1 year ago
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Provides Optimism Rollup
Crypto asset (virtual currency) startup Conduit announced on the 28th that it has raised approximately 920 million yen ($7 million) in a seed round led by major cryptocurrency venture capital firm Paradigm.
Conduit is an infrastructure platform designed for developers in the cryptocurrency sector.
1/ Announcing Conduit, a crypto native infrastructure platform. Launch a rollup in just a few clicks (built on the OP Stack and powered by Optimism)
We’re live on mainnet. DM us to get set up today, it takes less than 5 minutes to get up and running. pic.twitter.com/n2gWtmCURO
— Conduit (@conduitxyz) March 28, 2023
Conduit says developers can use Conduit’s services to quickly build and launch production-grade rollups on Ethereum’s (ETH) L2 network Optimism, making their applications scalable. Explaining.
Rollup is a solution that addresses scalability issues such as network congestion by processing some transactions off-chain (outside the blockchain). Conduit said:
DeFi (decentralized finance) protocols, gaming companies, NFT (non-fungible token) platforms and other on-chain providers can use Conduit to scale their applications quickly and easily.
This will allow us to provide a better user experience and build services and features that would not have been possible due to network congestion.
Conduit went on to say that it has a block explorer and everything else a developer needs built-in. The app will be able to run on the same technology as Optimism’s mainnet, and Ethereum’s security will be applied.
What is a scalability problem
Refers to “scalability” issues that slow transaction processing. Due to the nature of blockchain, the amount of transaction data that can be written in one block is limited, which causes delays in processing. Transfers take longer, which can lead to higher transaction fees.
Cryptocurrency Glossary
Cooperation with Optimism “Super Chain”
Conduit said it will also work with the Optimism Foundation to support Optimism. The plan is to make it easier for developers to launch rollups using a common standard, the OP Stack, on Optimism’s Superchain.
Conduit’s OP (Optimism) chain will also be integrated into the Superchain and benefit from the development and refinement of the “OP Stack”.
The superchain was recently announced by Optimism as a concept. A superchain is conceived as a network of chains that share a cross-chain bridge, decentralized governance, communication layer, etc. built with the OP Stack standard.
What is a bridge
Refers to mechanisms and technologies that enable interoperability by realizing the transfer of tokens between different networks. Risks have also been pointed out that users may not be able to withdraw funds or may be victims of cyberattacks.
Cryptocurrency Glossary
Once Superchain is successfully launched, Optimism mainnet and other related chains are expected to be integrated into a unified network of OPchains (chains within Superchains). It is said that this will further promote scalable and distributed computing.
Conduit will also provide rollup management services, automatic code updates for OP Stack standards, as well as support for superchains as they become available.
Developers who build rollups using Conduit will also be able to earn sequencer fees from their rollups, as well as “MEV,” a type of revenue earned from Ethereum validation work.
The post Conduit, which offers Optimism rollup, raises 900 million yen appeared first on Our Bitcoin News.
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