20 March 2022 / All about networks
Optimism – the soulful quality that Ethereum gets with this second-layer network

Optimism is different from other cryptocurrency networks in many ways. It is being developed by a company called Optimism Public Benefit Corporation (OPBC). The Optimism network implements a second-tier solution for the Ethereum network. And its use already gives tangible savings in the implementation of decentralized exchange – for example, on the UniSwap exchange. Agree that it is not bad to reduce the commission in the Ethereum network by 10-100 times. And such an opportunity is provided by the use of the Optimism network. In addition, the Ethereum Foundation supports the Optimism network and does its best to make updates to the Ethereum code available to Optimism network developers immediately.

What tokens are used in the Optimism network

ETH tokens are allowed on the Optimism network, but with a much lower commission than on the main Optimism network. To switch to the Optimism network, it is enough to set the parameters of this network in the MetaMask wallet. There are also cryptocurrency wallets for Etherium that support the Optimism network. If coins from the Ethereum network to the Optimism network are transferred instantly, the reverse exchange takes one week. However, with a small fee, this exchange through the EvoDeFi blockchain bridge can be done instantly. Rather than becoming another competitor for Ethereum, the Optimism network complements and expands its capabilities. Some Ethereum transactions can be done by just one computer, the sequencer, as long as the Optimism algorithm can guarantee its integrity. 

How the Optimism node system is set up

The Optimism network relies on a system of nodes to verify transactions. 

These are sequencer and verifier nodes that act together. There is no decentralized computation at the level of the Optimism network, and the Optimism nodes only broadcast their state to the mainstream Ethereum network. The nodes also form single packets out of several Optimism transactions, which are also transmitted to the main Ethereum network. 

Sequencer nodes can engage in unfair behavior when doing so. To avoid this, sequencer nodes keep a collateral in the cryptocurrency Ethereum in a special account and are responsible for errors in their activity – within the limits of this collateral. Verifier nodes check transactions and, if errors or malicious behavior are detected, penalize sequencer nodes up to the limit of the collateral. This penalty becomes a reward for the Verifier node. The Optimism network algorithm makes sure that every transaction that passes through the network is thus insured by the collateral. 

The architecture of the system used by the Optimism network turned out to be so successful that it has had successful followers. The most famous among them are Metis Andromeda and Boba Network. Transactions in these networks are also almost instantaneous, and the amount of commission is 10 times or more lower than in the  

Optimism. However, Optimism remains the first and largest and most developed second-tier network for Ethereum. 

How to use the Optimism network in practice

The practical use of the Optimism network will not present any problems for the average user. It is enough to switch to this network in MetaMask wallet or to choose a program wallet for Ethereum supporting Optimism network. Also the Optimism network is increasingly used by web3 and DeFi app developers. They are attracted by the opportunity to reduce the commissions of Etherium by 10-100 times, while retaining all the benefits that this powerful and decentralized network gives. At the same time, transactions in the Optimism network are almost instantaneous. 

The list of DeFi applications available in the Optimism network is constantly growing. Among them, there are applications available for finance, NFT, wallets, DAO and tools. Moreover, the network supports not only the main token in the Ethereum network – ETH – but also many other tokens in the Ethereum network, the total number of which exceeds one hundred.  And developers can with a minimum of effort turn their application written for the main Ethereum network into an application written for the Optimism network. 

In order to take full advantage of all the features of Optimism, it is necessary to freely exchange tokens of this network for any other tokens. To avoid waiting a week to withdraw tokens from the Optimism network to the mainstream Ethereum network, you can use our EvoDeFi bridge.

All about networks
What’s interesting about the Harmony cryptocurrency network

The Harmony project, which previously used Etherium coins of the ERC-20 standard, has been running on its own blockchain since the beginning of 2020. ONE…

All about networks
Terra cryptocurrency network in 2022: successes, plans and prospects

Terra is one of the most extraordinary cryptocurrency networks. LUNA tokens circulate in the Terra network. Through a price stabilization mechanism, LUNA has become stablecoin,…

%d bloggers like this: