Web3 is growing. Optimism is one of the recent developments in the ecosystem. It is a scaling solution to Ethereum. It has reduced gas costs by processing transactions in batches using optimistic rollups.
So, how does optimism work?
Optimism uses a technology called optimistic rollups. They’re called Optimistic rollups because they roll up (or bundle) the data about hundreds of transactions – non-fungible token (NFT) mints, token swaps, any transaction! – into a single transaction on the Ethereum mainnet (layer 1). When so many transactions are rolled up into a single transaction, the blockchain transaction fee, or "gas," required to pay comes down to only one transaction, conveniently distributed across everyone involved.
Also, they’re called optimistic rollups because transactions are assumed to be valid until they are proven false, or in other words, innocent until proven guilty. There’s a time window during which potentially invalid transactions can be challenged by submitting a “fraud-proof” and running the transactions’ calculation with reference to available stated data. Optimism reimburses the gas needed to run the calculation of the fraud-proof. The gas required to conduct the fraud-proof estimation is returned by optimism.
Optimism is ever growing as it has plenty of funds to continue its work; in March 2022, it secured a $150 million Series B funding round, which saw the business valued at $1.65 billion. The deal was headed by Andreessen Horowitz and Paradigm. On the roadmap are improvements to the Optimism protocol, including a decentralised sequencer, sharded rollups, and a next-generation fault proof.
Historically, optimism has been more centralised than Ethereum, whose creators lack the capacity, but in April 2022, optimism made a significant step toward decentralisation by establishing a DAO called the Optimism Collective to manage the protocol and finance public goods. Additionally, it started airdropping freshly minted OP tokens to users of Optimism and other individuals who could aid in advancing the DAO and Optimism's decentralised future.
Optimism Collective is an innovative project that is building the foundation for significant initiatives without a viable commercial plan. It is supported by a strong team, a sizable community, and a collection of devoted investors.
To conclude, optimism is an ever-growing ecosystem that is strong due to its:
- Reduced gas costs as a result of the sequencer's transaction batching.
- Scalability, rapidity, and sustainability
- And security is ensured through the use of Ethereum to control consensus.
Because of all these additional perks, optimism has huge potential in the future.
ZeroSwap provides users with a simplified way to swap on multichains with zero gas fees. We pay gas for users when they swap on-chain, using meta-transactions.
We are live on Binance Smart Chain, Polygon, Avalanche, and Fantom and plan to integrate Optimism, CELO, Aurora, and Ethereum Chain soon.