Arbitrum Foundation Says ‘Orbit’ for Layer-3 Networks Now Ready for Mainnet
Orbit is a program for developers to spin up their own layer-3 blockchains atop Arbitrum, which in turn is the largest layer-2 network atop the Ethereum blockchain.
Orbit is a program for developers to spin up their own layer-3 blockchains atop Arbitrum, which in turn is the largest layer-2 network atop the Ethereum blockchain.
The Universal Digital Payments Network instructs and allows transactions, ranging from stablecoins on public blockchains to central bank digital currencies.
The nine-year-old project, one of the earliest major blockchains, is getting a facelift to incorporate “smart contracts,” which theoretically could attract new applications and users – and potentially more demand for the XLM token.
The waiting time to deploy new validators to the Ethereum network has diminished to just five hours from a peak of 45 days in early June.
The new Ethereum layer-2 network’s debut adds to the competition among rival providers of so-called “zkEVMs,” including Polygon and Matter Labs.
A goal of Robin Linus’s design for “BitVM” is to enable Turing-complete Bitcoin contracts – making the blockchain programmable, similar to a computer – without making the network more complicated for other users.
Amidst the challenges posed by the crypto winter, Ethereum layer-2 developers such as OP Labs, Polygon, and Matter Labs are competing for contracts within the Celo blockchain’s new network, where customer demand is limited, leading to layoffs at major firms.
The developer’s OP Stack software, the blueprint for Coinbase’s new Base blockchain, had been criticized for the lack of a crucial security feature – likened to driving a fast car without airbags.
Users can also send SMR tokens (and in the future NFTs and custom Native Assets) to the ShimmerEVM through Firefly.
Google’s cloud-computing division is increasingly involved in blockchain, with plans to add 11 networks including Polygon, Optimism, and Polkadot to its ‘BigQuery’ program for public datasets.