The largest crypto exchange in South Korea Upbit launched new Block second level based Ethereum GIWA, which the company says makes Web3 faster, cheaper and more accessible to everyday users.
GIWA, short for Global Infrastructure for Web3 Access, runs on the open source OP Stack, managed by the Optimism Foundation. Blockchain provides one-second block times, near real-time transactions, and full instrument support Ethereum and smart contracts, so developers and users can easily use it.
New Block was developed to solve the problem of slow transactions in Ethereum and high gas fees that arise when servers become overloaded. Instead of replacing ETH, GIWA operates as a second-layer network. This means that most transactions occur in its own system and are then written back to Ethereum. This way, users won’t have to deal with performance issues. Ethereum, but they will still be able to enjoy its robust security features.
GIWA is also fully compatible with the ETH system, which runs smart contracts such as the virtual machine Ethereum (EVM). This makes it easier for developers to deploy smart contracts in Solidity (the standard programming language for Ethereum) to GIWA without having to rewrite code or make major changes. They can also use the development tools and frameworks they are already familiar with. This makes GIWA attractive to more developers who are looking for higher speed and lower fees without having to start from scratch.
While GIWA is in development, the team has launched a public testnet so that developers can experiment and test their applications in real-world conditions. It runs on chainId 91342 via an RPC endpoint. This means that developers can connect, deploy contracts, and monitor transactions just like on the mainnet.