Optimism OP - BEST Ethereum Layer 2 _ CRYPTO PORTFOLIO 2023 _ Optimism Price Prediction

Optimism OP - BEST Ethereum Layer 2 | CRYPTO PORTFOLIO 2023 | Optimism Price Prediction

00:00 Introduction 01:48 Optimism Price 02:18 What is Optimism? 03:54 What benefits does Optimism bring to Ethereum? 04:54 Conclusion 06:09 Optimism Price Prediction 06:42 My thoughts

We have been holding Optimism since it launched but we are still adding more OP tokens to our portfolio

Ethereum is the blockchain where the lion's share of dApp activity takes place – but struggling in terms of affordability, scalability, and even accessibility. Layer one alternatives like Solana also proved to be insufficiently effective in handling the massive load of user requests.

With Optimism or what is called Optimistic Ethereum, you are using a layer 2 chain that is running on top of the Ethereum mainnet (layer 1). Optimism offers a platform for the execution of transactions, but the data about transactions are posted to the mainnet, which validates them. There is comfort and safety that you get from driving on a highway while also driving on a less crowded side street.

What is Optimism?

Ethereum can experience problems when it comes to handling a large number of transactions, which makes the execution of a transaction long and costly. Optimism works as an additional protocol on top of Ethereum's blockchain. It is therefore a second layer which runs on top of the layer 1 blockchain (Ethereum). It is possible to support all dApps implemented on Ethereum using Optimism. This is achieved by performing the computation off-chain, thereby increasing speed and reducing the cost of the computation. In any case, the Ethereum blockchain is still used for recording information about transactions.

Optimism has been able to record a significant increase in transaction speeds for exchanges that use it. It has also been noted that transaction fees have decreased significantly over 100 times over. As a result of these benefits, Ethereum’s properties have not been compromised in any way. This makes it an extremely secure and decentralized solution.

Transactions executed over Optimism are approved immediately. This happens without a transaction being checked beforehand. In this way, users can have transactions processed at lightning speed.

What benefits does Optimism bring to Ethereum?

Optimism has a lot of benefits, like equivalence with the EVMs, data security, speed, and cost savings. There are a few chains out there that are as closely EVM compatible as Optimistic, but it goes a step beyond that and aspires to be EVM equivalent. Optimistic Virtual Machine (OVM) was created as an EVM compatible Virtual Machine to assist Ethereum developers in supporting any Ethereum application on any Ethereum network.

As opposed to sidechains such as Ronin, which have their own internal security because they operate independently, rollups such as Optimism leverage the Ethereum mainnet to provide their security. The Optimism blockchain is used to process transactions, but the data associated with the transactions are stored and written to Ethereum.

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