The highly anticipated Ethereum L2 scalability solution, also known as Optimism, ensures fast and cheaper ETH transactions by offloading the network’s mainnet using its unique aggregation technology. Let’s talk about how users can benefit from implementing Optimism encryption in their projects.
What is Optimism (OP)?
First, the protocol aims to increase the speed of ETH transactions and reduce the associated costs, while addressing the blockchain trilemma related to concepts such as scalability, decentralization, and security. Launched by Public Benefit Corporation, Optimism integrates with Ethereum’s mainnet and testnet, so it supports all Ethereum-based dApps deployed on Optimism. The solution can process off-chain transactions quickly. While costs are significantly lower, decentralization and security remain.
Currently, Optimism is known as one of Ethereum’s most advanced and secure scaling solutions due to its “fail-safe” design. According to the platform development team, Optimism Crypto is based on four key principles, namely simplicity (less complex engineering), pragmatism (practical orientation in the real world), sustainability (oriented towards long-term progress) and optimism (optimism for ether future).
Explaining Optimism for Beginners
So far, the network is used to create various types of EVM-compatible dApps, smart contracts, and other products based on Web3 technology.
Note: Check out GetBlock’s guide on how to create a dApp
Why is optimism good for Ethereum?
While Ethereum is a successful and arguably the most popular decentralized application development network, its limited capacity means that ETH nodes can only process a certain number of transactions at a time. Additionally, its slow speeds and extremely high transaction fees make it inaccessible to most global users. As the second largest cryptocurrency platform actively prepares for its grand merger in September, Optimistic Rollup is committed to bringing best-in-class efficiency, decentralization, and security to ETH users.
