2/28/2024 0 Comments Grant Arbitrum, why it was born?Arbitrum was conceived to address the scalability challenges and high transaction fees faced by blockchain networks, particularly Ethereum. Born out of the need for an efficient Layer 2 scaling solution, Arbitrum aims to enhance the overall performance of decentralized applications (dApps) and smart contracts. The explosive growth of decentralized finance (DeFi) and non-fungible tokens (NFTs) on Ethereum highlighted the network's limitations in terms of throughput and cost-effectiveness. To alleviate these constraints, Arbitrum employs rollup technology, allowing for off-chain transaction processing and subsequent synchronization with the Ethereum mainnet. By significantly reducing transaction fees and improving transaction confirmation times, Arbitrum seeks to provide a more scalable and user-friendly environment for developers and users within the blockchain ecosystem. The grant for Arbitrum represents a commitment to fostering innovation and scalability in decentralized technologies, ensuring a more inclusive and accessible future for blockchain applications.
References: https://medium.com/@ONUSplatform/can-you-mine-arbitrum-like-normal-coins-ae68adc824d7 https://seo3854.wixsite.com/1-min-crypto/post/arbitrum-s-characteristics https://1mincrypto.blogspot.com/2024/02/arbitrum-la-gi.html
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