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      Home » Latest NFT News » Optimism Network Explained
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      Optimism Network Explained

      August 3, 20248 Mins Read
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      Optimism Network Explained
      Source: Optimism
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      Without a doubt, the best blockchain for apps, games, and NFTs is Ethereum.

      While Ethereum has solid foundations, the Layer-2 blockchains that run on top of it have achieved amazing progress in terms of popularity, scalability, and usability, particularly for high-traffic games and apps.

      One Layer-2 solution in particular is gaining traction and aims to revolutionize the Ethereum ecosystem. That solution is Optimism network.

      Optimism Network Explained
      Source: Optimism

      Optimism Network Explained

      Optimism is an Ethereum Layer-2 that prioritizes community involvement and innovation in expanding and improving the Ethereum ecosystem. It works using an “Optimistic Rollup” approach, which approves transactions ahead of time and only checks for misuse when a problem is reported. 

      Ryan Wyatt, former President of Polygon Labs and Managing Director of YouTube Gaming, is the main figure of the Optimism development team, acting as Chief Growth Officer. He oversaw Optimism’s ecosystem redesign, which has made it simpler for users and developers to create and grow on Ethereum by making it more transparent, open, and cooperative.

      Optimism’s ultimate goal is to create a “Superchain,” a unified network of multiple chains that work together seamlessly.

      To meet this need, Optimism has implemented the ‘OP Stack,’ a flexible and modular framework that enables programmers to design their own blockchains that are able to connect and exchange data, thereby increasing scalability and interoperability.

      Big-name projects such as Worldcoin’s World Chain, the Base blockchain, and Igloo Inc.’s Abstract Blockchain are all powered by OP Stack.

      Optimism Network Explained
      Source: Optimism

      How does Optimism work?

      At the core of Optimism lies $OP, the native token of the Optimism ecosystem that sits at the center of its governance and operation.

      $OP holders have a direct say in how the network is run, can suggest improvements to the protocols, and vote on upcoming changes. With its decentralized architecture, the community is guaranteed to have a significant influence on the network’s long-term evolution.

      The two primary bodies that oversee Optimism’s governance are the Citizens’ House and the Token House, both of which are part of the Optimism Collective. 

      The Token House is responsible for protocol upgrades, treasury approvals, and other key decisions. $OP holders can vote on these decisions, or give their voting power to someone else if they prefer.  

      The Citizens’ House is an experimental governance model that focuses on retroactive public goods funding. Its purpose is to reward projects and efforts that help the Ethereum ecosystem grow and scale, and that are done with the common good in mind. 

      The 2024 roadmap from Optimism highlights several features aimed at a connected future. 

      Among them is the Superchain Registry, which provides developers with access to the codes, configurations, and users of every blockchain that is a part of the Superchain. Blockspace Charters aims to improve governance, detailing upgrades for every chain controlled by the Optimism Collective. Following the Stage 1.5 release, more transactions will be validated autonomously, reducing the need for human interaction.

      Optimism Network Explained
      Source: Optimism

      Where did Optimism come from?

      The concept and potential of Optimistic Rollups were introduced in the first research paper published by the Optimism team in October 2019. The initial version of the Optimistic Ethereum testnet was launched in June 2020, which allowed budding developers to experiment with the technology.

      In May 2022, the $OP token was launched through an airdrop, wherein eligible users received 5% of the total supply. Further airdrops are on the horizon too, with 19% of the total supply set aside for this purpose.

      The network underwent a major update to its mainnet in December 2022, enabling the blockchain to verify transactions without permission, making operations both more secure and more decentralized.

      Optimism collaborated with a number of significant blockchain initiatives in 2023. These include Circle, introducing USDC to Optimism, Coinbase, in creating the BASE network, Binance launching the opBNB Layer-2 blockchain, and Clearpool, a decentralized finance (DeFi) credit marketplace, expanding to Optimism’s OP Mainnet 

      The team’s Optimistic Rollup technology is constantly improving, making transactions more reliable and cost-effective to execute.

      It is becoming clear that optimism will be important to Ethereum’s future. With its robust technology, decentralized governance model, a vibrant community, and Superchain goal, Optimism is set to create the foundations for Ethereum’s long-term viability, adoption, and success.

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      This marker is Chrome Shitiness Mitigation mechanism for Ultrawidify. It turns out that as of 2025-01, Chrome does not correctly respect allowTransparency property on certain iframes, and will force white or black background across the entire element. It is unclear what’s causing the issue — so far, it seems to appear randomly.
      This marker is Chrome Shitiness Mitigation mechanism for Ultrawidify. It turns out that as of 2025-01, Chrome does not correctly respect allowTransparency property on certain iframes, and will force white or black background across the entire element. It is unclear what’s causing the issue — so far, it seems to appear randomly.
      This marker is Chrome Shitiness Mitigation mechanism for Ultrawidify. It turns out that as of 2025-01, Chrome does not correctly respect allowTransparency property on certain iframes, and will force white or black background across the entire element. It is unclear what’s causing the issue — so far, it seems to appear randomly.
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      Riding crypto waves since 2012, bridging digital and physical worlds through prose.

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