The Coinbase Wallet is moving in Layer 2 scaling too.
This past few month we see alot of news about Ethernium Scaling Development and yesterday October 14 2020 the non-custodial exchanges wallet and dapp browser Coinbase Wallet joined the crowd and announced there interest for integrating with Optimistic roll up- a Layer 2 scaling that hosted by Optimism.
The Announcement yesterday by Ethernium Optimism
Scaling Ethereum is a monumental endeavor, only possible as a full community effort. At Optimism, we’re creating a protocol which can support massive scale, but it will take much more than that to make scalability a reality. User experience is just as key to the viability of the protocol as the underlying architecture is:
“In the migration to rollups, the biggest challenge is User Experience. Making sure users only do secure things by default and don’t accidentally do insecure things…the biggest part of the answer is a comprehensive ecosystem level push [and] the first push is wallets.” — Vitalik Buterin, ETHGlobal Summit
We are so excited to announce Coinbase Wallet’s native integration with the Optimistic Ethereum testnet! Coinbase Wallet is Coinbase’s non-custodial wallet and dApp browser.
Users will be able to view their balances & send transactions safely and securely using Coinbase Wallet! If you’d like to play around with this, it has been integrated with Synthetix’s Mintr frontend, live on testnet today
Optimistic Ethereum Ecosystem
Wallet infrastructure is one of a large number of challenges we will face as an ecosystem moving to layer 2. From managing deposit and withdrawal UX, to optimizing EVM implementations, there are so many exciting challenges & opportunities. It is only with the help of amazing engineers, designers, and visionaries across the community that we can hope to realize the dream of a truly usable blockchain. We are delighted that Coinbase is a part of the community making Ethereum a bit more Optimistic.
All about we need to know about Optimism according to ethernium Optimism
a Public Benefit Corporation dedicated to scaling Ethereum in a way that enshrines fair access to public goods. We were formerly known as Plasma Group — a nonprofit researching Ethereum scalability. Today, we’re taking the next steps from research towards production.
In this post, we’ll first review our technology, Optimistic Rollup — a solution that scales general smart contracts and enables instant transactions on Ethereum. Next, we’ll share our proposal for how this infrastructure can serve as a public utility that funds an ecosystem of public goods beyond it.
Optimistic Rollup is a layer 2 scaling solution that scales both transaction throughput and computation on Ethereum. The backbone of our implementation is the Optimistic Virtual Machine (OVM), which is fully compatible with the EVM.
Optimistic Rollup is the first layer 2 scaling solution that enables:
Usability: low latency transactions for the speed of a Web 2.0 experience, and smart contracts at a fraction of the cost.
Familiar workflows: developers preserve the Ethereum developer experience — the same smart contracts, APIs, and dev tooling. Migrate existing contracts without breaking them.
Money Lego$: seamless interoperability between dApps and smart contracts.
To experience it for yourself, play UniPig, a gamified proof of concept for Optimistic Rollup built in collaboration with Uniswap. The demo had many components custom-built for Uniswap’s contracts in L2. We are currently developing the generalized ability to run any Ethereum contract in the OVM without custom code! Stay tuned for a separate post describing how it works.
Last may 2020 Synthetix already start to integrate with Optimistic Ethernium which as of this day already moving in there second phase.
After the recent launch of the incentivized trial to stake SNX on Optimistic Ethereum’s Layer 2 testnet for SNX stakers with less than 2500 SNX, it’s time for the next phase of the trial.
The purpose of this second phase is to trial the migration from L1 to L2, which will be an important part of the eventual mainnet launch. It also serves to open up the testnet trial to even more stakers than before, allowing more users to experience the seamless speed of Optimistic Ethereum!
This phase is open to all SNX holders who had up to 5000 SNX staked (including escrowed SNX) at 9:31 pm UTC on Monday Oct 5th.
If your wallet is eligible, there will be a banner on the Mintr L1 dApp that prompts you to participate in the trial.
Different knowledge you need about Layer 2 scaling
Layer 2 scaling solutions are technologies that remove some of the computation that’s on-chain (Layer 1) and take it off-chain, so that the network can be faster.
Channels allow participants to transact
xnumber of times off-chain while only submitting two transaction to the network on chain.
lots of state updates
when number of participants is known upfront
when participants are always available
Participants must lock a portion of Ethereum's state, like an ETH deposit, into a multisig contract. A multisig contract is a type of contract that requires the signatures (and thus agreement) of multiple private keys to execute.
Locking the state in this way is the first transaction and opens up the channel. The participants can then transact quickly and freely off-chain. When the interaction is finished, a final on-chain transaction is submitted, unlocking the state.
Rollups are solutions that bundle or "roll up" sidechain transactions into a single transaction and generate a cryptographic proof, known as a SNARK (succinct non-interactive argument of knowledge). Only this proof is submitted to the main chain.
Sidechains are Ethereum-compatible, independent blockchains.
In other words, rollups mean that all state and execution is handled in sidechains – signature verification, contract execution, etc. The main Ethereum chain only stores transaction data.
Rollup solutions require relayers who have staked a bond in the rollup contract. This incentivises them to relay rollups accurately.
reducing fees for users
fast transaction throughput
I really hope eth will reduce their gas fee.. Lalampasan la ata gas fee ng btc eh