The Optimism Network – A Next-Gen L2 Blockchain for Ethereum
The next-gen L2 (layer-2) solution for Ethereum
With the Optimism L2 network, you can build dapps faster and more efficiently. The next-gen blockchain offers users a reliable platform for building decentralized applications (dapps) that are compatible with Ethereum and other popular networks.
Ethereum is one of the most widely used blockchains in the world. It hosts a wide range of DAPPs (decentralized applications) that are open source and free to use. However, due to its high fees and slow transaction times, many developers have been unable to use Ethereum for their dapps. In fact, some have even abandoned it in favor of other chains like EOS and NEO. The main reason why developers are switching to these alternatives is because they offer better speeds, lower fees, and more flexibility than Ethereum’s L3 or L4 solutions.
With the Optimism L2 blockchain, you can easily create your own dapp based on Ethereum’s codebase – but with much lower costs and faster transactions times! Furthermore, unlike other blockchains such as EOS or NEO which have yet to launch their own M2 software solutions, Optimism already has one out there! This means you can start building your dapp today without having to wait for another platform
Design Philosophy Behind the Blockchain
In order to understand how the Optimism L2 chain works, you ought to keep in mind that it’s built according to the design philosophy that focuses on the following four pillars:
How does it work ?
The big idea that makes the L2 chain possible is the optimistic rollup. Ultimately, the Optimism L2 chain is an “optimistic rollup”. This means that it piggybacks off of the security mechanism of another (“parent”) blockchain. Since Ethereum is Optimism’s parent chain, this L2 solution takes advantage of Ethereum’s proof-of-stake (PoS) consensus mechanism. After all, you probably remember that Ethereum transitioned from its original proof-of-work (PoW) protocol to PoS in September 2022 (The Merge).
Furthermore, all blocks of the Optimism blockchain are stored within a special smart contract on Ethereum. The latter goes by “CanonicalTransactionChain” (CTC). Moreover, all the blocks are held within an append-only list inside the CTC contract. Essentially, this append-only list forms the blockchain. Also, CTC includes code that ensures that no one can modify the existing list of blocks – presuming that no more than the last 50 Ethereum blocks are reorganized. So, as long as Ethereum is secure, Optimism is secure as well.
Optimism L2 blockchain vs Ethereum. In addition, it’s worth pointing out that Optimism’s “sequencer” primarily manages the production of blocks. This single party provides instant transaction confirmation and state update, constructs and executes L2 blocks, and submits user transactions to the L1. Moreover, currently, Optimism Foundation runs the only block producer. Though, they plan to decentralize the sequencer over time.
Also, note that unlike Ethereum nodes, which download blocks from the Ethereum P2P network, Optimism nodes download blocks directly from the append-only list of blocks from CTC. Furthermore, the chain’s design enables users to transfer assets, including ERC-20 tokens, between the two networks. That said, the exact mechanism varies depending on the direction of the transfer. To read more details about how the network works and this protocol’s specs, visit the Optimism docs.