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The Norwegian government will launch a solution to create capitalization tables on the Ethereum blockchain. The tool is designed for companies not listed on stock exchanges, said the founder of the startup Symfoni John Ramvey.
The platform will be natively on Arbitrum, a layer 2 scaling solution for the public Ethereum network. Arbitrum is faster and cheaper to transact with than the Ethereum main chain but still gets the full security of the main chain. Layer 2s is Ethereum’s scaling strategy. pic.twitter.com/BtUJZ2iS3O
— jonramvi.eth (@JonRamvi) June 24, 2022
According to him, the platform will be built on the basis of the L2 network Arbitrum, as it provides faster and cheaper transactions compared to the main blockchain.
The solution involves taking into account the shares presented in the form of ERC-1400 standard tokens in the implementation from ConesenSys. This is a hybrid model of digital assets, specifically designed for use in the field of tokenized finance.
In ConesenSys, tokens of this standard are characterized as “partially interchangeable”. Not all assets of this model are equivalent, as is the case with cryptocurrencies – some of them may be subject to restrictions such as the lockdown period. However, they are not NFT.
For the storage and transmission of personal data on the platform, a decentralized Ceramic network is used. Ramvey said the latter allows compliance with the EU’s General Data Protection Regulation (GDPR).
“The GDPR dictates the right to be forgotten. Therefore, it should be possible to delete personal data. For example, a shareholder sold his securities ten years ago and now wants the information that he was once part of the capital to be deleted, “he explained.
Ramvi Symfoni created SDK, allowing backend and traditional web platform developers to use a blockchain solution.
Recall that in May 2022, the Norwegian Parliament rejected a bill to ban mining in the country.
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