Happy Reading: Creating a Future for Ethereum

introduction

Everyone has heard of Ethereum 2.0 and how it solves the Ethereum problem. What if I said Ethereum is connected with or without Ethereum 2.0?

The transition from proof-of-work (PoW) to proof-of-stake (PoS) trust is just the end of the ice.The real challenge is moving from monolithic blockchains to modular blockchains, creating a new foundation for blockchain scalability. It is Ethereum's solution to the blockchain triad problem, which aims to increase accessibility while managing distribution and security. The blockchain triad emphasizes that blockchain must balance three principles (delivery, speed, and security), and it doesn't seem like one policy can be sacrificed without sacrificing the others.

For a blockchain that does all the counting and completion of a chain, a monolithic blockchain is preferable. Most Layer 1 (L1) today follow this model and are monolithic blockchains. In contrast, a modular blockchain divides the chain into full layer, security layer, and process material. Each chain has a unique role and is designed on top of other chains to achieve the characteristics of the previous blockchain process.In Ethereum, Ethereum L1 is the security layer and the contained data and the second layer (L2) above is the layer.

The purpose of a structural design is to go beyond monolithic blockchains of all levels. The goal is to allow L2 to do everything the monolithic L1 can do and interact with other L2s.Optimism is an example of Ethereum L2 that aims to achieve the above goals.

Monolithic and modular blockchain architecture

What is Optimism?

Optimism was the first Ethereum L2 to lead the development of state-of-the-art solutions with the Ethereum Virtual Machine (EVM). Optimism is similar to Ethereum in that it can handle large transactions while maintaining the security of Ethereum.

The bullish rollup gets its name from the market. Basically, people expect the change to be real and there should be no countdown. It relies on an anti-fraud mechanism to ensure the legitimacy of trade. The validator (who runs the "all-node" Optimism) can challenge the validity of the trade request submitted by the judge, and the decision has been verified by Chinese Ethereum companies. The competition deadline set by Optimism was one week, and after the bidding agreement was concluded during the bidding period, the final receipt was received and sent to the mainnet of Ethereum. .

If the agreement turns out to be fraudulent, it rewards the user and penalizes the judge. The judge must bind a group of ERC-20 tokens from the incoming giveaway. The optimism token is ETH. This incentivizes consumers to catch criminals and encourages customers to simply deliver legitimate products. The scams are eliminated and the truth is finally reached. The exchange itself does not interfere in any way, only the result of fraud for this exchange is eliminated.

A brief description of how proof of fraud works

In addition to technology, optimism has other implications. The fact is that the organization is a public benefit organization whose mission is to promote public benefit projects. Since the project has not yet been fully impacted, the team will donate all profits from the central decision to the public ownership of Ethereum for expansion and maintenance. In 2021, the group has funded a total of $1 million for these projects.

What are the benefits of optimism?

Optimism offers four key benefits:Balance EVM, data security, speed and cost.

While optimism isn't the most common EVM string, it's one that comes a little closer to the EVM equivalents. Optimism can support any Ethereum application using Optimistic Virtual Machine (OVM), EVM-enabled virtual machine. Developers can use Ethereum-based dApps in anticipation with little to no housing changes. This allows Ethereum's decentralized application (dApps) to be seamlessly integrated into Optimism.

Unlike sidechains like Ronin, which bring their own security measures because they work on their own, rollups like Optimism can get their security directly from the Ethereum mainnet. Marketing was successful in Optimism, but business records were closed and stored in Ethereum. So, the expectation is to keep Ethereum safe while maintaining its robustness.

With Ethereum, the IT steps are slow and expensive. By excluding the default settings, Optimism can improve scalability by 10 to 100 times, depending on modifications. The optimism brings the market closer together, allows users to immediately see the benefits of the exchange, and the market deal is also cheaper at a fraction of the cost of Ethereum activity. .

Currently, the Optimism return rate is $1.66 and the Ethereum price is $8.77. Overall, Optimism is estimated to save over $335 million in market value from chain miners.

Are there downsides to optimism?

Optimism has three main drawbacks.Longer removal times and higher costs, capable of fostering online bias and potential corporate censorship via L1.

As the time limit for proof of fraud is one week, the waiting time for withdrawal from the Optimism Crosschain Bridge project is also one week. Main chain bridge isolation cannot be undone immediately, so be careful when using the procedure. Removing key links can cost you upwards of $100 due to the extensive security measures the bridges have in place. These long and costly moves can hinder the recognition and development of expectations.

To solve this problem, a combination of third parties like Hop exchange has emerged. These bridges allow for quick removal and are generally less expensive than larger bridges. Optimism works to reduce removal costs, but the necessary update is still in progress.

The network relies on the medium to support consumer products to combat fraud and encourage customers to submit valid claims. If there is little or no fraud, the guarantors receive little or no reward for the work as they only benefit from the controversy surrounding the fraud. This removes satisfaction from validators running nodes. Without validators, judges can send fraudulent transactions, which can lead to network issues.

But that is unlikely to happen. In addition to the potential network rewards that can be earned, users are incentivized to become honest validators. In order to improve the efficiency of the process, Optimism applications (such as third-party bridges, DeFi protocol) are encouraged to incentivize users to become loyal users.

Outsourcers can bribe Ethereum miners. If the exchange is a fair value, the judge may be wrong when deducting part of the cost. This destroys trust in the network and can cause the network to malfunction. However, this is unlikely to happen as miners were planning to relaunch the Ethereum network. In this case, the cost of the Ethereum network itself will be negatively affected. As miners covet the price once, they lose value over time as much as Ethereum miners. Honest judges and witnesses can bribe miners with higher rewards, as the total cost involved can be more than the cost of a single transaction.

How does optimism compare to Arbitrum?

Optimism was the first to develop the EVM-enabled Optimistic Rollup protocol, but the timing of the mainnet launch gave Arbitrum an edge. For example, Uniswap was originally released on Optimism, but due to delays in Optimism, the Uniswap team suggested it might be released on Arbitrum while waiting for Optimism.

Both Optimism and Arbitrum are optimistic roll-ups, so they are similar in many ways, the main difference being their anti-cheat. Optimism opted for an unconventional fraud proof that repeats all trade orders and performs the necessary counts in the L1 to obtain results.

In contrast, Arbitrum was singled out for debate as evidence of deception that only completed the single stages that competed in L1. Conflict segments are analyzed and subdivided into sequences until specific actions are taken to resolve the conflict. Assessments are made by judges and consumers, and calculations are made in L1 to ensure that the end result only exists if the conflict has been reduced to a certain level.

The advantage of anti-fraud protection is that anti-fraud protection is present because it is easier to design and does not require the involvement of several partners. Evidence-based debate sessions will take longer to resolve because they require two or more working groups to carefully study the issue. The downside is that counting all transactions in L1 is more expensive than counting one step. Although Unembedded Fraud Proofs also have block size limitations and are commercially available (L1-based), there are no such restrictions as Proof Fraud discussion is just one step in the proof.

The need works now for the transition to an intermediate proof of fraud equivalent to the EVM which serves its entire purpose. The difference between EVM equivalent and EVM in one point is that the past was accomplished in EVM while the latter was accomplished in a virtual machine similar to Arbitrum Virtual Machine (AVM), which is now running on Arbitrum. The Arbitrum group is also working on EVM equivalents. The smiths had to compete alone, and the two companies tried to push the boundaries of hope, continuity and mutual learning.

In the past 30 days, Optimism has 452,000 special slots, while Arbitrum has 668,000, which is slightly better. However, current expectations outweigh Arbitrum for the chain industry. This shows that Optimism has more incentive for users to join the channel, even if its current users are small.

Daily Arbitrage Trading Volume

How to manage hope?

Large Ethereum-based dApps such as Uniswap and Synthetix have already been deployed to the chain and are working well. Optimism has a growing environment that includes DeFi firms such as Rubicon Finance and Quixotic, which have previously led the NFT industry. Several NFT authors have been inspired by optimism, the top three being OptiPunk (a benefit of CryptoPunks), Optimistic Bunnies, and OldEnglish. Currently, the most popular dApps are DeFi dApps, with 50% of the top 10 being DeFi apps by symbol. The results wheel shows the number of times an organization's contract has been successfully executed.

Access the status of various dApps in Optimism

Just like you do with Ethereum, you need to connect to multiple platforms and dApps through Ethereum wallets like MetaMask. Before using the ERC-20 hardware, it must be connected with a good chain. These steps can be used by the Optimism self-chainbridge or the third-party chainbridge. Third-party chain bridges are highly recommended as they are sufficient for most industries. Although it is often cheaper and more profitable to withdraw immediately, Optimism's own chainbridge must wait a week.

What is the future of hope?

It is expected that there will be no tokens available and there are no plans to provide regular tokens in the short term, but it will happen sooner or later.Intermediary exchanges can provide direct access to Optimism similar to exchanges such as Binance and Huobi offering Arbitrum. This allows users to skip the next steps and deploy their resources directly to quality, reducing the costs associated with connectivity.

The Optimism team will gradually become aware of the distribution of the network in the future, and as we begin to innovate and improve in the wider network, we will see the realization of improvements. Currently, the team has not been able to validate the old Fraud Proof and is currently working on the development of the Advanced Fraud Proof model.

The excited ecosystem is growing day by day, making it a management proposition for exporting large DeFi devices such as Aave. The process of exporting Ethereum-based dApps through Optimism is simple and completely eliminates the hassle of accessing dApps naturally. It's only a matter of time before you complete the deployment of multiple dApps on the chain or build a powerful ecosystem. Given the low cost of optimism, we will see more DeFi, NFT and GameFi functions as blockchain in the future.

The clever half-overlap of optimism with Ethereum.

The smart money miner doesn't seem to have started to enter the untapped potential, and now the overlap between NFT and Ethereum smart miners is the highest, up to 10%. This shows that hope is still in its infancy and that the ecosystem still has a lot of potential and space for further improvements.

Current L2 solutions are unaffected and can only be found in silos. Collaboration is an important factor that must be considered in order to make Ethereum truly scalable. Once the major reforms have started and the best practices have reached a higher level of dissemination, it will be a good practice for the future.

The release of Ethereum 2.0 will improve the capabilities of Optimism. Faster and better performance Ethereum L1 will rise to the top of Ethereum and all services that depend on it will also be better. Ethereum 2.0 alone cannot meet the growing demand for blockchain space, so L2 must be able to meet this demand.

Therefore

L2 solutions will continue to be available and most future Ethereum changes will be made here. Some criticize L2 as making more users because users have to go through many steps to get the treasure on-chain and off-chain. So far, these criticisms are valid, but over time, the problem can be solved by the simplicity of the third-party application process or the L2 group itself. ETH 2.0 does not eclipse them, but offers greater scalability and efficiency.

Optimism is the L2 mode that will play an important role in the scaling process of Ethereum. They set high standards for themselves to achieve EVM equivalency, and ultimately they stuck with their shipment even after the late delivery. The ease of distribution of the Optimism program will make many existing DApps worth trying, and the lower-cost miner and development of the Optimism ecosystem will also encourage users to choose Optimism for trading. In addition to software development, we regularly support and develop high-impact projects in the Ethereum ecosystem to fund them.

Currently, the whole world used by blockchain is still in its infancy, and the Ethereum model could be the key to unlocking new capabilities. We generally agree with the idea of ​​future interconnection, but it would be more accurate to speak of several chains interconnected in the future.