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Arbitrum is the hot new piece of the Ethereum blockchain puzzle. Arbitrum is a Layer-2 scaling solution seeking to revolutionise the way we transact on the Ethereum Network. It uses an innovative approach called optimistic rollups to achieve its goal of improving the speed, scalability, and cost-efficiency of transactions on Ethereum. Thought Ethereum 1.0 was slow, clunky, and perhaps expensive? Arbitrum is the antidote you need!
In this article, we'll take a safari into the wild lands of the Arbitrum ecosystem, its history, features, benefits, and its impact on the world of decentralised finance (DeFi).
Three former Princeton University researchers, Ed Felten, Steven Goldfeder and Harry Kalodner, founded a development company in New York called Off Chain Labs. This company went on to create the Ethereum Layer-2 scaling solution known as Arbitrum. Felten, Goldfeder, and Kalodner have extensive backgrounds in academia and research, with expertise in computer science and blockchain.
Ed Felten is the Chief Scientist at Offchain Labs and its co-founder alongside being a computer science professor at Princeton. Steven Goldfeder is the CEO and co-founder of Offchain Labs. He received his PhD from Princeton and is a computer scientist. Harry Kalodner is the co-founder and CTO of Off Chin Labs. He is also a computer scientist.
Arbitrum makes smart contract execution swift and efficient. Several factors put it above other optimistic rollup solutions. Arbitrum is fully compatible with the Ethereum Virtual Machine (EVM), which means any Ethereum developer can use their existing smart contracts and tools without any changes.
The platform is decentralised and secure. It does not rely on centralised operators to order transactions.
Arbitrum also has an element of flexibility. It allows developers to deploy programs written in well-known programming languages.
ARB is the native token of Abitrum. Launched on March 23 2023, Arbitrum distributed 12.75% of the total ARB token supply to eligible recipients and DAOs.
ARB is an ERC-20 token used to pay for transaction fees and other services on the Arbitrum Network. Token holders can participate in the governance of the Arbitrum Network by voting on proposals for the Arbitrum One and Arbitrum Nova Chains. Governance proposals also include the use of the funds of the DAO treasury, chain upgrades, allocation of bounties and grants, integration of new features, and more.
The maximum supply of ARB tokens is fixed at 10 billion.
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