Exchange Optimism (OP) at the Best Rates

Optimism Crypto: Low-Cost and Lightning-Fast Ethereum L2 Blockchain

Ethereum is the second largest blockchain on the crypto market, however, it has faced a number of issues, one of which is the scalability problem. A lot of crypto projects work towards better Ethereum scaling. One of them is Optimism (OP). Optimism aims to scale Ethereum's technology and improve its capacity to connect people from all over the world in order to create efficient decentralized economies and governance systems. The Optimism Collective develops open-source software for Layer-2 (L2) blockchains and seeks to address significant economic and governance issues in the larger cryptocurrency ecosystem. Let’s take a closer look at OP crypto and find out more about this project.

What Is Optimism Crypto?

Optimism is a low-cost and lightning-fast Ethereum Layer-2 blockchain. Optimism is designed to be as simple as possible for the set of features it provides. Ideally, Optimism should be composed of the minimum number of moving parts required for a secure, scalable, and flexible Layer-2 system. This simplicity gives Optimism's design a number of significant advantages over other more complex Layer-2 constructions

All Optimism blocks are stored within a special smart contract on Ethereum called the CanonicalTransactionChain (or CTC for short). Optimism blocks are held within an append-only list inside of the CTC. This append-only list forms the Optimism blockchain.

As a Layer-2, Optimism is built on top of Ethereum's architecture. As a result, it is equivalent to the Ethereum virtual machine and serves as a basic addition to the main Ethereum layer. Developers and cryptocurrency users can benefit from quick transactions at a minimal cost while still taking advantage of Ethereum's architecture's security. 

Optimism is now working on a platform called Superchain to increase its scalability even further. Superchain is a network of chains built on the OP Stack that combines its OP Mainnet with other L2 chains. As a Superchain, Optimism seeks to build an environment that is modular and interoperable to make the integration of L2s easier.

How Does Optimism Solve Scalability Issues?

One of the most dependable and decentralized blockchains in the cryptocurrency world is Ethereum. The chain's scalability has been severely hampered by ongoing network congestion issues and high gas fees. L2s like Optimism have a straightforward, adaptable, and user-friendly resolution to this problem. 

Taking advantage of the Ethereum technology, optimism manages transactions that don't take place on the Ethereum blockchain. Optimism keeps in touch with Layer-1 of Ethereum during a transaction to make sure it maintains the same level of security and decentralization assurances. Data availability, security, and decentralization are handled at Layer-1, whereas scaling is handled at Layer-2 in Optimism.

The so-called Optimistic Rollups are used to process transactions in batches, lowering network load and gas fees. When compared to the Layer-1 protocol, rollups can help users save up to 100 times the gas fees. Hundreds of Layer-1 transactions on Ethereum are combined into a single transaction through the rollup method utilized by Optimism cryptocurrency. The gas fee is split among all the consumers because a bundle of transactions contains many transactions. The transaction data is posted to Ethereum's Layer-1 for processing while the rollup is carried out on Optimism's Layer-2.

$OP Token: The Governing Token of the L2 Blockchain

Optimism Token (OP) is the governance token of the Optimism network. It’s used to power the Optimism Collective by creating a valuable and healthy ecosystem for its users. The OP token accrues value for token holders, and rewards contributors and developers while incentivizing its users and community through airdrops. 

Over a year ago, Optimism introduced the Optimism Collective. Optimism Collective is a large-scale DAO of digital democratic governance, built to drive the rapid and sustainable growth of a decentralized ecosystem. In the near future, the governance of Optimism will be determined by an association between the Optimism Foundation and members of the Optimism Collective.

Similar to the structure of a National Congress, the Optimism Collective is governed by two houses: the Citizen’s House and the Token House:

1. Token House was established when Airdrop #1 was launched, empowering early adopters to participate in voting on protocol updates, and select projects to receive incentives.
2. Citizen’s House, that aims to facilitate and manage the process of distributing retroactive public good funding.

The Optimism Collective’s third round of Retroactive Public Goods Funding (RetroPGF) will take place in fall of 2023. RetroPGF 3 will allocate 30m OP tokens to reward contributions that have supported the development and adoption of Optimism. The Optimism Foundation was initially led by Optimism co-founders Jinglan Wang and Ben Jones, together with Eva Beylin (Director of Graph Foundation), Abbey Titcomb (Head of Community of Radicle), and Brian Avello from Maker Foundation.

Token distribution is as follows:

1. User airdrops: 19% (first 5% released in Airdrop No. 1).
2. Retroactive public goods funding: 20%.
3. Ecosystem fund: 25%.
4. Investors: 17%.
5. Core contributors: 19%.

Optimism Benefits

Here are just a few of the benefits OP token offers:

1. Scalability: Optimism can achieve a 10–100x improvement in scalability, depending on the nature of the transaction.
2. Reduced Fee: Optimism can greatly reduce the overall cost of the transaction. Its rollup technology (discussed in the next section) combines multiple transactions into a single transaction, which helps reduce the transaction cost.
3. Security: As Optimism’s Layer-2 builds up on top of Ethereum, transactions are settled on the Ethereum Mainnet, allowing users to benefit from the security and decentralized environment of the Ethereum blockchain.
4. Enhanced User Experience: New projects using Optimism Layer-2 scaling solutions benefit from lower fee, faster transactions, and a better overall user experience.
5. Transaction Experience: With low latency, gas fees are being reduced by 90 times compared to today’s gas fees on Ethereum.

Is Optimism A Good Investment?

Optimism has been hailed as a simple, flexible and highly efficient L2. As such, it continues to attract a growing number of Ethereum developers and crypto users looking to enjoy secure and fast transactions at a fraction of the gas fees. 

In early 2023, Optimism launched Superchain, which is designed as a platform of chains that aims to integrate the silos in the present L2 structure to create a single interoperable and cohesive ecosystem. 

In June 2023, the implementation of the Bedrock upgrade marked a significant milestone in Optimism's road map toward establishing its Superchain. Following the successful completion of the Bedrock hard fork, Optimism experienced a remarkable surge in daily transactions, with numbers soaring by approximately 67% to 500,000.

Furthermore, Optimism has partnered with a popular centralized exchange, Coinbase, which joined as a core developer on the platform’s ecosystem. In February 2023, Coinbase launched a new L2 blockchain powered by Optimism’s OP Stack, called Base, which is on a mission to onboard over one billion users into crypto. Taking into consideration its quick development, Optimism is a solid project that can excel in the world of cryptocurrency thanks to the numerous benefits it offers.

How to Buy Optimism Coin?

StealthEX is here to help you buy Optimism token. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1500 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange — for instance, BTC to OP. 
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.