The Norwegian government uses Arbitrum to build the nation’s new financial product.
According to Jon Ramvi, founder and CEO of the blockchain startup Symfoni, which is funded by the Ethereum Foundation, announced that the Norwegian Government is releasing a solution on the Ethereum network to create a new national financial product.
The platform will be built specifically on top of Arbitrum, Ethereum’s leading layer 2 scaling solution. Arbitrum, in essence, has the advantage of faster and cheaper transactions than the Ether mainnet
The new product will give Norwegians access to shares in companies that are not publicly traded on the stock exchange. Tokens based on the Ethereum-based ERC1400 standard will be created from shares. This standard is a hybrid of the ERC20 and ERC721. ConsenSys, the parent company of the Metamask wallet, will contribute to this development while maintaining full platform security.
Furthermore, the Norwegian government has set a goal of launching a new product called Ceramic. The platform is designed for decentralized data storage and transmission, and it will be used to process personal data for users in accordance with the GDPR framework – European Union Privacy Regulation.
Summited by HotQA