The Norwegian government is planning to use a second layer project for the Ethereum blockchain
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Answer The Norwegian government is planning to use a second layer project for the Ethereum blockchain
For the first time, a major country started using Ethereum and its products to create an entirely new type of financial market for mass and democratic trading.
Exploiting Ethereum-based Technologies:
John Ramvey, Web3 developer and founder of the Symfoni protocol, tweeted and shared details of an Ethereum platform’s use case in public services.
The new platform will allow Norwegian citizens to access shares of companies that have not yet gone public (unlisted companies).
To maximize resource efficiency, the solution will make use of the Ethereum-based Layer 2 platform.
The shares will be minted as Ethereum-based ERC1400 standard tokens and this standard has been relied upon as it is a combination of ERC20 and ERC721.
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Another product focused on Ethereum will also be used to store and transfer decentralized data, Ceramic, and to handle users’ personal data in a GDPR compliant manner.
Momentum increase around the second layer of Ethereum “Arbitrum” project in the second quarter of 2022:
Symfoni, a project of the aforementioned Mr. Ramvey, also contributed to this platform, releasing a software development kit (SDK) for backend developers.
Currently, the Arbitrum project is responsible for more than 50% of the TVL metrics for all Ethereum Layer 2 protocols.
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