Ethereum is the second largest cryptocurrency while the most technological blockchain advanced since Bitcoin has serious issues with scaling which needs to be addressed if it is to survive long term.
This is where layer 2 Solutions come in. Vitality Buteran, the founder of Ethereum himself said layer 2 is the future of Ethereum scaling and the only safe way to scale Ethereum.
Ethereum has become so popular that it can no longer keep up with demand causing transaction speeds to be slower and gas fees to be ridiculously high.
Optimistic Roll-Ups and zero knowledge Roll-Ups are two kinds of layer 2 solutions to this. Arbitrum is a layer 2 blockchain solution and the arbitrum technology is currently the number one choice for developers scaling Ethereum using optimistic rollups.
A layer 2 blockchain is simply an additional chain which sits on top of the layer 1 blockchain and takes some of the transaction load giving more speed and lower fees.
Optimistic Roll-Ups have gained a lot of attention in the crypto community due to their potential to address the scalability challenges of Ethereum and several projects are already building on top of this technology.
The basic idea behind optimistic Roll-Ups is to execute a bunch of smart contracts off-chain in a roll-up that is then verified by the Ethereum main net.
While, according to the founder of Ethereum, the ZK rollups will prove to be more fruitful in the long run as they will have more technological breakthroughs than optimism rollups and will be the leading L2 solution.
The roll-up is a compressed version of the original data that is generated by smart contracts and it is only submitted to the Ethereum network when it is complete with its mainnet.
Arbitrary 1 has become the only equivalent roll-up with working fraud proofs. What users could not do on L1 they could now do securely on L2 only faster and with lower fees.
Developers can take their existing application developments over to Arbitrum with little work for users; it means that you can continue to use your favourite d-apps and get faster transactions and lower fees.
In July 2022, arbitrum announced its new chain arbitral Nova aimed primarily at developers of social applications in gaming while Arbitrum 1 remains in use for NFT and defy projects.
Arbitrum has one more technological update “arbitrum one” and a programming language called ‘stylus’.
Recently, Bitkeep launched an Arbitrum monthly campaign called Arbitrum Argonaut. Arbitrum Argonaut induces a complete arbitral ecosystem for all crypto enthusiasts. It gives Bitkeep users an additional advantage to exchange for Arbitrum official tokens in advance by dropping Arbitrum future tokens. To create the hype and regulate the market Bitkeep NFT market does not charge any platform fees for 6 months and rewards those users who list their NFTs.