Optimism, a layer 2 of the Ethereum (ETH) Network, is rolling out its Bedrock upgrade. The upgrade aims to improve the transaction cost, performance, and security of the network. This is expected to happen on June 6, 2023. All transactions are suspended during the two to four-hour time frame needed for the upgrade.
Most crypto enthusiasts know that transaction fees on the ETH network can get very high, especially during peak periods. Optimism scaling solution helps lower the gas fees while helping to decongest the main network. This is done by what is called an optimistic roll-up. It bundles the transactions and verifies them off the main ETH network.
Possible Benefit to the Optimism Upgrade
The Bedrock upgrade will bring many benefits to Optimism and its users. Here are some of them:
• Cheaper fees: According to OP Labs, a member of the Optimism Collective, they expect to lower the Optimism fees by about 47%. This would mean a huge discount on gas fees being paid by users.
• Stronger verification: The upgrade is also expected to increase the chain’s security. According to OP Labs, “Bedrock (combined with Cannon) is the only rollup architecture capable of easily supporting multiple fault-proof and client implementations, a core component in the quest to remove upgrade keys from rollup fault proofs. With Bedrock, Optimism is gunning to be the first EVM-based rollup to achieve Ethereum-level security guarantees.”
• Compatible with old apps: Bedrock’s implementation will make sure that existing apps and contracts on Optimism will keep working after the upgrade without needing any change from developers or users. This means users can enjoy the upgrade free of worries.
• Easier to contribute: It will be easier for other developers to join and help Optimism’s network. Which means having more validators that check transactions and keep the network secure. This would increase trust and reliability.
The Chain Keeps on Building
It is good to see that the team behind the Optimism network is still building despite all the FUD surrounding the crypto community. Laying down a solid foundation is essential for a project to have longevity in the industry.
The Bedrock upgrade will not only give the benefits of increased security, faster transactions, and cheaper gas fees, but it will only assure users that the team is in it for the long term. These types of actions will show the world that crypto is not about fraud and rug pulls but rather about bringing value to its users.
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Source: OP Lab read here and here
Featured image from Pixabay
