Major announcement: European nation embracing public Ethereum
The Norwegian Government just announced that they are releasing a solution on public Ethereum: A cap table platform for unlisted companies.
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.
The ERC1400 standard represents the shares. This standard fulfills the requirements for securities and is a combination of ERC20 and ERC721. At the core, the platform is built around Consensys’ ERC1400 implementation.
Even though the blockchain layer is permissionless, the smart contracts deployed by the Government require KYC and access control.
Ceramic is used for personal data. The EU privacy regulation (GDPR) dictates a right to be forgotten. This also applies to this solution. Hence personal data needs to be able to delete, e.g., a shareholder has sold her shares ten years ago and now wants her ever being a shareholder to be deleted.
For legacy backend and web 2.0 developers to be able to understand and use the platform, an SDK is available. Symfoni developed it. This allows both government agencies and the private sector to retrieve data and extend the platform’s functionality.
Video of the announcement in Norwegian: https://vimeo.com/721075390/2702571ec2#t=76m20s
