Home Technology Uniswap (UNI) Arbitrum Expected to Bring in Dramatic Improvement in Scalability and Privacy

Uniswap (UNI) Arbitrum Expected to Bring in Dramatic Improvement in Scalability and Privacy

Uniswap UNI

The autonomous proposal “Reduce the UNI proposal submission threshold to 2.5M” has reached the required threshold and has moved to a formal on-chain vote.

Following this, Hayden Adams recently expressed:  “Reducing the UNI proposal submission threshold to 2.5M currently has 61m yes votes, just 2 days in I think it’s safe to say: 1) this is going to pass making it way easier to create future proposals 2) reaching quorum is not nearly as hard as people think.”

In response community members were like:  Populism over Oligarchy.

For clarity, populism is a political approach that strives to appeal to ordinary people who feel that their concerns are disregarded by established elite groups.

Oligarchy, government by the few, especially despotic power exercised by a small and privileged group for corrupt or selfish purposes. Oligarchies in which members of the ruling group are wealthy or exercise their power through their wealth are known as plutocracies.

Another important topic in discussion in the Uniswap community is Arbitrum. 

Uniswap Labs expressed:  “In response to the community vote, Uniswap v3 has been deployed to arbitrum mainnet.  The Uniswap app has been updated to support the deployment. The core and periphery addresses are the same as on Ethereum mainnet.

Arbitrum is currently in whitelist only mode. Once it opens to all users, Uniswap v3 will work out of the gate with no additional work required. Developers who are currently whitelisted can use this deployment immediately.

Some users were like:  No additional work required means we just go and swap tokens as usual, or do we need to bridge tokens to Arbitrum first?

For clarity, “Arbitrum is a cryptocurrency system, which supports smart contracts without the limitations of scalability and privacy of systems. 

For instance, Ethereum permits the parties to create smart contracts using the code to specify the behavior of a virtual machine (VM) which will implement the contract’s functionality.

Arbitrum makes use of mechanism design to incentivize parties to agree off-chain on what a VM would do.  Therefore, Arbitrum miners need only verify digital signatures to confirm that the parties have agreed on a VM’s behavior.  When parties are not able to reach unanimous agreement off-chain, Arbitrum still permits honest parties to advance the VM state on-chain.

When a party tries to lie about VM’s behavior, the verifier or miner will identify and penalize the dishonest party using highly-efficient challenge-based protocol which will exploits the features of the Arbitrum virtual machine architecture.

Moving the verification of VMs’ behavior off-chain in this way provides dramatic improvements in scalability and privacy.”

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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