Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Developers of the Optimism blockchain have introduced a mechanism that alters the method of transaction verification. Users are now able to independently initiate fund withdrawals without the need for third-party involvement, representing a notable advancement towards the complete decentralization of the network.
OP Labs, the organization behind Optimism, a Layer 2 protocol for Ethereum, revealed the incorporation of the Fault Proof System into the mainnet’s smart contracts. This mechanism modifies the transaction verification process and enhances the security of the blockchain network.
Related Posts
As stated in a blog post by OP Labs, users of Optimism can now independently initiate withdrawals of ETH and ERC-20 tokens without relying on a trusted third party. If the blockchain network processes erroneous withdrawal requests, any user can contest them by supplying fault proof. This indicates that the transaction verification responsibility has been fully transferred to Optimism users. Nevertheless, the developers have maintained the authority for the Optimism Security Council to intervene in the verification process if deemed necessary and to entirely revoke the Fault Proof System if a malfunction is identified.
With the implementation of the Fault Protection System, the protocol team has achieved “Stage 1” of the decentralization roadmap for L2 protocols proposed by Ethereum Co-Founder Vitalik Buterin in 2022. The developers at OP Labs are optimistic that this initiative will allow the Optimism blockchain to advance to “Stage 2” and ultimately reach “multi-proof nirvana” — a condition of complete decentralization with the simultaneous use of multiple proof systems, including ZKP, to validate correct transactions.
Vitalik Buterin recently highlighted the necessity for a cohesive, fully decentralized protocol to facilitate interoperability among L2 networks at various levels. In the meantime, teams from Uniswap Labs and Across Protocol have introduced ERC-7683, a new industry standard designed to enhance and streamline cross-network interaction for dApps within the Ethereum ecosystem.
Сообщение Optimism Implements Fault Proof System появились сначала на CoinsPaid Media.
