitron reiterated the schedule of the “Nitro” update, indicating it would take place on August 31. In addition, it also confirmed that some hours of the system disruption phase are anticipated.
What is Arbitrum?
Abritrum is a scaling solution for the Ethereum network. It utilizes Optimistic Rollup technology to handle huge numbers of operations from Ethereum smart contracts. It also oversees the decentralized app’s activities before sending them to the Ethereum mainnet.
However, Nitro is a “completely integrated, whole Layer-2 system” developed by Arbitrum One, featuring better fraud checks. It has modified versions of all the tools for the effective running of the mainnet as per the Off-chain Labs’ GitHub account.
Furthermore, Offchain Labs is a platform formed in 2018 that specializes in developing a series of Ethereum scaling tools. The Arbitrum One protocol is the most noteworthy among them.
The platform’s ArbOS (Arbitrum Operating System) part has also been modified and is now redeveloped in the software programming language Go.
This updated model will increase the cross-chain interaction between Arbitrum and Ethereum. It will also boost transaction processes, data compression, and reduce fees on the Ethereum network.
Furthermore, Offchain Labs announced in April 2022 that the expansion of the Arbitrum Nitro protocol would be “an advanced Ethereum scaling.” It also added that “Nitro would dramatically enhance system throughput and cut transaction prices.”
Is Arbitrum Useful for Ethereum’s Improvement?
The Ethereum ecosystem has something that other networks are hoping to have. It has a decentralized and stable platform that allows smart contracts to be developed in a programming language that many crypto developers are conversant with. More importantly, it has a burgeoning decentralized finance (DeFi) economy.
However, the network is also slow and costly to use, and this will continue unless the already planned Ethereum updates speed the process up in the coming years.
As blockchain continues to look for the best possible fix to some of its most pressing issues, a fix has emerged. It is a Scaling solution.
Scaling solutions are software that occupies the base layer of blockchain technology. For Ethereum to accelerate its operations, it needs the Arbitrum scaling solution to speed things up.
With Arbitron, Ethereum users could conclude their transactions in no time. Abritrum is simple to use and inexpensive, relaying all transaction data back to the main Ethereum network.
As Ethereum can only handle 14 transactions per second, Arbitrum can process 40,000 TPS. At the same time, transactions on Ethereum require many dollars to execute, whereas they take roughly two cents on the Arbitrum platform.
Meanwhile, Ethereum’s integration of Arbitrum One will further scale the network’s processing time and cut costs.
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