Optimism is an Ethereum scaling solution that launched in 2019. It is designed to work smoothly with its parent chain and make transactions on the platform cheaper and faster by “rolling” them into what is one transaction on the Ethereum mainnet. Its native token, $OP, lets people take part in the Optimism Collective, which is its method of governance.
What is Optimism (OP)?
Optimism is a Layer 2 Ethereum blockchain that is meant to help with growth. Like a lot of rollup options, Optimism knows that Ethereum has a problem with how well its network works. That is, in its early days, the Ethereum network was able to handle its traffic even though it had a low rate. But as time has gone on, the industry has grown up, and Ethereum has become the biggest smart contract platform in the world, its low efficiency has really started to show at scale. This causes network congestion, high gas prices, and slower transactions.
As a layer 2 solution, Optimism is used to improve the network’s throughput without actually changing how it works. It works with Ethereum’s current consensus system, which is now called “proof of stake,” to handle transactions outside of the blockchain.
How does Optimism work?
In short, optimism is meant to make Ethereum faster and cheaper. If Ethereum is easy to use and cheap, developers will want to use it to deploy apps. This is why Optimism has an answer for scaling up!
There are things in optimism called “optimistic rollups.” A rollup “rolls up” hundreds of Ethereum transactions into one big transaction. On the Ethereum mainnet, this group of events is shown as a single transaction. By doing this, you only have to pay gas fees for one purchase. Also, Optimism is able to make the network less crowded by taking the transactions and handling them outside of the Ethereum blockchain. This approach works with Ethereum’s existing consensus engine, so it doesn’t actually check the transactions.
Okay, so now we know what it means to add hundreds of deals together. But you might be thinking why it’s called a “optimistic” rollup. When an optimistic roll up is used, events in a network are thought to be correct until they are shown to be wrong. In other words, the transactions are sent to Ethereum without clear proof that they are valid. Instead, they are seen as “pending” because the network is “optimistic” about them. A “fraud proof” can be used to dispute a transaction within a 7-day window called the “challenge window.” The trades go through and are recorded on the Ethereum chain after the seven-day challenge period is over.
Optimism is very concerned with how well it works with Ethereum. So, it is EVM-equivalent, which means that it runs according to the same rules as the Ethereum Virtual Machine. Users’ Optimism addresses are the same as their Ethereum addresses, and since Ethereum is the parent blockchain, users pay for gas fees with ETH, just like on the Ethereum network.
What is OP, Optimism’s token?
On May 31, OP released its OP token. An airdrop gave 214 million OP tokens away for free to 231,000 addresses. That’s 5% of the total supply of 4.29 billion, which means that 95% of the supply hasn’t hit the market yet.
The OP ticket gives its owner the right to take part in The Optimism Collective, which is run by the ticket House and the Citizens’ House. Token House is already up and running, and it makes technical choices about Optimism, like when to update software. Funding choices for public goods are made by the Citizens’ House. In its early days, Optimism raised money on Gitcoin, which is a big platform for funding public good projects.
How to acquire $OP?
The crypto $OP is available on different crypto exchanges, such as Digitra.com. This exchange offers zero fees for spot market trading for those who hold $DGTA, the exchange’s native token. Additionally, Digitra.com offers an airdrop for new users, where anyone who signs up and verifies their account will receive 50 $DGTA tokens. This amount is enough to guarantee zero fees for all trading pairs, with no limit on the trading volume. The $DGTA token is also distributed daily among clients who trade on the platform, so you can accumulate more $DGTA in your wallet as a reward for trading on Digitra.com. Click here to download the app and open your account!