Ethereum scaling network Arbitrum set for major upgrade on Aug. 31

cointelegraph.com:

Ethereum layer-2 scaling solution Arbitrum is set to undergo one of its most significant upgrades on Wednesday, set to increase transaction throughput, slash transaction fees and simplify cross-chain communication between Arbitrum and Ethereum.

Referred to as the “Nitro” upgrade, Arbitrum reconfirmed the date of the upgrade in a Twitter post on Aug. 29, confirming that the upgrade will take effect on Aug. 31 at 10:30 AM Eastern Time, while noting a two to four hours of network downtime period is to be expected.

Reminder — Arbitrum One is upgrading to Nitro on Wednesday 8/31. There will be 2-4 hours of planned network downtime, starting 10:30 AM ET / GMT-4. 2️⃣ days until Nitro!

Abritrum is an Ethereum layer-2 scaling solution that utilizes Optimistic Rollup technology to bundle large batches of transactions off-chain from Ethereum smart contracts and decentralized applications before submitting it to Ethereum.

According to Offchain Labs’ GitHub account, Nitro will represent a “fully integrated, complete layer 2 optimistic rollup system” that builds on Arbitrum One with newly improved fraud proofs, along with updated sequencers, token bridges and calldata compression mechanisms.

Offchain Labs is a blockchain-based company established in 2018 which builds a suite of Ethereum scaling solutions, with the Arbitrum One network being the most notable network deployed by the firm.

Arbitrum is going to flip Solana. Aribtrum nitro is days away. It's going to bring faster transactions, cheaper fees, and a better experience for builders.@arbitrum pic.twitter.com/95Edqn881u

Offchain Labs also updated its ArbOS (Arbitrum Operating System) component, which is now rewritten in the software programming language Go. The new version will