Upbit Launches Ethereum L2 Testnet ‘Giwa’

Giwa is a new Ethereum Layer 2 blockchain that is in the limelight this week. Giwa, created by Upbit, is meant to ensure Web3 is faster, easier, and more affordable to all. 

At its core, Giwa aims to break down the barriers that have made Web3 feel complicated and expensive.

What Makes Giwa Special

Ethereum is famous for being a secure and decentralized blockchain network. Nevertheless, they have excellent features at the expense of low speed and high transaction costs. And that is where Giwa comes in. It works by processing transactions on-chain and subsequently capturing the transactions on Ethereum. With this update, you get to enjoy efficient transactions and reduced transaction costs. You get these extra features while still enjoying a secure network.

Here’s what stands out about Giwa:

• Fast Block Times: Giwa creates new blocks every second, leading to instant transactions.
• EVM Compatibility: Developers can use the same knowledge they have about Solidity smart contracts and tools.
• Powered by the OP Stack: It uses the technology of Optimism to enable simple upgrades and scaling.
  

A Layer 2 With Global Ambitions

The name Giwa comes from traditional Korean roof tiles. Alone, each tile is small, but when combined, they create a strong and lasting structure. Similarly, Giwa brings together developers, builders, and users to develop a thriving Web3 ecosystem. Giwa is open to everyone; it doesn’t belong to any single entity. Upbit aims to make it a global hub for Web3. It does so as well as giving extra help to Korean developers in both English and Korean documentation.

Upbit would bring stability, experience, and a high number of users to Giwa. Such collaboration guarantees that developers and users have a sound starting point to build and expand upon. With time, It will become a bridge by connecting more people, more data, and liquidity to Web3.

In conclusion, Giwa isn’t just another blockchain but a step toward making Web3 truly accessible. As supported by Upbit and featuring speed, simplicity, and scalability as core pillars, it may form the basis of blockchain innovation.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies presented are the thoughts and opinions of the writer/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments; therefore, please conduct your due diligence. Copyright Altcoin Buzz Pte Ltd.