Optimism's Layer 2 Ethereum Scaling Solution Trial Set to Go Live in 2 Weeks

Optimism, a firm that is building a Layer 2 scaling solution for the Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term network, says that the solution’s preliminary mainnet should be available by January 15th. The Optimism mainnet’s first trial run will be held in conjunction with decentralized exchange protocol, Synthetix.

The solution aims to solve Ethereum’s scaling problem by forming a channel in which transactions can run more quickly and at a lower cost. Currently, Ethereum runs at about 1.2 million transactions per day; the average transaction fee is a whopping $15.

“Until We Relinquish Those Keys, Please Do Not Consider This the Full and Final System.”

The Optimism mainnet’s first trial run will be held in conjunction with decentralized exchange protocol, Synthetix. During the trial period, it will be possible for Synthetix to transform Ethereum smart contracts onto the Optimistic Virtual Machine (OVM). Once transferred to the OVM, it will then be deployed on Optimism’s mainnet.

Additionally, The Block reported that OVM is almost fully compatible with the Ethereum Virtual Machine, which means that Synthetix will not have to change its code to in order to deploy its smart contracts onto the Optimism Virtual Machine.

However, because the current run of project is a trial, the Optimism team is expecting bumps in the road: “the project team will hold upgrade keys for at least the first six months to ensure user funds' safety,” Optimism said in a statement. Therefore, “until we relinquish those keys, please do not consider this the full and final system.”

The public version of the mainnet is current scheduled for release on March 15th. Several other projects within the Ethereum landscape, including Uniswap and Chainlink, are also slated to run trials of Optimism’s solution before then.

Eth Is Still Haunted by Scalability Problems

Ethereum’s scalability issues have long called the network’s viability as the 'backbone of the DeFi world' into question. In the past, this scalability issue has caused ETH bull runs over the last few months to be cut short.

During one such bull run toward the end of 2020, Stuart Popejoy, Co-founder and President of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term infrastructure firm, Kadena, told Finance Magnates that ““ETH 1.0 is clearly on a warpath to bleed millions of dollars in gas fees over the next couple weeks.” He added: “Eventually there will be a new equilibrium when enough gas gets emitted to bring prices back to reality.”

Currently, ETH is approaching a new all-time high. However, it is possible that scalability issues could bring this rally, too, to a halt.