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Arbitrum has emerged as a fresh and promising addition to the Ethereum blockchain, offering a revolutionary approach to transacting on the network. Serving as a Layer-2 scaling solution, Arbitrum utilizes an innovative technique called optimistic rollups, which drastically enhances the speed, scalability, and cost-effectiveness of Ethereum transactions.
If you have experienced Ethereum 1.0 as being sluggish, cumbersome, and costly, then Arbitrum may be the solution you have been searching for! This piece will examine the Arbitrum ecosystem, detailing its origins, attributes, advantages, and impact on the decentralized finance (DeFi) sector.
Off-Chain Labs, a New York-based development firm established by three former Princeton University researchers – Ed Felten, Steven Goldfeder, and Harry Kalodner, is responsible for creating Arbitrum, a Layer-2 scaling solution for Ethereum. The team brings a wealth of knowledge and experience to the table, thanks to their expertise in computer science and blockchain, and their academic and research backgrounds.
Ed Felten, who holds a computer science professorship at Princeton, is the Chief Scientist and co-founder of Off-Chain Labs. Steven Goldfeder, a computer scientist, serves as the CEO and co-founder, while Harry Kalodner is the co-founder and CTO of Off-Chain Labs.
Arbitrum's optimistic roll-up approach is unique for multiple reasons, notably, its capacity to deliver rapid and effective smart contract execution. Being completely compatible with the Ethereum Virtual Machine (EVM), it enables Ethereum developers to utilize their existing tools and smart contracts without requiring any alterations.
Moreover, the system is decentralized and secure and does not rely on centralized operators to sequence transactions. In addition, the platform offers versatility by allowing developers to deploy programs written in commonly-used programming languages.
Arbitrum's native cryptocurrency, ARB, was launched on March 23, 2023, with 12.75% of the total token supply distributed among eligible recipients and DAOs. The ERC-20 token is primarily used for paying transaction fees and accessing other services on the Arbitrum Network. By holding ARB tokens, users have the power to participate in network governance by voting on proposals that impact the Arbitrum One and Arbitrum Nova Chains.
These proposals include important decisions such as the allocation of bounties and grants, integration of new features, chain upgrades, and the use of funds from the DAO treasury. The total maximum supply of ARB tokens has been set at 10 billion.
Big Eyes Coin (BIG) is an ERC-20 token that has caught the attention of the crypto community with its unique approach. Despite being a meme token, Big Eyes Coin aims to offer more than just a cute image. The presale of the token has raised an impressive $32.5 million and is close to reaching its $50 million target.
One of the primary objectives of Big Eyes Coin is to give back to its community. The token has a focus on charity, offers exciting loot boxes, and hosts NFT clubs. Furthermore, BIG is currently running a promotion that provides a 250% return to those who enter the code "BULLRUN250" after purchasing BIG tokens or loot boxes.
Although Big Eyes Coin may appear to be another meme coin, the team behind it is genuinely dedicated to creating a community-centric and charitable experience for its users.
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Website: https://bigeyes.space/
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
