Argent is launching a solution. The Layer 2 scaling implementation is being chosen by the company. It is supposed to be cheaper and faster.
Argent is a smart wallet that has been around for a few years, but you don't know it. It is a non-custodial wallet, meaning that you are in charge of your funds and everything you do is recorded.
Gas fees have been the biggest pain point for ether transactions. It can be quite discouraging if you have to pay gas fees for your first transaction, even if you are just starting out.
Several teams are working on ways to solve the issue. Transactions could be handled off of the mainEthereumBlockchain in order to bring transaction fees down. These projects are called Layer 2 solutions.
Some people think there will be different advantages and drawbacks to multiple blockchains. It doesn't require a lot of work to move from one block to another with the help of the EVM.
Some people think that some transactions will be handled on the main ethereum platform. Transactions are sent to Layer 2 so that they can be processed together.
A group of transactions is submitted when there are enough transactions. These transactions can be altered once they are on the main ethereum block.
A validity proof is generated based on hundreds of transactions, making zero-knowledge rollup implementations cost effective. Layer 2 transactions cannot be altered because they won't comply with the validity proof.
Argent chose this as its scaling solution. Argent co-founder and CEO Itamar Lesuisse told me that they skipped a lot of short-term options to make no compromise.
Gas fees for Layer 2 transactions should be as low as $1 per transaction, according to the company. Since Argent started working on Layer 2 accounts, 500,000 people have signed up to the waitlist.
Lesuisse said that from Monday you will start your life on L2. Argent's existing Layer 1 wallet will still be the default wallet. To reflect the fact that they are for wealthy individuals with millions of dollars worth ofcryptocurrencies, they will be calledVaults.
Argent hopes that it can attract a new audience. Lesuisse said that Argent wants to build a financial super app for web3 and DeFi.
Users can use a bank transfer or a debit card to purchase cryptocurrencies. The company has a partnership with both MoonPay and Ramp.
Users can exchange cryptocurrencies in the app. Argent uses ParaSwap to find the best trading pair for what you sell and what you buy.
We kept it limited because the experience on Layer 2 is much more streamlined. Lesuisse said that the lower the costs are, the more concentrated the demand is.
There is a new start for Argent. The company thinks that the current experience with non-custodial wallet is not as good as it could be because of the concept of seed phrases.
Lesuisse said that an old model with a key and a Post-it note in your drawer will never be the way to manage money. There is no seed phrase with Argent. You can keep your wallet safe with your account or with your guardian. Your friends can help you recover your wallet.
Lesuisse is aware that most people just go to Coinbase to buy coins. The company wants to change that, and the biggest non-custodial wallet is MetaMask.
Buzzy Ethereum wallet app Argent comes out of stealth
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