Market Analysis Report (03 Feb 2023)

Ethereum layer-2 scaling system Optimism (OP) has proposed a major upgrade that would boost its performance and functionality called BedRock. The proposal offers a “new level of modularity, simplicity, and Ethereum equivalence for layer 2 solutions, providing unprecedented performance and functionality.”

The upgrade is reportedly going to enable improvements in transaction costs, speeds, and compatibility with the Ethereum Virtual Machine. In addition to these, it would create a foundation for future improvements such as decentralized sequencing, which allows the network to derive security from Ethereum.

The team behind Optimism said most users won't feel the effects of the upgrade, but those running full nodes must take steps to ready themselves.

Optimism estimates that the transition to Bedrock will take less than 4 hours and won't requirea network reset, with all historical chain data remaining accessible, avoiding any data loss. The Goerli testnet of Optimism has already upgraded successfully to BedRock.

Optimism (OP) is a layer-two platform built on top of the Ethereum blockchain that aims to improve the scalability and accessibility of decentralized applications (dApps). It does this by using a technique called "optimistic rollups," which allow dApps to offload some of their computation and data storage onto a separate layer, while still remaining secure and decentralized.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/feb/03/