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When can these problems with gas rates on the #Ethereum platform be solved? 🤔
The best thing about optimism is that any dapp can simply copy and paste the code and use #Optimism rollups.
The dapp that occupies most of the transaction load with 1/3 of all transactions on Ethereum is Uniswap and they said they probably switched to #Optimism at launch, along with #LINK, #COMP, #RARI, #SNX and #Coinbase.
As the #optimismPBC team released the news that the launch of the mainnet was anticipated, I thought it would be useful to examine what the #Optimism ETH Layer 2 solution is, how it works and what it means for #Ethereum ...
The reason for all the excitement is that L2 solutions, such as #optimism, will help increase #Ethereum throughput (tx per second), decrease latency (how long it takes a tx to be confirmed) and significantly reduce rates of gas.
All without losing the security of the main #Ethereum network. This is the main difference between "side chain only" solutions and real Layer 2 solutions. Side chain solutions have their own consensus and security mechanism, and do not benefit from ETH layer 1 security, whereas L2 solutions of.
So with #optimismPBC what happens is that when a tx is received on the main Ethereum network (or L1), the transaction data is stored in L1, but the calculation of the smart contract is processed in a child chain (or L2) and the results of this calculation are sent back to L1.
- As this calculation is the slowest and most expensive part of a tx, this greatly reduces the demands of the ETH L1, thereby increasing throughput and lowering rates. 📉
L1 just receives an entry, sends it to L2 and gets the result back, with the hard work going on in L2. Although there are different L2 solutions, #Optimism is a “generalized” solution, which means that any L1 Solidity smart contract (ie any existing L1 application) can work on Optimism's L2 without the need for any additional functionality to be built .
The two main building blocks that allow this to work are optimistic rollups and the optimistic virtual machine (OVM). Rollups are the L1 smart contracts that receive the tx data, send it to L2 and get the results back.
- But the interesting part happens in L2. ✌️
In L2, transactions are submitted to a Sequencer (basically an L2 miner) who will respond immediately with a signed receipt guaranteeing the execution and request of the tx. What if the sequencer is malicious and does not process the transaction correctly or execute it in advance?
In this case, the user can present the signed receipt to an awarding contract in L1, and if it is confirmed that the Sequencer has not fulfilled its commitment, the Sequencer is cut (they lose the funds they have wagered). So, L2 basically works as a small test of the game system.
But all of this can only work if, in the event of a dispute, the contractor's contract in L1 is able to perform the calculation exactly as if it were in L2 and obtain exactly the same results. And that is where the Optimistic Virtual Machine, or OVM, comes in.
The OVM is basically an L2 to L1 “adapter”, ensuring that the Ethereum L1 Virtual Machine (EVM) can perform L2 calculations as if it were in L2. This ensures that any calculations made in L2 are verifiable in L1, if necessary. And the “if necessary” part is also important. This is really the reason for the name "Optimist". The system “optimistically” assumes that all calculations made in L2 are correct, unless questioned. And if they are challenged, Judge L1 comes in to redo the calculations on the main Ethereum network and check the results.
To encourage users to act as "watchtowers" and verify the results of calculations, anyone who detects dishonest behavior and challenges it, receives part of the hacked sequencer's hacked resources. Even if you are not checking all of your txs, other people will do it for you!
The cool thing is that, once enough #Ethereum apps are running on Optimism's L2, most users will be able to stay on L2 most of the time, without ever having to go back to L1, except in case of resolution of disputes or rare cases where a withdrawal would be necessary.
And while you might think that this would make #Ethereum L1 useless, the reality is that it is likely to open the door for the Ethereum ecosystem to support new, higher-performance applications that could not even be dreamed of with today's network capabilities. Another cool aspect of Optimism is that it has "account abstraction", which means that each account is a "contract" account that can be changed, so all kinds of conditions for txs can be implemented, such as multisig, other ways to pay for gas etc.
What is the status of the adoption of Optimism today? For starters, @synthetix_io is now running on a private main network and, as soon as the implementation is complete, #Synthetix plans to fully transfer its stakeout and coinage activities to L2, while keeping exchanges active on L1 and L2.
#Uniswap ran a gamified proof of concept (Unipig) using Optimistic Rollups in October 19, and will be first in line when Optimism mainnet goes live. #chainlink also announced that it will implement Optimism Rollups, #coinbase wallet added native support for Optimism testnet…
#compoundfinance must also implement Optimism (although not confirmed), and we know that #RariCapital is also well advanced in integrating Optimism into its platform.
The list goes on, and the effects of the speed and costs of the #ethereum network will change the game. 😎
To put in numbers what all this might mean for us, Synthetix tests reported decreases in gas costs of up to 143x and tx confirmation times as low as 200 ms, while Uniswap / Unipig tests reported reductions in gas costs of up to 100x, and tx confirmation times of 169ms.
In case you are wondering, Optimistic Rollups also fits very well into the ETH 2.0 ecosystem. Since ETH 2.0 scaling will happen first for data and only later for computing, Rollups will guarantee scalability on the computing side initially and exist within ETH 2.0.
One last brilliant idea proposed by the Optimism team is the concept of using MEVA, or Mining Extractable Auctions, to select Sequencers.
In order not to write further and turn this text into an article, I will leave these links / sources that I base:
If all of this happens, the alternative blockchain will likely suffer a serious blow, as #Ethereum increases its scalability by probably 10x in a few months.
This will also be a blow to other second-tier solutions that require more difficult processes to use, such as #MATIC or #xDAI. In addition, #FSW may become unimportant when Ethereum fees drop below $ 1 again.
Conclusion: If Optimism is actually released now on March 15 and can only be copied and pasted by dapps to use as advertised, this could cause huge pumping for #Ethereum and #Uniswap in the coming months and possibly beyond $ 4,000 and $ 100 , respectively.
However, it seems that optimistic rollups take 1 week to reach the end, as opposed to 20 minutes for zk-rollups.
It is difficult to say how significant this is before launch, so we have to wait for the launch and see the performance of the optimistic rollups in production.
Paired with March 22, this could give the second altcoin bomb and #Bitcoin $ 100,000 dollars 💵, because that would also take a lot of load off the #Bitcoin blockchain.
And as I said before, now it's finally time for the show for #Ethereum. Look at her!