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Arbitrum Nova is a cutting-edge new chain to scale web3 gaming and social industries.
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August 9, 2022 — 4 min read
August 9th, 2022 - Quicknode, the leading Web3 cloud platform for building blockchain-powered applications, today announces the expansion of its ecosystem with the launch of Arbitrum Nova support. Quicknode’s mission is to support all the developers building on the blockchain – and with Arbitrum Nova, Quicknode is moving a step further by not just providing RPC support but also participating in its DAC (Data Availability Certificates) committee to support the chain's operation.
Arbitrum announced its AnyTrust technology earlier this year to make transactions cheaper and withdrawals of non-fungible tokens (NFTs) faster. Arbitrum launched a fresh new chain for general access today based on their AnyTrust technology called Arbitrum Nova, which is focused on decentralized social and gaming applications (dApps).
Arbitrum already has the Arbitrum One chain, which is 97% cheaper than Ethereum Mainnet for most transaction types. Arbitrum Nova takes this a step further to make transaction costs even cheaper and faster. Nova achieves this with the help of its DAC committee, which ensures data availability for the end users, and with the concept of minimal trust assumption, which assumes that at least two committee members are honest and will be able to provide the data. Here's how the process works: the transaction data is made available to the DAC committee via a sequencer, the DAC committee then signs the Data Availability Certificate for a batch of transactions, and then these certificates are stored on a smart contract on the Ethereum chain as opposed to the entire transaction data being stored on Ethereum in Arbitrum One. This brings down the cost as the amount of data being stored on Ethereum is significantly less.
Quicknode, being a leading blockchain service provider, was selected as a DAC committee member for Arbitrum Nova. The DAC members will have to run Data availability servers which will let the transaction batch data be available via a REST API. Quicknode is thrilled to enter this space by being a member of the DAC committee alongside Offchain Labs, FTX, Google Cloud, Consensys, P2P, and Reddit.
The DAC committee assumes that at least two members are being honest in terms of data availability and protection of funds — the committee has six members for enhanced security. If members fail to provide the Data availability certificate, the committee loses consensus, and the chain then falls back to store the entire transaction data on the Ethereum chain until the DAC committee regains consensus. This ensures the protection of funds and smooth operation of the Nova chain.
Arbitrum Nova chain will highly benefit use-cases with huge transaction volumes and high NFT withdrawal rates, by making the entire process much cheaper and secure using its AnyTrust Technology.
“We are thrilled to have Quicknode as an initial member of Arbitrum Nova’s Data Availability Committee,” -Steven Goldfeder, CEO and Co-Founder – Offchain Labs. “Quicknode’s RPC services on the chain are a major piece of the puzzle that makes Nova the premier gaming and social application building option in the Web3 space.”
"Thrilled to extend our partnership with Arbitrum with the introduction of Arbitrum Nova chain. AnyTrust, a new technology optimized for ultra-low-cost transactions with strong security guarantees (exclusive to Nova), is uniquely positioned to help increase the velocity at which blockchain is integrated & adopted across gaming and social applications. Excited to be alongside Offchain Labs, FTX, Google Cloud, Consensys, P2P, and Reddit to support this release!"
-Dmitry Shklovsky, Co-Founder – Quicknode
Sign up for a free Arbitrum Nova RPC on Quicknode.com
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