The Norwegian government has chosen to deploy Ethereum-based Arbitrum technology (ETH). The latter will create a mechanism via which Norwegians can purchase shares of unlisted businesses.
A platform for shares of unlisted companies will be created by Arbitrum.
The Norwegian government will make use of the Ethereum (ETH) network-based Arbitrum technology. Jon Ramvi, a developer for Web3 and the creator of the Symfoni protocol, made this announcement. Jon shared information about the most recent utility use case for Ethereum (ETH) on the social media platform Twitter.
Having said that, Norway will make use of the Arbitrum technology to develop a platform that will provide its residents access to shares of businesses that aren’t yet listed on the stock exchange. It will give the new platform the tools it needs to serve the public as effectively as possible.
The shares will be issued as common Ethereum ERC1400 coins (ETH). The ERC20 and ERC721 standards are combined in one standard. These ERC tokens were put into place with aid from ConsenSys, a notable Ethereum development company.
We’ll use another another Ethereum (ETH)-based item. This is the decentralized Ceramic data transport and storage system, which enables the processing of users’ personal data in line with applicable regulations.
The creation of the Norwegian government platform also benefited from the work of Jon Ramvi’s Symfoni project. In fact, it has made a software development kit (SDK) available for the platform’s backend developers.
Adoption of the top scaling solution for Ethereum (ETH) is a significant step.
The Norwegian government’s usage of Arbitrum is a significant development in the deployment of this technology. In fact, this is the first time a significant nation has employed the Arbitrum technology, which serves as the primary scaling option for Ethereum (ETH). Additionally, this is the first time a significant nation has begun utilizing Ethereum (ETH) and its goods to build a whole new category of financial market for inclusive and democratic transactions.
This project shows how Arbitrum adoption increased during the second quarter of 2022. Furthermore, of all Layer 2 protocols on the Ethereum network, Arbitrum now accounts for more than 50% of the total TVL measurements ( ETH). In order to increase its compatibility with the protocols of its partners, it is also now organizing the Odyssey campaign. Accelerating technology adoption for Web3 apps is one of the key objectives of the Arbitrum team.
