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Boba Layer-2 scaling solution is going to integrate other Ethereum blockchain networks Fantom and Moonbeam
Layer-two scaling solution based on Ethereum blockchain network named Boba network went multi chain operator after expanding to couple of other Etheruem compatible chains including Fantom and Moonbeam. Ethereum L2 solution Boba NEtwork leverages an off chain computation layer Optimistic Rollups, in order to achieve transactions faster and cheaper on the Layer 1 network.
Boba has existed until now only on the Ethereum blockchain network. Even after adding these two new networks, it’s going multi chain following its plans to do so. Both the networks integrated with Boba network, Fantom and Moonbeam are themselves Layer 1 blockchain networks that are compatible with the Ethereum Virtual Machine. They are also known to host several smart contract compatible decentralized applications (dApps).
Fantom is known to be a notable competition to Ethereum blockchain network itself as it holds crypto assets worth more than $1.6 billion. On the other hand, Moonbeam however is still an emerging blockchain protocol based on the Polkadot network, which is known to be a leading interoperability network.
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After this expansion, Layer 2 of Boba network has aimed to provide support to scale applications that exist on Fantom and Moonbeam network. Further the team of Boba network also plans to provide access to developers on these networks for an offering dubbed as Hybrid Compute. This would act as a tool that would enable interaction of blockchains application with off chain data’s cloud environments like those generated by several social media platforms.
CEO of Fantom Foundation, Michael Kong while speaking about the launch of Boba network on Fantom blockchain said that the integration is going to help bring a growing scalability to Fantom blockchain and to deliver the resources that developers need for creative designing, large scale dapps, etc.
Launched in August 2021, Boba network was created to compete with scaling solutions of Layer 2 like Optimism and Arbitrum. It raised funding worth $45 million in a series A round, in April this year that made its valuation $1.5 billion.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
