Ethereum Optimism, a Layer 2 scaling solution developer, expects the mainnet to start running on January 15. The remote Synthetix exchange protocol conducted the first trial that tested the entire Optimism network. It includes converting Ethereum smart contracts into optimistic virtual machines (OVM) and deploying them in the core network.
OVM is almost completely compatible with the Ethereum Virtual Machine, which means Synthetix doesn’t need to change its code to implement smart contracts on OVM.
Optimism Ensures User Safety
The Ethereum Optimism research group released the alpha version of the Optimistic Virtual Machine (OVM) four months ago, which is supposed to support all smart contracts deployed on Optimistic Rollup Chains, Ethereum Layer 2‘s scaling solution.
Since the mainnet release is preliminary, Optimism warns that it can lead to glitches and errors. Therefore, the project team will keep the upgrade keys for at least the first six months to ensure user funds’ safety. Moreover, Optimism highlighted that users should not think of it as a complete and definite system until they release the key.
Public or community versions of the core network expect a release on March 15. In general, with the solution, Optimism aims to solve the Ethereum scaling problem and increase the ability to process transactions at a reasonable cost. Ethereum’s current capacity is around 1.2 million transactions per day, and the average transaction fee is around $ 15.
Phases of The Network’s Development
The four phases in which Optimism launches its test network and reaches the mainnet are phase A, phase B, safety drilling, and phase C.
In Phase A, Optimism ensures no deposits or withdrawals. Only airdrop tokens are allowed into L2 Goerli and allow participants to score and burn sUSD (stable Synthetix coins) and win prizes.
In phase B, it activates L1 Goerli SNX deposit and broadcasting for the participants. Users can increase their SNX stakes when making deposits.
During the security drilling phase, the Optimistic Virtual Machine (OVM) contract renewal adds verification capabilities. Optimism said that they would actively commit fraud and reward consumers who have succeeded in presenting fraud evidence.
There will be withdrawals in the last Phase C, and participants will have to perform a successful withdrawal to receive their testnet rewards on mainnet. Optimism didn’t reveal specific timelines for these phases.
Formerly known as the non-profit Plasma group, Optimism was renamed last year and focused on launching a non-profit to focus entirely on scaling Ethereum. Paradigm and IDEO CoLab Ventures support Optimism and have raised $ 3.5 million to date.