On June 24, Jon Ramvi, Founder and CEO of the startup blockchain Symfoni, sponsored by Ethereum Foundation, says the Norwegian Government has announced that it is releasing a “solution” Ethereum to create a new national financial product.
Specifically, this platform will be built on Arbitrum, the leading layer 2 scaling solution of Ethereum. Basically, Arbitrum It has the advantage of faster and cheaper transactions than the Ether mainnet but still has the full security of the platform.
Earlier today the Norwegian government announced they're using Arbitrum to release a cap tables platform for unlisted companies.— Arbitrum (@arbitrum) June 24, 2022
We're very excited to see that Arbitrum is enabling the world to leverage the security of Ethereum! https://t.co/WBA3nlzzUt
The new product will allow Norwegian citizens access to shares of companies that are not listed on the stock exchange. Shares will be minted into tokens with the Ethereum-based ERC1400 standard. This standard is a combination of ERC20 and ERC721. Wallet's parent company Metamask ConsenSys will contribute efforts to this development process.
In addition, the Norwegian Government also set an ambition to launch another product called Ceramic. The platform is aimed at decentralized data storage and transmission, which will be used to process users' personal data in compliance with the GDPR framework - European Union Privacy Regulation.
The ERC1400 standard represents the shares. This standard fulfills the requirements for securities and is a combination of ERC20 and ERC721. At the core, the platform is built around Consensys' ERC1400 implementation.— jonramvi.eth (@JonRamvi) June 24, 2022
Arbitrum is a highly appreciated project in the Layers array on Ethereum, especially with explosive growth after the mainnet with a funding round of 120 million USD, Arbitrum has become the leading layer 2 solution preferred by the community with thousands of customers. series of combinations with many protocols DeFi as popular as Uniswap (UNI), Chainlink (LINK), Balancer Protocol, 1inch Network (1INCHON) and exchanges Binance. However, in terms of practical application, Arbitrum is still facing certain barriers.
However, with the recent move from Norway, Arbitrum has for the first time marked a significant transformation in receiving from the real world, creating a launching pad to help the project develop more widely in the long-term. . In April, Arbitrum launched a testnet for the Arbitrum Nitro version, an upgrade expected to bring significant improvements in transaction fees and user experience.
According to L2beat, Arbitrum is representing 51,05% market share of total locked value (TVL) on Ethereum's layer 2 networks, leaving quite a distance from a reputable competitor Optimism (OP) – with only 19.68 market share and 807 million TVL.
Arbitrum's TVL is currently at $2.09 billion after increasing 9,15% in the past week, despite the TVL context of the entire Layer 2 ecosystem still unable to come out of a severe downturn, bottoming in 2022. .