What is Arbitrum (ARB), How to claim the airdrop and trade it with INR?

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What is Arbitrum?

Arbitrum is a layer-2 solution designed to scale Ethereum. It lowers network congestion and transaction fees from Ethereum’s mainnet. It achieves this via the use of Optimistic rollups, where transactions are settled on a proprietary side chain. $ARB is Arbitrum's new token, which is being airdropped to eligible community members on Thursday, March 23. You can check your eligibility by going to arbitrum.foundation (beware of scam links). Also Arbitrum is transitioning to a DAO model, of which $ARB will be the governance token. 

Arbitrum argues that its architecture improves the capabilities of Ethereum smart contracts — boosting their speed and scalability, while adding in additional privacy features to boot. The main difference between its major competitor Optimism is that it uses single-round fraud proofs executed on layer-1, whereas Arbitrum uses multi-round fraud proofs executed off-chain which makes it secure. 

How to add the Arbitrum network to Metamask?

Before going further, one needs a Metamask wallet (or any other wallet if you prefer) in order to be able to claim the airdrop. However, if one is eligible for an airdrop claim, then it’s implicit that the respective user has already installed metamask in their browsers. If yes, kindly skip the following section. 

1. First, head over to MetaMask. Once there, you’ll see a blue button that allows you to download the extension for whatever browser you use. On Chrome, you’ll see this. 
2. Go ahead and hit that button, and it’ll take you to the Chrome Web Store. Once ready to go, click the Add To Chrome button, which will then install your MetaMask wallet for free. 
3. Once you’ve installed MetaMask, you’ll see the small fox icon at the top right of your screen
4. Next, you’ll be given the option to “Get Started.” Once you’ve clicked that button, assuming you are a new user, click the “Create a Wallet” button on the right to get started with a new wallet. 
5. This is your password for access to your wallet on your local device. As with all online accounts, you should ensure that you are using a strong password. On the next page, you’ll be given a set of 12 words that act as your private key. 
6. Write these 12 words down and keep them somewhere safe offline. Do not store these words on your computer. Remember – no one will ever need to know your 12 words other than you. If you ever do get asked for these phrases, it’s likely a scam.
7. Once you have written them down, you can click the “Next” button. Then, just to make sure that you have written them down, MetaMask asks you to confirm your secret recovery phrase by selecting the words in the order they were originally given. You must write down your 12 words in the correct order. 
8. Once you’ve entered those words, you can click “Continue.” Then, you’re done! It’s that easy. 
9. You can access your new wallet either by a full-fledged page or by simply clicking on the fox icon in the upper right corner of your browser.
10. Now, you can click on the “Ethereum mainnet” button on the top of the wallet and find “add network” at the bottom. 
11. Once you have clicked on “add network”, you’ll be redirected to a page where you can enter the details of the new network you want to add now which is Arbitrum in our casse. 
12. Following are the details to enter: 

• • Network Name: Arbitrum One
• • New RPC URL: https://arb1.arbitrum.io/rpc 
• • Chain ID: 42161
• • Currency Symbol: ETH
• • Block Explorer URL: https://arbiscan.io/ 

13. Click save after entering the above details, now you are ready to claim the airdrop. 

How to claim the Arbitrum airdrop?

1. Go to arbitrum.foundation. Beware of scam links, kindly make sure you have the correct link. 
2. Enter the website, connect your metamask wallet and click “check eligibility”. You will be shown the number of ARB tokens you are eligible to claim. As soon as the counter ends, you will be able to claim it. 
3. Now, it’s time to wait. 

How to buy ARB tokens with INR?

Giottus is one of the first crypto exchange platforms in India which is planning to launch the Arbitrum (ARB) token in India. ARB can be purchased with INR and will be available to trade on March 23rd post 11.30pm IST. 

Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin.

Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.