Ethereum (ETH) investors may be celebrating soon. They found out that Ethereum’s scaling solution, Optimism, is going to be launched in the mainnet already next month, that is before the planned date. What does this mean for both Ethereum and its users?
Optimism will save ETH?
– Mainnet in March. Scaling is coming to Ethereum Said Anthony Sassano, SetProtocol Product Marketing Manager. The post concerns the latest Optimism announcement: the team confirmed that it will begin implementing a solution in Ethereum in March to improve network scalability.
Mainnet in March.
Scaling is coming to Ethereum. https://t.co/26aTj3gsxY
– Anthony Sassano | sassal.eth 🏴 (@ sassal0x) February 25, 2021
What is going on? Ethereum has long had problems with network scalability. Now this is about to change and the problem will disappear.
Layer 1 (L1) is the base protocol, which is the Ethereum blockchain, while layer number 2 (L2) is any protocol built on top of Ethereum. Optimism is an L2 scaling solution that allows “release” Ethereum main network from the large number of transactions that currently need to be processed. This should lead to the elimination of the Achilles’ heel of the ETH network – introduce low transaction fees and eliminate any delays in transferring funds.
The team behind Optimism was funded by venture capital firm a16z.
The market is unaware of the scale of the breakthrough?
– I’m not sure people realize how big a deal this is. Moving from L1 Ethereum to Optimism solutions is like switching from a dial-up connection to broadband – argued the redditor frank__costello, adding that L2 solutions are likely to have a greater impact on end users than Ethereum 2.0. – No more crazy gas fees, no more waiting for the extraction of transactions – he added.
It is worth adding that Optimism also uses the so-called rollups – solutions highly praised by the co-founder of Ethereum, Vitalik Buterin. He said that “Roll-ups will be the dominant scaling paradigm for at least a few years.”
Rollup is a scaling technique that keeps transaction data in a chain in a compressed form. The transactional calculation system is “pushed” out of the chain, as it were. Calculations such as signature verification, smart contract performance or “proof of zero knowledge “ (ZK) etc. are verified using the ZK-Rollup or Optimistic Rollup tools. In theory, this would allow for more transactions per second (TPS). And we’re talking about thousands of TPS versus dozens.