According to ChainCatcher, LG Electronics has selected the Ethereum Layer 2 network Arbitrum to develop a new blockchain for advertising and media-related use cases. Following the announcement, Arbitrum’s native token, ARB, rose over 5% in a single day. The network will be used for the placement, purchase, sale, and management of digital ads, as well as recording user interactions with ad content. Arbitrum, developed by Offchain Labs, utilizes Optimistic Rollup technology to provide faster and lower-cost transactions on Ethereum. This is not LG’s first foray into blockchain; previously, LG launched the enterprise blockchain Monachain through its IT services division, LG CNS, and developed the crypto wallet Wallypto. LG also launched the Art Lab NFT marketplace, though the platform was shut down last year.
LG Electronics to Build New Blockchain on Arbitrum for Advertising; ARB Rises Over 5%
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Summary
LG Electronics is making blockchain headlines by building a new blockchain on Arbitrum for advertising and media use cases. The project will manage digital ad placement, buying, selling, and user interaction tracking. This follows LG’s earlier blockchain initiatives, including Monachain and the Wallypto wallet. Arbitrum’s native token, ARB, rose over 5% following the announcement.
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