Startup Tests New Ethereum Sidechain Following Coinbase Investment
Following investment in Coinbase Ventures, Offchain Labs has started the Alpha version of its Ethereum (ETH) climbing solution, dubbed Arbitrum. Deploying Arbitrum, developers can build contracts on Ethereum's Solidity code. But, unlike Ethereum apps, the compiler of the new solution compiles such contracts that were smart. Both code and transactions are executed off-chain together with Arbitrum claiming to be faster than Ethereum, via sidechains or state channels. In early April, Offchain Labs raised $3.7 million at a seed round led by crypto hedge fund Pantera Capital. With all the investment, Offchain planned to fix issues associated with enterprise blockchain implementations by bringing scalability and privacy. At the Moment, Offchain co-founder Ed Felten said: Investment has been allegedly secured by arbitrum in Coinbase Ventures, the investment arm of major American cryptocurrency exchange Coinbase. Fred Wilson revised his opinion yesterday. Wilson acknowledged that the inherent Ethereum system is currently experiencing problems. He wrote:
"Ethereum, as most of you know, confounds me. It has demonstrated smart contracts how to significant things calculating, possibly proof of bet, and a lot more. But it stays hard to build on, scaling problems abound, and many developers are looking elsewhere." Enterprise-focused blockchain startup Offchain Labs said that their solution will enable processing rate of more than 500 transactions a second for Ethereum software, industry-focused news outlet Crypto Briefing reported on Sept. 5.
Published at Thu, 05 Sep 2019 22:15:00 +0000
Faster than Ethereum