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Ethereum layer-2 scaling solution optimism announced plans to issue a major upgrade to improve the performance of the network, which is planned for March.
The upgrade, referred to as the bedrock, will dramatically increase network costs, reduce costs and improve compatibility with the Ethereum (evm) virtual machine.
The Bedrock Upgrade
Optimism, the Ethereum Layer-2 scaling solution, has announced the first significant upgrade to the protocol, called Bedrock. Modernization is expected on March 16, 2023, and will seek to enhance the performance of the network, and speed, reduction of transaction expenses, and improve compatibility with ethereum (evm) VM. In an optimistic statement, the team described the upgrade of the platform as a major step towards a multichannel 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 consider Bedrock the high point of years of R.
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 allows the network optimism to draw its safety from the ethereum network. The optimist team also said the upgrade would not have an impact on users. However, they stressed that users and projects running complete nodes should prepare for the upgrade.
Bedrock will improve transfer rates through optimized data compression, enable modular systems, reduce filing times by efficiently handling layer 1, and improve node performance. The proposal also indicates that the upgrade will improve compatibility with Ethereum by supporting Ethereum-centred principles such as eip-1559 and modularity. The optimism is that the upgrade should take about four hours and does not require "regenesis." The historical data will also be made available following the upgrade. Optimism developers also said that the goerli test for optimism has already been successfully upgraded at the grassroots level without facing major problems.
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 optimist rollups, which allows multiple transactions to be bundled into a 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 be optimistic about creating and deploying decentralised apps (dapps). There are currently more than 50 decentralized applications in the network, including nearly $745 million in total asset value.
