Ethereum Layer-2 scaling solution Optimism has announced plans to issue a major upgrade to enhance network performance, which is scheduled for March.
The upgrade, called Bedrock, will significantly increase network fees, lower fees, and enhance compatibility with the Ethereum Virtual Machine (EVM).
The Bedrock Upgrade
Optimism, the Ethereum Layer-2 scaling solution, has announced the first significant upgrade to the protocol, called Bedrock. The upgrade has been scheduled for the 16th of March, 2023, and will look to improve network performance, and speed, lower transaction costs, and improve compatibility with the Ethereum Virtual Machine (EVM). In a statement released by Optimism, the team described the Bedrock upgrade as a major step towards realizing a multi-chain future.
The Optimism Foundation took to its Twitter handle to announce the proposal, tweeting,
“The Optimism Foundation has proposed the first protocol upgrade to the Optimism Collective: Bedrock. We see Bedrock as the culmination of years of R&D—and the next crucial step towards a modular, simplified, and performant multi-chain future.”
Details Of The Upgrade
Apart from the improvements stated above, the upgrade will also create the foundation for future enhancements and improvements, such as decentralizing sequencing and improving on-chain security. Sequencing enables the Optimism network to derive its security from the Ethereum network. The Optimism team also stated that the upgrade would not impact users. However, they did point out that users and projects running full nodes will need to prepare for the upgrade.
Bedrock will improve transfer speeds via optimized data compression, enable modular proof systems, reduce deposit times by handling Layer-1 reorgs efficiently, and enhance node performance. The proposal also states that the upgrade will ensure better compatibility with Ethereum by supporting Ethereum-centric principles such as EIP-1559 and modularity. According to Optimism, the upgrade is expected to take around four hours and does not require a “regenesis.” Furthermore, historical data will be accessible after the upgrade as well. Optimism developers also stated that the Goerli testnet for Optimism has already been successfully upgraded to Bedrock without facing any major issues.
Faster And Cheaper Transactions
Optimism is a Layer-2 scaling solution for the Ethereum blockchain and enables faster and cheaper transactions while offering the same level of security and compatibility as the Ethereum mainnet. The protocol uses a technology called Optimistic rollups, which enables the bundling of multiple transactions into one single transaction, which is then recorded on the Ethereum blockchain. This helps Optimism reduce the number of transactions required to be processed by the Ethereum network and helps it achieve faster transaction times and lower transaction fees.
Developers can also use Optimism to create and deploy decentralized applications (dApps). The network currently boasts of over 50 decentralized applications, with nearly $745 million in total value of assets staked.
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.