Blender
AltcoinBlockchainCryptocurrencyEthereum (ETH)News

ETH Scaling Solution Optimism Set To Launch Its Preliminary Mainnet By Jan 15

The preliminary mainnet of Optimism, an Ethereum (ETH) scaling solution providing firm, is now ready for launch. Optimism is a layer two scaling solutions developer and is developing a layer-2 scaling solution for the world’s second-largest blockchain network Ethereum. The firm has revealed its plans recently that it is all set to roll out the preliminary mainnet.

As reported by The Block, the company is likely to launch the preliminary mainnet on the 15th of January. Reportedly, it will be the first trial run of the mainnet of the Ethereum Optimism. The first trial run of the preliminary mainnet will be rolled out together by Optimism and Synthetix, a leading decentralized exchange (DEX) protocol.

The main aim of this scaling solution will be to resolve the scaling problem of the Ethereum network. It will create a channel in order to make it possible that all of the transactions on the Ethereum network are conducted in a quick manner. This channel will also help in reducing transaction costs on the network. A total of 1.2 million transactions are currently run on the network. And the cost of a single transaction is extremely high as users are charged with a massive fee of $15 per transaction.

📰  BRS Futures Review – A Regulated Online Trading Brokerage You Can Trust

As the DeFi protocol Synthetix is collaborating on this project, it will be performing the task of transitioning smart contracts of Ethereum into OVM (Optimistic Virtual Machine), which shows complete compatibility to the EVM (Ethereum Virtual Machine), the report of The Block revealed. As soon as these contracts are converted into the Optimistic Virtual Machine, Synthetix will deploy them into the mainnet of Optimism. Due to OVM’s compatibility with the EVM, there will not be any need for Synthetix to transform its code for the deployment of its smart contracts.

As it is the preliminary trial run of the mainnet of Optimism, there is likely a chance that the process may result in various bugs and outages. That is why the firm said the team of the project would keep to itself the upgrade keys for a period of six months. It will do so to make sure that the funds of users are safe and secured.

📰  BitKub To Stop Accepting New Customers, Following January's Technical Challenges

MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close