In a major milestone for Ethereum and Layer-2s, Optimism, a Layer-2 scaling platform for the second most valuable network, has announced the activation of open source and permissionless flaw proofs.
Even though the platform manages more than $7 billion in assets, according to him L2BeatOptimism, like most optimistic rollups, lacked a way to reliably verify transactions. For this feature, it relied on a centralized sequencer and tamper-resistant system.
Optimism activates reliable fraud-resistant system
Activating the open-source bug-resistant system is crucial to creating a more decentralized and secure future for the Optimism ecosystem. In general, error proofs are a crucial component, allowing users to verify the validity of all offchain transactions.
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Most importantly, it allows users to challenge any fraudulent activity on Optimism, creating protection against unauthorized withdrawals, for example, and much more.
In a message, Optimism Labs said the layer 2 platform was based on a centralized system. Here the Optimism Security Council had the power to initiate withdrawals.
However, the platform eliminates this dependency with reliable error resilience. This means that any user can withdraw tokens without intervention from the municipality. The shift in power is huge for community and decentralization.
Yet, to ensure the safe implementation of this failure-proof system, the Optimism Security Council will still have the power, at least temporarily, to intervene in the event of critical failures. This decision means that optimism will continue to function safely as it gradually decentralizes.
Ultimately, the platform plans to release a “multi-proof nirvana” that is open-source and modular, possibly including zero-knowledge proofs. This goes further than the current “Cannon” system.
Buterin acknowledgment, but why is OP crashing?
Vitalik Buterin, the co-founder of Ethereum, recognized this milestone, welcoming Optimism into the “club of Phase 1+ L2s.” Nevertheless, the co-founder still needed more zero-knowledge layer 2 platforms to join the ranks.
Optimism is the second layer 2 platform after Arbitrum to announce the release of fault-resistant systems, although both are still being tested. Arbitrum’s tamper-resistant system was called the Bounded Liquidity Delay (BOLD). launched on Testnet early last month.
Despite this milestone, OP is steadfast but under pressure in the first half of June.
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At spot rates, the OP is down about 55% from March highs. With Ethereum and Bitcoin prices under pressure, the token could break its May low of $1.8 with eyes at $1.1.
Feature image on Canva, chart from TradingView
