The long-awaited Optimism Layer-2 solution full-fledged mainnet launch is drawing closer for Mar ‘21, fast tracked by the recent a16z venture capital $25M Series A round. Optimism utilizing the optimistic rollups technology is unarguably the best bet to scale Ethereum by combating rising fees on the Ethereum blockchain, amidst astronomically high demand for it’s block-space.
A16z led latest funding round has allowed the Optimism team to go on a hiring spree and push the schedules earlier, bolstered by fresh money and new capable team members. The venture capital firm a16z has had a long interest in the Ethereum ecosystem and has supported it’s infrastructure via funding of important projects.
It’s major news for DeFi projects out there, which can scale even with complex smart contract executions. There are two major DeFi projects currently associated with the Optimism L2 – the famed Uniswap and Synthetix.
Synthetic already integrated itself with the Optimism soft mainnet launch of Jan ‘21 and the former has been rumored to jump on the bandwagon, as soon as the solution is completely ready.
Optimism Layer 2 Solution Is One With The Ethereum Mainnet
Well known Optimism L2 based on Optimistic Rollups uses the same technology and concepts behind Ethereum, strictly abiding to the design philosophy and workings of the largest smart contract platform in the world. Optimism allows developers to migrate over to it’s L2 solution with minimum modifications necessary.
That’s because of the same programming languages, support structures and native support for most Ethereum development tools. It also places a huge importance to the security aspect of the L2 solutions, since the native Ethereum is the most secure and has never been compromised.
It’s logical to inherit it’s security properties by not changing the parameters and design dramatically. For these reasons, Optimism has it’s own variant of each component of Ethereum mainnet with minute differences.
This L2 solution operates as an application inside Ethereum, which executes transactions more efficiently than the base layer, by determining and publishing transaction results without actual execution on the mainnet. This results in faster and cheaper processing of transactional activity, reducing the burden on the base layer.
You might also like
More from Blockchain
Bitcoin crash soon? We are indeed in a strong bear market, bringing prices down by more than 70%. What happens …
While there has been issues in the stablecoin market, DAI offers massive benefits to traders. Enter the benefits of this …
Can Cardano smart contract lead to Ethereum being replaced in the future? In this article, we discuss whether Cardano or …