Offchain Labs blockchain project is capable of supporting more than five hundred (500) transactions and is reported by the makers to be faster than the Ethereum blockchain.
The New Jersey-based project developing company, Offchain is onto a scaling solution to empower blockchains enabling them to continue to operate without taking a privacy for granted while making the scalability issue- no issue at all.
Offchain Labs blockchain project has been named Arbitrum
Offchain labs blockchain project does have a name to it. Arbitrum stands out when it comes to some side-chain scaling features and has the potential to beat a lot of rivals in the market unless they step up their game.
For starters, The AnyTrust Guarantee requires just but one fully functioning node on the network, should the whole network be sabotaged by malicious code or crypto-jacks. As long as a single node works the way all the others should have been, the whole system can keep online while the developers sort out the mess.
Offchain Labs blockchain project is still Alpha
The Arbitrum is still in its infancy, but it is loaded. The EthBridge, a smart contract on Ethereum allows Arbitrum to communicate with the main chain.
Currently, the project only supports Ethereum’s Solidity Language, and the smart contracts are created off-chain, thus reducing stress on the main chain by a propriety compiler.
Coinbase wants in on the action
Coinbase has invested into the Arbitrum scalability solution, but the sum deposited has not been disclosed by either part. Arbitrum has other members of the crypto space excited as well as Pantera Capital, Compound VC, and Blocknation whose investments sum up to three million dollars ($3.7M).
Ethereum 2.0 is just around the corner that has been promising an end to scalability issues. Cofounder of Offchain Labs Ed Felten commented that blockchains have along way to go and that their solution will help blockchains work up their DApp list while the need to handle more requests per second is not a problem. Ed Felten is correct though, and there’s no such thing as adequate accommodation when it comes to scalability.