Offchain Labs Acquires the Popular Ethereum Developer

Prysmatic Labs: Offchain Labs Acquires the Popular Ethereum Developer

Prismatic Labs: The commercial entity behind Ethereum layer-two scalability solution Arbitrum announced the acquisition of Prysmatic Labs, a key player in Ethereum’s migration to Proof-of-Stake.

After the Merge, 43% of Ethereum nodes are running Prysmatic’s flagship software product Prysm.

Prysmatic Labs to continue work on sharding

According to a blog post, Prysmatic Labs has been working on proof-of-stake since 2018. The organization continues to contribute to the future of the Ethereum blockchain through a focus on sharding. This in accordance with Ethereum Improvement Proposal 4844 (EIP-4844) and Maximum Extractable Value (MEV) management research. MEV refers to how transactions can be reordered to yield maximum rewards over and above Ethereum’s standard block reward and gas fees.

Steven Goldfeder is the chief executive of Offchain Labs, said in a press release,” Prysmatic Labs possesses an incredibly talented team of engineers. Their dedication to the Ethereum community shows via their best-in-class product that is used broadly in the Ethereum ecosystem. We are looking forward to the integration of the Prysmatic Labs team as we work together to scale Ethereum.”

After the acquisition, Prysmatic will continue developing Prysm. It is an open-source implementation of Ethereum’s proof-of-stake consensus client software, using the programming language Go. Go helps run multiple operations in a distributed system asynchronously.

Prysmatic Labs allows anyone to download their software and run an Ethereum node. To participate in the network as a validator requires 32 ETH to be staked.

According to Offchain Labs, Ethereum needs greater collaboration between teams working on layer-one functionality that handles consensus and data availability. And, groups working on layer-two that are more focused on speed and scalability. Hence this partnership bodes well for Ethereum’s future.

Offchain said that the two companies plan to collaborate on multiple L1 and L2 initiatives in the future without revealing more details.

At press time, no financial details of the deal had been revealed.

What is Arbitrum?

Arbitrum is an Ethereum layer-one scaling solution initially spun up by a former White House official Ed Felten and two former Princeton graduate students. Felten conceived the idea for Arbitrum after discovering Bitcoin in 2013 and trying to determine what technical barriers new blockchain users faced. Arbitrum is a rollup or chain that operates independently for the most part but relies heavily on the security of the Ethereum chain. It is intended to provide the same user experience as Ethereum. But takes over the heavy computation and storage aspects involved in processing transactions quickly. 

Recently, OpenSea launched support for NFTs on Arbitrum One, which serves as a gateway to the Arbitrum ecosystem. Arbitrum supports the development of decentralized applications and hosts NFTs.

At press time, the GMX Blueberry Club NFT collection had seen the highest sales volume of 829 ETH, followed closely by Realm (REALMVERSE) with 675 ETH, and BattleFly with 624 ETH. 

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

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