The Norwegian government recently announced the adoption of an Ethereum scaling solution called the Arbitrum protocol. Consequently, Norwegian people can now buy shares from firms that are yet to be officially listed via the newly adopted protocol.
The Ethereum’s Arbitrum Protocol
According to reports, Norway has officially announced the adoption of Ethereum and its products into its monetary system. The country aimed at creating a new monetary market with simple and vote-dependent governance using Ethereum.
On Twitter, Jon Ramvi, a creative Web 3 designer and convener of Symfoni convention shared subtleties on the governance use case Norway adopted Ethereum for.
The Norwegian regulators aimed at making shares of companies accessible to every Norwegian citizen regardless of their finances. In line with this, they have adopted the Arbitrum protocol for an effective and efficient approach.
The Arbitrum protocol is a layer 2 solution based on the Ethereum network. The country’s citizens would be offered a printed ERC1400 Ethereum standard token.
The standard token is a combination of both ERC20 and ERC721 standard tokens. ConsenSys, an Ethereum-based studio, would fortify the use case of the ERC tokens.
Also, the protocol will use Ceramic, another Ethereum-based decentralized data stage, to process clients’ data according to the GDPR system. Furthermore, Symfoni was reportedly part of the protocol as it is tasked with offering SDK to backend technicians.
Arbitrum protocol reportedly accounts for more than half of the total locked value metrics of Ethereum’s Layer2 rallies. Currently, the protocol has acquired the Odyssey lobby to rapidly improve its global adoption for Web3 projects.
The Significance of Ethereum’s Smart Contract
Right from inception, Ethereum has been at the forefront of smart blockchain contract concepts. These smart contracts are computer protocols designed to automatically solve cryptographic problems on blockchain networks.
They were invented to reduce the amount of client information that third parties can access. Also, they help to significantly cut down fees required for executing a transaction.
In addition, Smart contracts help to improve the reliability of exchanges. Ethereum’s major goal is to build a platform that would allow it to execute smart contracts on the blockchain.
This would add to the already existing use cases of the smart contract protocol. Additionally, Gavin Wood, a prominent Ethereum supporter once described the Ethereum network in an interview.
He called Ethereum a unique computer capable of making any program interesting, cheaper, and safer. He added that it works on a globally decentralized system accessible to everyone and anyone.