Solving the Crypto Puzzle

As arbitrary or meaningless as it might sound, the truth is human beings really don’t have any limits. Regardless of how far we get, we can still go out and clock and an even higher altitude. With so many possibilities in play at a given time, the onus of using them effectively is entirely on us. Now, if the discussion pivots to the work we have done so far within the said area, it’s important that we mention each and every attempt of ours, but while we do so, we must also acknowledge how none have even come close to matching the try that yielded technology. Technology gets to be the runaway winner here for so many different reasons. From bringing unprecedented capabilities into the world’s fold to making sure they reach throughout the spectrum, the ingenious idea has pulled all stops to establish itself as the greatest man-made creation ever. Nevertheless, even after such a massive contribution, it will continue to navigate its way towards a brighter horizon, eventually delivering more groundbreaking by-products along the way. One by-product, however, broke this mould and chucked in some controversy into the mix. Yes, we are talking about cryptocurrency. Since the very beginning, cryptocurrency has ruffled a lot of feathers, but the concept’s questionable nature appears to be leaving no impact on its future whatsoever, as it gets closer and closer to becoming mainstream in near future. In fact, looking at Argent’s latest announcement, we can only expect the crypto craze to grow stronger over time.

Argent has officially launched its Layer 2 solution, which is focused on offering cheaper and faster Ethereum transactions. Available to both Android and iOS users, Argent has functioned as a non-custodial smart wallet that keeps you in charge of your funds, except despite the best efforts of such platforms; a sizeable population remains hesitant about Ethereum transactions. This doubt is largely triggered by the need to pay a hefty gas fees. Up until now, the Ethereum wallets have brazenly asked users to fork out over $30, $45 or $60 in gas fees to validate their transaction, and that can add up really quick. Fortunately enough, Argent’s Layer 2 is just the answer we needed, as it takes off the pressure from main Ethereum blockchain, therefore significantly bringing down the costs.

“We waited quite a lot. We skipped a lot of short-term options to make no compromise. That’s why our approach has been a bit more opinionated” said Itamar Lesuisse, founder and CEO of Argent. “From Monday, you will start your life on L2, you’ll buy cryptos on L2,”

A fact worth noting would be that Layer 1 isn’t going out of business altogether. Instead, it will only handle big transactions from here onwards, whereas Layer 2 is going to play facilitator for everything else. As per certain reports, the new solution will pull down gas fees to as low as $1 per transaction, with the huge cutback resulting in a 500,000 people-long waitlist.

 

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