CoolWallet Pro, the leading DeFi hardware wallet by CoolBitX, is now supporting the Ethereum layer-2 “optimistic rollup” scaling solution Arbitrum.
CoolWallet Pro’s support of Arbritum will allow its users to securely send and receive ARETH in their cold wallet, thanks to its cutting-edge EAL6+ secure element, military-grade Bluetooth encryption, and biometric verifications. CoolWallet users can also connect to Arbitrum Dapps in order to sign contracts through MetaMask or WalletConnect, thereby gaining seamless access to the whole Arbitrum ecosystem.
Two of the biggest pain points for Ethereum and its users have been its congested network and high gas fees. While many ETH holders believe that the Ethereum Merge will solve all issues for the world’s leading smart contract-powered chain, things are not that simple. Layer-2 solutions like Polygon (MATIC) and Arbitrum will continue to play an important role in alleviating stress from the scaling Ethereum main chain by helping to process some transactions on securely connected side chains.
What is Arbitrum?
Arbitrum is a layer-2 solution (a secondary framework or protocol that is built on top of an existing blockchain for specific purposes) that was created to boost the speed performance, scalability, and privacy of Ethereum smart contracts. This is done by enabling Ethereum developers to execute Ethereum Virtual Machine (EVM) and transactions on a second layer without losing the protection of Ethereum’s vast and secure decentralized network.
Arbitrum’s mainnet was announced by its creators Offchain Labs in August 2021 and it’s since been adopted by many of the top DeFi protocols such as Aave, Curve, Uniswap, and Balancer to help improve throughput and gas price reductions.
How does Arbitrum work?
Layer-2 crypto projects like Polygon, Arbitrum, and ZKSync use a variety of methods to help speed up Ethereum, such as optimistic rollups and zero-knowledge (ZK) rollups. The term “rollup” refers to how a validator can utilize public information to recreate a complete blockchain history from optimized network logs as code that can be safely executed with the help of protocol.
Artibitrum uses the Optimistic Rollup (OR) method, recording batches of submitted ETH main network transactions and processing them on a faster, cheaper layer-2 side chain. Following this, an Ethereum validator can post the rollup block and verify another block. This helps to free up both storage and processing power on Ethereum’s main chain.
You can read more here about why Arbitrum chose to use OR technology over ZK Rollup (ZR) technology.
We hope you enjoy our latest CoolWallet Pro feature. Let us know on Twitter or Facebook how your CoolWallet Arbitrum journey is going!
