Offchain Labs buys Prysmatic Labs to revolutionize network

ByBhupender Singh

Oct 13, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Offchain Labs buys Prysmatic Labs to revolutionize network

  • One of the engineering teams behind Ethereum the merge upgrade to join Offchain Labs.
  • This will help Offchain Labs advance the reach of its Layer 2 network.

The creator of Arbitrum, an Ethereum layer 2 network, Offchain Labs, has announced the acquisition of Prysmatic Labs. For Offchain Labs, the acquisition of the Engineering team is a significant achievement. As revealed, the development will help enhance the growth and outreach of Arbiturm.

Notably, Prysmatic Labs is one of the core teams that facilitated the Ethereum Merge. The team came into the limelight when it invented Prysm. Prysm is the most prominent consensus layer client on Ethereum. The solution is used for the networks of computers that keep the Ethereum network running.

The latest development highlights how layer 2 scaling platforms are growing on the Ethereum network. Offchain Labs has worked previously at ensuring the growth of Arbitrum. Further, Arbitrum is a system that aids users in carrying out transactions on the Ethereum blockchain swiftly at a cheap fee.

Since its inception in 2018, Offchain Labs has acquired more than $120 million from investors. With the deal with Prysmatic Labs, eleven engineers from the team will join Offchain Labs. This takes the total number of the firm’s Employees above sixty.

Reactions to the innovation

The development has attracted reactions from top officials of the two organizations. The co-founder of Prysmatic, Raul Jordan and reacted to the development. According to Jordan, merging with Offchain Labs is perfect for the engineering team. Jordan maintained this position as he believes that his team has invented game-changing software. According to him, this software is in accordance with the growth of Ethereum. The co-founder said Prysmatic is concentrated on developing more quality software for others to use.

Additionally, the Chief Technology Officer of Offchain, Harry Kalodner also reacted to the development. Kalodner stated that the Prysmatic team will retain the Prysm client post-acquisition. Kalodner disclosed that the Prysmatic team would incorporate more into the ecosystem and develop solutions for the future of layer 2. However, none of the two firms has divulged the finances regarding the deal.

Sidenotes about Offchain Labs

In August, Offchain labs announced the launching of Nova, a new blockchain for Web3 games and social media apps. The Nova Chain comes as the second blockchain from the firm alongside Arbitrum One. The Arbiturm One blockchain is designed to aid the scaling of DeFi and NFTs.

As revealed, Arbitrum One has helped bring Ethereum transactions for DApps down about 97 percent with strong security. Reports disclose that the blockchain employs “zero-knowledge roll ups” that compile transactions off-chain before distributing them in different stages. This innovation allows DApps to process transactions faster and reduce on-chain fees.

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