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Cardano and Ethereum 2.0 Gets New Challenger? $30M USDC Transferred to Arbitum Spotted

Cardano and Ethereum 2.0 Gets New Challenger? $30M USDC Transferred to Arbitum Spotted

With smart contracts becoming a necessity in the blockchain, Cardano is making headlines with its new Alonzo update aiming to compete with Ethereum (more specifically Ethereum 2.0). A new challenger seems to be entering the space. $29,999,976 million USDC was just transferred from Binance to Arbitum. What is Arbitum?

According to the official Medium posting, Arbitum is a new open-source cryptocurrency platform that is being built by Offchain Labs. The article then mentions why smart contract developers should be using Arbitum instead of Ethereum. The transfer was spotted on WhaleBot Alerts on Telegram.

Here is What Arbitum Promotes:Compatibility with Ethereum

Arbitum is reportedly compatible with Ethereum meaning developers can write their dapp in Solidity and use an open-source Arbitum compiler in order to compile their Solidity code for it to run on Arbitum. Ether and other Ethereum-based tokens can also be transferred back and forth between the two.

Scalability

Decentralized apps or dapps need only touch the main chain on startup or when they want to send or receive currency from outside of Arbitum. Other interactions can also be done off-chain with a quick turnaround as well as guarantees of finality.

Privacy

Only the participants who validate the execution of the dapp will know the dapp's code storage! Dapp developers will also be able to choose their own validators. Dapp users can be given information regarding internals if desired.

AnyTrust Guarantee

Arbitum reportedly guarantees a correct execution as long as any one validator is acting honestly. This is even if all of the other validators will try to cheat. Parties that are interested in a certain dapp can be validators and everybody has a guarantee of its correct behavior.

More About Arbitum

The article was reportedly written by Ed Felton and according to the description, he is a co-founder of Offchain Labs. Kahn Professor of Computer Science and Public Affairs at Princeton. He also worked as the former Deputy US CTO at the official White House. His profile can also be found on LinkedIn in order to verify.

According to an article by TheDefiant, quite interestingly enough, Arbitum has not yet launched a token for their very own Layer 2 solutions. This reportedly leaves a lot wondering about the project's scaling technologies' success. There was no direct comparison made against Cardano, however, since the Cardano Alonzo update is still fairly new.

Read Also: Crypto Whale 'Confirms' Bear Market Says Won't Buy Until $10K Price Range

Chainlink Partners with Arbitum

Chainlink also has a deep partnership with Arbitum. This means that the oracle network's nodes could operate Arbitrum validator nodes. Although the direct impact on Chainlink's LINK token remains unclear, the deep partnership is a "speculation vacuum, according to crypto researcher Hasu.

Since Arbitum's mainnet launch has actually gained quite the interest even without having a token, it now appears that investors are looking for the next big thing and have reportedly found it on LINK. This is seen in tweets that equate LINK investments to Arbitrum investments. As of the moment, SundaeSwap is notably one of the highlighted upcoming projects on Cardano.

Related Article: Father Son Hacker Duo are On Quest to Help People Get Back Their Missing Crypto After Forgotten Wallet Passwords

This article is owned by Tech Times

Written by Urian B.

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date of publication icon 20 Oct 2021 icon of time needed to read the article 3 min read
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