Optimism Launches Ethereum Testnet for L2 Scaling Solutions

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Optimisim (Courtesy: Twitter)
Optimisim (Courtesy: Twitter)

Ethereum scaling startup Optimism has announced the launch of a limited testnet.

Once the research-oriented nonprofit Plasma Group, in January 2020 Optimism morphed into a for-profit company backed by $3.5 million in venture funding. Since then, Optimism has been focused on building a Layer-2 (L2) solution using a tool called “optimistic rollup.”

The idea behind “rollup” is to make transactions cheaper by running smart contracts outside of Ethereum and only storing the results on the main chain. Optimism’s solution will reportedly enable “fraud-proof” scaling, which accounts for the possibility of an L2 node publishing incorrect transaction data.

In a blog post titled “Light At the End of the Tunnel,” Optimism stated that after months of hard work, “today marks the first phase of our testnet launch.” The post went on to elaborate that the team has opted for a gradual release process. Its network will be integrated with a limited cohort of decentralized applications (dApps), one at a time, “to best isolate bugs.”

The post went on to elaborate that the team has opted for a gradual release process. Its network will be integrated with a limited cohort of decentralized applications (dApps), one at a time, “to best isolate bugs.”