Offchain Labs, Inc. is a New York based startup, building the Arbitrum platform to unlock the full potential of smart contracts, making them private and cheap without requiring any extra work from contract developers. Their working prototype of Arbitrum runs on top of Ethereum, and interoperates with native Ethereum contracts and tokens. Running an Arbitrum contract is only a few times the cost of a simple payment transaction. Unlike Ethereum, the cost is fixed regardless of how much code, storage or computation the contract uses. Nobody other than the participants of a contract can see its code or its internal state. Only the public actions of a contract, such as payments it makes, are visible to the world. Developers and users get the privacy and low cost of an off-chain solution with the simplicity and security of an on-chain solution.