The Norwegian government will launch a solution for creating capitalization tables on the Ethereum blockchain. The tool is intended for companies not registered on stock exchanges, said Symfoni founder Jon Ramvi.
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 L2 network Arbitrum, as it provides faster and cheaper transactions than the main chain.
The solution envisages shares represented as tokens of the ERC-1400 standard in a ConsenSys implementation. This is a hybrid model of digital assets, specifically designed for use in the tokenised-finance space.
In ConsenSys, tokens of this standard characterise as “partially fungible.” Not all assets of this model are equivalent, as with cryptocurrencies—some may be subject to restrictions such as a lock-up period. They are not NFTs.
For storing and transferring personal data on the platform, a decentralized network Ceramic is used. Ramvi said that the latter enables compliance with the EU General Data Protection Regulation (GDPR).
“GDPR enshrines the right to be forgotten. Therefore there must be a mechanism to delete personal data. For example, a shareholder sold their stock ten years ago and now wants information that they once held equity to be deleted,” he said.
Ramvi’s company Symfoni has created SDK, enabling backend developers and traditional web platforms to use the blockchain solution.
Earlier, in May 2022, the Norwegian Parliament rejected a bill to ban mining in the country.
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