- Offchain Labs collaborated with Reddit to achieve new milestones.
Arbitrum Nova, a new chain, is specially developed for cost-sensitive, high transaction volume, and usage of on-chain gaming and social projects.
Arbitrum recently launched a new gaming-optimized blockchain in partnership with Reddit(an America-based social media and news website) to help the company to shift its community to Ethereum Ecosystem.
In a press release on 9th August, Tuesday OffChain Labs renowned developers of Layer project announced and informed about the update.
Arbitrum Nova was first launched for developers in July 2022, and after Tuesday’s announcement, the service is opened up for all end users.
Arbitrum One was the first chain designed by Off-chain Labs. The major purpose of designing this was to use DeFi. The updated version is Arbitrum Nova, designed for cost-sensitive and massive transaction volume purposes.
Off-chain Labs mentioned in the press release that Arbitrum Nova is designed to become “the premier solution of Web3 gaming and social applications.”
As per the official blog post by Offchain Labs in July, Arbitrum Nova is a newly designed chain different from Arbitrum One. It is designed on top of Offchain Labs’ proprietary AnyTrust technology and leverages a “data availability board” to certify and validate transaction batches before posting them on the Ethereum mainnet. “Instead of publishing all data to the Ethereum network, the board authenticates and validates sets of transactions and only posts the certifications to Ethereum, resulting in considerable cost saving for users.
Steven Goldfeder, co-founder and Chief executive officer of Offchain Labs, quoted that the new chain will mark a “major milestone” in Arbitrum Ecosystem and will prove to help lower the transaction cost and will option new option for developers adding more Goldfeder said, “We look forward to continually optimizing and improving Nova to drive cost down even in upcoming times.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.