The Norwegian government will launch a solution to create capitalization tables on the Ethereum blockchain. Symfoni founder John Ramvi said the tool is designed for companies that are not listed on exchanges.

The platform will be natively on Arbitrum, a layer 2 scaling solution for the public Ethereum network. Arbitrum is faster and cheaper than the Ethereum main chain, but still gets the full security of the main chain. Layer 2s is Ethereum’s scaling strategy. pic.twitter.com/BtUJZ2iS3O

– jonramvi.eth (@JonRamvi) 24 June 2022

According to him, the platform will be built on the basis of the Arbitrum L2 network, as it provides faster and cheaper transactions compared to the main blockchain.

The solution includes accounting for shares represented in the form of ERC-1400 standard tokens implemented by ConesenSys. It is a hybrid digital asset model specifically designed for use in tokenized finance.

At ConesenSys, tokens of this standard are characterized as “partially interchangeable”. Not all assets of this model are equivalent, as with cryptocurrencies – some may be subject to restrictions such as the blockchain period. However, these are not NFTs.

The decentralized Ceramic network is used to store and transfer personal data on the platform. Ramvi said the latter allows for compliance with the EU’s General Data Protection Regulation (GDPR).

“GDPR establishes the right to be forgotten. Therefore, deletion of personal data should be possible. “For example, a shareholder sold his share ten years ago and now wants the information that he was once a shareholder to be deleted.”

Ramvi Symfoni created SDKIt allows developers of backend and traditional web platforms to use the blockchain solution.

Recall that in May 2022, the Norwegian Parliament rejected a bill banning mining in the country.

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