Norwegian Government Embraces Public Ethereum, Says Symfoni CEO

Jon Ramvi, founder and CEO of blockchain firm Symfoni, which is backed by the Ethereum Foundation, said on Friday (June 24) that “the Norwegian Government has recently indicated that it would provide a solution on public Ethereum.”

On June 24, Ramvi tweeted the following concerning this idea (a platform for cap tables for unlisted companies):

“The platform will run natively on Arbitrum, a layer 2 scaling solution for Ethereum’s public network. Arbitrum transactions are quicker and less expensive than Ethereum’s main chain while maintaining the same level of security. Layer 2s is Ethereum’s technique for scaling.”

“The shares are represented by the ERC1400 standard. This standard satisfies security criteria and is a mix of ERC20 and ERC721. The foundation of the platform is Consensys’ implementation of ERC1400.”

“Ceramic is used to store personal information. The EU’s General Data Protection Regulation (GDPR) stipulates a right to be forgotten. Therefore, it must be possible to remove personal data, for instance, if a shareholder sold her shares 10 years ago and now wishes to be erased as a shareholder.”

“An SDK is provided for traditional backend and web 2.0 developers to understand and utilize the platform. It was created by Symfoni. This enables government agencies and the corporate sector to obtain data and improve the functionality of the platform.”

Off-chain Labs’ Arbitrum is “a set of Ethereum scaling technologies that allow high-throughput, low-cost smart contracts that are trustlessly safe.”

According to a blog post published by Off-chain Labs on 17 December 2021, the following explains why Arbitrum employs optimistic rollups rather than ZK rollups:

“We designed Arbitrum as an Optimistic Rollup (OR) because we feel that OR is the best method to satisfy users’ realistic requirements for a safe, trustless, EVM-compatible L2.” We picked optimistic versus ZK due to the inherent scalability and cost benefits of optimistic systems; we would make the same decision today.

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