Read full article at Coinnounce.
Nitro upgrade for Ethereum layer-2 scaling solution Arbitrum is scheduled for Wednesday, August 31. Arbitron shared updates on the upcoming upgrade on Twitter. The message was late last night.
Arbitron Announces Nitro Launch Date
The Ethereum-based scaling solution uses an L2 structure and optimistic aggregations to process transactions outside the Ethereum mainnet. Arbitron completes transactions in large off-chain batches before delivering them to Ethereum. But with Nitro, the network is tuned to increase trading volume and reduce transaction fees.
Reminder — Arbitrum One is upgrading to Nitro on Wednesday 8/31.
There will be 2-4 hours of planned network downtime, starting 10:30 AM ET / GMT-4.
2⃣ days until Nitro!
— Arbitrum (@arbitrum) August 29, 2022
The Nitro upgrade will also soften the cross-chain interaction between Arbitrum and Ethereum. Arbitron once again confirmed the launch date as August 31 on its official Twitter account.
According to the tweet, Nitro will air at 10:30 AM EST. The post also informed users that the network would be offline for about two to four hours.
Arbitron parent company Off-chain Labs’ commented on the upcoming upgrade. Off-chain is a blockchain-focused company working to build an Ethereum Scaling Solutions suite. Arbitron is the most important offering they’ve ever offered.
Nitro Will Increase Transaction Costs on ETH Mainnet
The New York-based firm says Nitro is a “fully integrated, complete layer two optimistic aggregation system.” Off-chain Labs described the Nitro upgrade in April as “the most advanced Ethereum scaling stack.” broadcast . According to GitHub accounts, the Nitro stack will be built on Arbitrum One to include modified fraud proofs.
The new builds will also have updated sequencers, token bridges, and call data compression mechanisms. Offchain’s GitHub notice also claimed that Arbitrum One would integrate seamlessly with the Nitro upgrade. Therefore, the probability of the platform experiencing a chain split is relatively low.
Notably, Off-chain Labs has recently released other updates to its Arbitrum Operating System (ArbOS). The update saw the component rewritten in the Go software programming language. This upgrade has impacted certain features such as batch processing, cross-chain communication, and other features Nitro will further enhance.
Over the past two years, Ethereum has struggled with a crisis surrounding transaction fees. The network is set to improve this with the upcoming consolidation, i.e., the PoS consensus mechanism transition. However, Arbitrum’s Nitro upgrade will also contribute to lower transaction costs on the network.
This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
#Bitcoin #Crypto #Cryptocurrency
