Offchain Labs announced the launch of social and gaming blockchain
Offchain Labs has released a new blockchain called Arbitrum Nova to developers. The blockchain, focused on social and gaming applications, will be available to users in the coming weeks.
The Arbitrum ecosystem expanded this week after Offchain Labs, the company behind the Ethereum Layer 2 scaling solution Arbitrum, launched a new blockchain called Arbitrum Nova.
The network will focus on social applications and gaming applications, while the original Arbitrum will continue to be used primarily for decentralized economics (DeFi).
Offchain Labs uses AnyTrust for better security
Arbitrum Nova is built on AnyTrust technology, which reduces fees, speeds up transactions and provides better security. Developers can now build and distribute their dApps, and end users will have access to them in the near future.
To start the process, developers must request access, and they will have a minimum of two weeks to prepare the applications.
Both Arbitrum and Arbitrum Nova are available on the main network, which “together can support almost all blockchain use cases.” The latter differs from the former in that it uses a data accessibility committee, which is what gives much lower costs.
It is designed for cost-sensitive use cases, the announcement states, and puts data on the chain “only if the data committee is unable to do its job.”
Offchain Labs will provide an update on the launch for users at the end of the month. This will depend on a number of factors, as the team wants to ensure that the launch goes as smoothly as possible.
Arbitrum Nova marks another major milestone for the company, which has been very successful over the past 18 months. Scaling has generally received a lot of praise, and Vitalik Buterin has also said that Layer 2 is the scaling future for Ethereum.
Arbitrum hits targets as plans expand
Arbitrum’s total value lock (TVL) has done well over time, with transaction costs on the Layer 2 scaling solution exceeding Ethereum fees in early July. The market crash has naturally affected TVL, but Arbitrum has continued to be popular as a choice for scaling needs.
Offchain Labs has gone through good funding rounds, and raised $ 100 million in Series B in August last year. Many projects have now started using the scaling solution, including the DEX aggregator KyberSwap.
One aspect that has come into focus is safety, and an analysis said that there are certain risks with Arbitrum. The crypto community will hope that Arbitrum eliminates any risks, and that Arbitrum Nova will be waterproof at full launch.
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