Ethereum

Polygon

Optimism, the Ethereum Layer 2 scaling solution, is preparing to roll out its &#34;Bedrock&#34; upgrade today, June 6th.The step is considered to be a significant leap towards becoming a utility-oriented &#34;Superchain&#34; featuring reduced gas fees and significantly faster transaction finality and block rendering. The Ethereum-based protocol&#39;s vision of its technological progress towards becoming a Superchain, which is to say an interconnected network of interoperable and highly composable blockchains, is getting nearer through these planned enhancements.<h4>Optimism Bedrock Update</h4>The Bedrock update is expected to go live by 16:00 UTC today via Optimism&#39;s mainnet.“Bedrock was named Bedrock for a reason. It is the foundation for the Superchain,&#34; shares Karl Floersch.Floersch currently serves as CEO and and is co-founder at OP Labs, the development organization behind Optimism and its suite of blockchain products.The move is considered an instrumental point towards the <a href="https://cryptodaily.co.uk/2023/01/l2-protocol%20-optimism-overtakes-arbitrum" rel="noopener noreferrer nofollow">transformation of Optimism</a>.With the upgrade, all associated and integrated chains either constructed within or designed in alignment with the OP tech stack (developer tooling, APIs, and SDKs) will be linked over, enabling smooth communication over a unified ecosystem. Floersche emphasizes further that the &#34;Superchain&#34; status isn&#39;t a mere moniker, it is, in essence, a long-term vision towards producing an industry standard with the OP Stack as a baseline. Among the key features outlined in anticipation of the upgrade is a 40% reduction in gas fees through an optimized data compression strategy. This means that Optimism, the Ethereum Layer 2 scaling solution, is preparing to roll out its &#34;Bedrock&#34; upgrade today, June 6th.The step is considered to be a significant leap towards becoming a utility-oriented &#34;Superchain&#34; featuring reduced gas fees and significantly faster transaction finality and block rendering. The Ethereum-based protocol&#39;s vision of its technological progress towards becoming a Superchain, which is to say an interconnected network of interoperable and highly composable blockchains, is getting nearer through these planned enhancements.<h4>Optimism Bedrock Update</h4>The Bedrock update is expected to go live by 16:00 UTC today via Optimism&#39;s mainnet.“Bedrock was named Bedrock for a reason. It is the foundation for the Superchain,&#34; shares Karl Floersch.Floersch currently serves as CEO and and is co-founder at OP Labs, the development organization behind Optimism and its suite of blockchain products.The move is considered an instrumental point towards the <a href="https://cryptodaily.co.uk/2023/01/l2-protocol-20-optimism-overtakes-arbitrum" rel="noopener noreferrer nofollow">transformation of Optimism</a>.With the upgrade, all associated and integrated chains either constructed within or designed in alignment with the OP tech stack (developer tooling, APIs, and SDKs) will be linked over, enabling smooth communication over a unified ecosystem. Floersche emphasizes further that the &#34;Superchain&#34; status isn&#39;t a mere moniker, it is, in essence, a long-term vision towards producing an industry standard with the OP Stack as a baseline. Among the key features outlined in anticipation of the upgrade is a 40% reduction in gas fees through an optimized data compression strategy. This means that <a href="https://cryptodaily.co.uk/2023/02/optimism-20-announces-major-bedrock-update-to-enhance-performance" rel="noopener noreferrer nofollow">Bedrock</a> is set to introduce internal mechanisms that will curtail the reliance towards block reorganization, which costs a significant amount of resources on the side of a Layer 2 chain such as Optimism. Block-based reorganizations (reorgs) are instances in which a blockchain simultaneously produces two blocks, hence generating a duplicate blockchain. The code changes set out in Bedrock will effectively cut down confirmation intervals for deposits to approximately 60 seconds, down from the average interval of 600 seconds for the same typical transaction.<h4>Key Enhancements To Expect On Optimism Bedrock Update</h4>Another well-intentioned upgrade that comes with the Bedrock update is slew of enhancements to proof of modularity in the OP Stack. This open-source toolkit provides developers with functionalities for providing customizable environments on the Optimism blockchain, opening constructs and experiences for users who wish to leverage validity proofs and fault proofs within the OP Stack. Alongside the transaction upgrades, this feature set wil provide a performance boost for node-related functions across the Optimism ecosystem. Another significant advancement Bedrock brings to the table is facilitating Optimism&#39;s transition to a multi-client ecosystem. Floersch claims that Optimism will be the first layer 2 protocol to boast multiple clients, thereby enhancing system resilience by eliminating potential single points of failure. Client software is utilized to operate the blockchain, with layer 1 blockchains like Ethereum relying on several clients to ensure network security.The upgrade process is expected to last between two to four hours. During this period, deposits and withdrawals will be temporarily suspended, and the chain will be momentarily paused.<h4>What is Optimism?</h4>Optimism functions as a scaling solution for Ethereum, allowing users to carry out transactions on the blockchain at a lower cost while retaining the underlying security of Ethereum. It utilizes a technology called an “optimistic rollup,” which consolidates multiple transactions into a single transaction, consequently accelerating transaction speed and reducing gas fees.The layer 2 landscape atop <a href="https://cryptodaily.co.uk/2023/04/ethereum-implements-shapella-upgrade-on-mainnet" rel="noopener noreferrer nofollow">Ethereum</a> has witnessed stiff competition in recent months. L2Beat statistics indicate that Optimism&#39;s closest rival, Arbitrum, leads the pack with a total value locked (TVL) of $5.69 billion, with Optimism trailing with a TVL of $1.68 billion. The Bedrock upgrade, however, is expected to boost Optimism&#39;s competitiveness.Alternative solutions to optimistic rollups, like <a href="https://cryptodaily.co.uk/2023/03/understanding-zero-knowledge-proofs-zk-rollups-and-zk-evm" rel="noopener noreferrer nofollow">ZK Rollups</a>, have also been gaining traction. Polygon and Matter Labs recently introduced their zkEVMs, a type of ZK Rollup compatible with the <a href="https://cryptodaily.co.uk/2023/03/consensys-to-begin-public-test-of-ethereum-compatible-zk-rollup" rel="noopener noreferrer nofollow">Ethereum Virtual Machine</a>, providing users with more choices for faster, cheaper transactions on Ethereum.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. <a href="https://cryptodaily.co.uk/2023/02/optimism%20-announces-major-bedrock-update-to-enhance-performance" rel="noopener noreferrer nofollow">Bedrock</a> is set to introduce internal mechanisms that will curtail the reliance towards block reorganization, which costs a significant amount of resources on the side of a Layer 2 chain such as Optimism. Block-based reorganizations (reorgs) are instances in which a blockchain simultaneously produces two blocks, hence generating a duplicate blockchain. The code changes set out in Bedrock will effectively cut down confirmation intervals for deposits to approximately 60 seconds, down from the average interval of 600 seconds for the same typical transaction.<h4>Key Enhancements To Expect On Optimism Bedrock Update</h4>Another well-intentioned upgrade that comes with the Bedrock update is slew of enhancements to proof of modularity in the OP Stack. This open-source toolkit provides developers with functionalities for providing customizable environments on the Optimism blockchain, opening constructs and experiences for users who wish to leverage validity proofs and fault proofs within the OP Stack. Alongside the transaction upgrades, this feature set wil provide a performance boost for node-related functions across the Optimism ecosystem. Another significant advancement Bedrock brings to the table is facilitating Optimism&#39;s transition to a multi-client ecosystem. Floersch claims that Optimism will be the first layer 2 protocol to boast multiple clients, thereby enhancing system resilience by eliminating potential single points of failure. Client software is utilized to operate the blockchain, with layer 1 blockchains like Ethereum relying on several clients to ensure network security.The upgrade process is expected to last between two to four hours. During this period, deposits and withdrawals will be temporarily suspended, and the chain will be momentarily paused.<h4>What is Optimism?</h4>Optimism functions as a scaling solution for Ethereum, allowing users to carry out transactions on the blockchain at a lower cost while retaining the underlying security of Ethereum. It utilizes a technology called an “optimistic rollup,” which consolidates multiple transactions into a single transaction, consequently accelerating transaction speed and reducing gas fees.The layer 2 landscape atop <a href="https://cryptodaily.co.uk/2023/04/ethereum-implements-shapella-upgrade-on-mainnet" rel="noopener noreferrer nofollow">Ethereum</a> has witnessed stiff competition in recent months. L2Beat statistics indicate that Optimism&#39;s closest rival, Arbitrum, leads the pack with a total value locked (TVL) of $5.69 billion, with Optimism trailing with a TVL of $1.68 billion. The Bedrock upgrade, however, is expected to boost Optimism&#39;s competitiveness.Alternative solutions to optimistic rollups, like <a href="https://cryptodaily.co.uk/2023/03/understanding-zero-knowledge-proofs-zk-rollups-and-zk-evm" rel="noopener noreferrer nofollow">ZK Rollups</a>, have also been gaining traction. Polygon and Matter Labs recently introduced their zkEVMs, a type of ZK Rollup compatible with the <a href="https://cryptodaily.co.uk/2023/03/consensys-to-begin-public-test-of-ethereum-compatible-zk-rollup" rel="noopener noreferrer nofollow">Ethereum Virtual Machine</a>, providing users with more choices for faster, cheaper transactions on Ethereum.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Optimism Launched Bedrock Mainnet Update

Crypto Daily™

Other articles published on Jun 6, 2023

Coinbase responds to SEC lawsuit – Here is what they said

Development, Marketing & Community Updates: May 2023

Crypto Twitter abuzz with Coinbase banter after SEC lawsuit

Crypto Experts Claim That The SEC’s Argument Against Cardano Is Weak

Apple’s Vision Pro Headset Reveals Swaps Metaverse for ‘Spatial Computing

Partnership Invitation: Social Impact Tech Alliance

Join our free newsletter for daily crypto updates!