![]() “We are building best-in-class software for running L2 blockchains.” “Optimism is dedicated to scaling Ethereum's technology and expanding its ability to coordinate people from across the world to build effective decentralized power structures,” says Binji Pande, Developer Advocate at OP Labs, a global group of developers that work on Optimism that seem as dedicated to taking it to ‘The Man’ as they are playing with computer code. No single blockchain today can offer that. If Ethereum is ever to rival Google GOOG, for example, and take d’apps to the masses, it needs internet-level scale and speed. They still are hard on themselves, saying on their blog page that “no one has truly scaled Ethereum. Optimism has cumulatively saved users $2.69 billion in fees, 15.8 years of waiting for transaction confirmations, and currently secures $2.8 billion in onchain value, the company says. That is run by internet pioneer and Forbes listed billionaire Marc Andreessen and investor Ben Horowitz out of Menlo Park, Calif. Two years later, they have over $175 million in funding from Paradigm, and now from the Andreessen Horowitz a16z venture fund. They raised $3.5 million from Web3 investment firm Paradigm and IDEO CoLab Ventures. ![]() Optimism’s developers created their first rollup design at that time. Optimism stemmed from complaints about Ethereum’s slowness, which sort of came to a head in 2019. (Photo by Kimberly White/Getty Images for Fortune) getty Optimism is Growing The future of blockchain is fast execution with the lowest to imperceptible fees.” Both of here to stay, and help d’App developers. However, the Optimist's transaction fraud proof is faster than Arbitrum's. Their transaction costs are lower than Optimism's. “GammaX’s business model and design was to go zero fee. Since then, Optimism has deployed over 7,000 contracts, on-boarded well over 300 thousand unique addresses, secured nearly $1 billion in value and facilitated nearly $20 billion in transactions, with around $24.5 million in revenue, the company said.Īziz Kenjaev, former head of partnerships for the GammaX cryptocurrency exchange in Dubai (he left shortly after interview), said that the challenge for crypto exchanges is to offer a fast and cheap trading environment to users. Optimism’s open mainnet launched in December 2021. “But using Optimism allows us to do it faster for our products and provide cheaper transactions with the same security of Ethereum,” Santhosh says. Santhosh says Ethereum needs at least 13 seconds for transactions to settle. We want faster transactions,” says Gautham Santhosh, Co-founder of Dubai-based Polynomial Protocol, a decentralized crypto-derivatives trading exchange using the Synthetix protocol on Optimism. “We have been using Optimism to build since it is hard to make derivatives-based financial products which require high throughput on Ethereum. ![]() L2 chains take transactions out of the main network (“mainnet”) and process them off-chain, convert them into one single piece of data, and submit them back to the Ethereum mainnet. These L2 chains store transaction data on the mainchain but move transaction activity to a sidechain. ![]() Zero-knowledge rollups like Stark are the other ones. In short, Layer 1 blockchains are hard to build out – so they are slower, expandable universes – while Layer 2 blockchains are faster and more expandable and sit on top of the main chain, in this case Ethereum. It is a “roll-up” scalable solution for Ethereum, which is a Layer 1 blockchain. Optimism was built by Ethereum developers - Jinglan Wang, Karl Floersch, and Kevin Ho.
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