CryptocurrencyEthereum (ETH)

ETH Layer 2 Solution Mainnet Launch Postponed

Optimism’s mainnet public launch has been postponed till probably July. This announcement comes after the optimism team had failed to oblige public requests in providing details of their progress about the march-scheduled launch. Optimism states that the new date is not yet confirmed since the launch involves collaboration from all members of the Ethereum community.

They opined that rushing into layer 2 without adequate preparation puts popular decentralized apps at risk of getting forked by fraudsters who might swindle their users.

Why The Delay in Open Mainnet’s Commencement?

The Ethereum-scaling public benefit corporation said, “we can’t decide to open mainnet to the public alone. We need to join hands with other core infrastructure and project providers such as explorers, nodes, wallets, and oracles. While we were considering our needs, we didn’t consider timelines and requirements from our partners’ perspective.”

The scaling solution giants will only launch mainnet when there is balance and the community is ready. The company started developing this L2 solution from the middle of last year. The new mainnet’s goal is to hasten the completed transactions on the platform and decrease its gas fees. At the beginning of this year, the company made its virtual machine (known as OVM) available to the public. The OVM was built with the Synthetix decentralized exchange protocol. However, Synthetix intends to mitigate threats to its platform by integrating the OVM in four stages.

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According to the public benefit corporation, users on the decentralized exchange protocol have started spending less on costs and experiencing fast speeds. After over 100,000 trades, a little over $9 million has been saved in fees. Uniswap, one of the leading decentralized protocols is also planning to collaborate with Optimism. The automated liquidity provision company announced earlier in the week that it plans to launch its third version in May using the L1 Ethereum mainnet. Then “soon afterward”, it will deploy an L2 on this platform.

Optimistic Rollups: Is There a Better Alternative?

Previously called the Plasma group, the Ethereum-scaling public benefit corporation is the pioneer of optimistic Rollups. Rollups allow stacked scaling or a combination of several trades into one. Rollups make it possible for a main Ethereum blockchain transaction to be performed with this new solution. But the Ethereum blockchain will still receive the implementation data.

Thus, Ethereum’s burden decreases without any compromise to its security because the work is performed off-chain. An excellent alternative to optimistic Rollups is ZK-Rollups. Each of them have their advantages and disadvantages, yet there’s one feature that differentiates the two is – ZK-Rollups use validity proofs while optimistic Rollups use fraud proofs.

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Hence, you can challenge an Optimistic rollup transaction. But you can’t do so with the other one. Transactions on ZK-Rollups are validated by design. Vitalik Buterin, one of Ethereum’s co-founders said, “Rollups can be the temporary and permanent solution to Ethereum’s scaling. But the technology is still in its infant stage. With more advancement in the technology, it can be the desired long-term solution.”

ZK-Rollups scaling solutions have been used in two popular projects – Hermez and Starkware. Tether is one of Hermez’s customers, while dYdX and DeversiFi are two of Starkware’s customers.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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