Arbitrum, an ERC-20 token, has taken market interest today after an announcement of its launch of a permissionless verification system themed BOLD on the testnet stage. This upgrade will help bolster security for the network while enhancing accessibility.
BOLD: Gearing Up for Launch on Arbitrum!
After a successful stage 1, which saw ARB’s price increase by 22% in 24 hours, stage 2 has seen arbitrage pundits in a frenzy as they try to drive the price to all-time highs of $2.
ARB’s BOLD core idea is a verification protocol enabling verification of transactions in the Arbitrums blockchain network by both the chosen and other users of the network. This will ensure that disputes are resolved through a streamlined process where anyone can participate. This will enable faster dispute resolution while still guaranteeing security in situations where bad actors try to mess with the system, as one honest user can always catch them and keep things safe.
To add to the dispute resolution power, BOLD brings several advantages to users of the ARB network, among which are:
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- Withdrawals back to the Ethereum network are processed correctly through the new permissionless validation update.
- BOLD is a new strategy to slow down the network or disrupt its operations in a situation where bad actors initiate attacks.
- Pooled Change Funding is a BOLD strategy enabling users to contribute funds to a “defense fund,” which will help fight against invalid claims and challenges on the network.
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The BOLD launch is just at the beginning, as the Arbitrum team has to make sure the protocol runs smoothly before proposing it to its DAO. When the DAO gives a thumbs up on the upgrade, it will then launch on Arbitrum Sepolia, a testing environment within the network.
The DAO can then roll it out to the main Arbitrum One and Nova chains by the summer of 2024, which will see security improvements on other chains using Arbitrum Nitro software.
To support the new approach to rollups by layer 2 networks, Vitalik Buterin, the Ethereum co-founder, has released an evaluation plan to help the crypto community understand the levels of trust in rollups.
Arbitrum, which is currently trading at $1.15 as of publication by Coinstats, has shown bullish signs upon the BOLD upgrade test net stage. This shows the broader participation of the Arbitrum community in activities in the network in recent geopolitical feuds, which have seen a slump in the broad crypto realm.
This upgrade in ARB could be a pivotal milestone in Arbitrum’s progression towards becoming a Stage 2 rollup.
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Maina Lewis
I'm a crypto enthusiast with a passion for breaking down complex blockchain concepts into clear, engaging content. Fueled by curiosity, I'm constantly researching the latest crypto trends and developments to keep readers informed and excited about the ever-evolving digital landscape. Whether you're a seasoned crypto investor or just starting your journey, I aim to empower you with the knowledge to navigate this dynamic frontier.