Web3 Technology Infrastructure: Layer 2 Network

On April 13th, in the main venue of the “2023 Hong Kong Web3 Carnival” titled “Web3 Technology Infrastructure: Layer 2 Layer 2 Network”, Steven Goldfelder, co-founder and CEO of Orbitrum, introduced its network data, ecology, Orbitrum Nova, and Orbitrum. Steven Goldfelder stated that in the past year, the development of Arbitrum has been very rapid. Currently, the Arbitrum ecosystem has about $6 billion in TVL, accounting for 65% of the market share in the second tier. Currently, 1 million ETHs are locked in the bridge, and the ecological DApp is also thriving. Arbitrum Nova is more suitable for games, social projects, and some DApps with high throughput and performance requirements. The Arbitrum Orbit allows for the construction of its own blockchain using the security of the technology stack and Ethereum, with advantages such as privacy, security, and high performance. I hope to work with developers, users, and community members to promote the development of Arbitrum.

Arbitrum Co founder and CEO: Currently, Arbitrum holds approximately 65% of the L2 market share

Table of Contents:
1. Introduction
2. The Emergence of Web3 Technology Infrastructure
3. Layer 2 Network
4. Arbitrum’s Network Data and Ecology
5. Orbitrum Nova
6. The Advantages of Orbitrum
7. Future Development of Orbitrum
8. Conclusion
9. FAQs

Introduction

Web3 technology infrastructure is taking the world by storm as it offers a new type of internet which is based on decentralization. With this new infrastructure, companies and developers can create applications that provide numerous benefits, including security, transparency, and anonymity.
On April 13th, in the main venue of the “2023 Hong Kong Web3 Carnival,” Steven Goldfelder, co-founder, and CEO of Orbitrum, introduced its network data, ecology, Orbitrum Nova, and Orbitrum.

The Emergence of Web3 Technology Infrastructure

Web3 technology infrastructure allows developers to create applications that run on decentralized blockchain networks. This infrastructure adds a new layer of services on top of the existing internet where users can directly interact with each other without the involvement of central authorities or intermediaries.
The decentralized nature of Web3 technology infrastructure enables increased security, transparency, and anonymity for users. It is becoming increasingly essential, especially with the rise in cases of data privacy breaches and cyber-attacks.

Layer 2 Network

Layer 2 network is a scaling solution that has been developed to solve the scalability problem inherent in blockchain technology. It runs off-chain and allows for quicker and cheaper transactions compared to on-chain transactions.
One of the most successful Layer 2 networks is Arbitrum, which has been experiencing rapid growth.

Arbitrum’s Network Data and Ecology

Steven Goldfelder stated that in the past year, the development of Arbitrum has been very rapid. Currently, the Arbitrum ecosystem has about $6 billion in total value locked (TVL), accounting for 65% of the market share in the second tier.
Additionally, 1 million ETHs are locked in the bridge, and the ecological DApp is also thriving.

Orbitrum Nova

Orbitrum Nova is a Layer 2 network developed by Orbitrum that is more suitable for games, social projects, and some DApps with high throughput and performance requirements.
Orbitrum Nova offers faster transaction speeds and lower transaction costs, providing a solution to the scalability problem seen in Ethereum.

The Advantages of Orbitrum

Orbitrum offers several advantages, including privacy, security, and high performance. The network allows for the construction of its own blockchain using the security of the technology stack and Ethereum.
With Orbitrum, users can enjoy faster, cheaper, and more private transactions compared to traditional blockchain networks.

Future Development of Orbitrum

Steven Goldfelder hopes to work with developers, users, and community members to promote the development of Orbitrum. The company is optimistic about the future of Web3 technology infrastructure, and they aim to become leaders in the field.

Conclusion

Web3 technology infrastructure has a vast potential to revolutionize the world by providing solutions to some of the issues seen in traditional online services. With Layer 2 networks such as Arbitrum and Orbitrum, blockchain technology can finally scale and provide faster, cheaper, and more secure transactions.

FAQs

1. What is Web3 technology infrastructure, and why is it important?
Web3 technology infrastructure is a new type of internet based on decentralization. Web3 technology infrastructure allows developers to create applications that run on decentralized blockchain networks. It is becoming increasingly essential, especially with the rise in cases of data privacy breaches and cyber-attacks.
2. What is a Layer 2 network?
A Layer 2 network is a scaling solution that has been developed to solve the scalability problem inherent in blockchain technology. It runs off-chain and allows for quicker and cheaper transactions compared to on-chain transactions.
3. Why is Orbitrum Nova more suitable for games, social projects, and some DApps?
Orbitrum Nova offers faster transaction speeds and lower transaction costs, providing a solution to the scalability problem seen in Ethereum.