Ethereum Layer 2 Optimism introduced Bedrock, its first significant update. The update on March 16 will enhance network speed and Ethereum compatibility.
Bedrock, Ethereum Layer 2 network Optimism’s first significant update, will be released on March 16 in an effort to improve network speed.
The update will enhance transaction prices, transaction speeds, and Ethereum Virtual Machine compatibility. In addition to these speed benefits, the update will provide the groundwork for future developments such as decentralizing sequencing — the component that groups transactions — and enhancing on-chain security. The network may extract security from Ethereum via sequencing.
The Optimism team indicated that the update would not affect the majority of customers. However, users and projects using complete nodes will need to prepare for the update.
The team anticipates that the Bedrock update will take less than four hours and will not need a network reset, often known as “regenesis.” After the change, customers will still have access to historical chain data, guaranteeing that they will not lose any vital information. The Optimism Goerli testnet has already been updated to Bedrock with success.
Optimism is a Layer 2 scaling solution for Ethereum that aims to enable quicker and cheaper transactions while retaining the mainnet’s security and compatibility.
It employs optimistic rollups, a method that permits the consolidation of several transactions into a single transaction, which is subsequently recorded on the Ethereum blockchain. This minimises the amount of transactions that must be handled by the Ethereum network, resulting in cheaper transaction fees and quicker transaction speeds.
Optimism also offers a platform for developers to construct and deploy scalable decentralised apps. Currently, more than fifty decentralised apps are operating on the network’s chain, and over $745 million worth of assets have been staked.