A cryptocurrency launches today with an optimistic mindset of rewarding the aspect of public goods through NFTs and blockchain technology. This optimism is well-named for the currency. The developers at Optimism realize that public goods need development for the general welfare of the people. But oftentimes, the welfare aspect is neglected in place of making more profits. Optimism wants to stop that aspect of goods exploitation in Web3. They plan to do this on the Ethereum blockchain as they believe it to be the blockchain’s future.
Optimism is a collection of different companies and communities that hold each other accountable to manage the fairness ratio as that the profit equals what impact is made. It works on the Ethereum blockchain by significantly reducing gas fees and costs.
The philosophy behind the construction of the protocol consisted of four major aspects. These aspects are simplicity, pragmatism, sustainability, and of course, optimism. The L2 is in the works and will be available to the public within a few years. But L2 is going to be complex. Optimism wants to make a simple platform where the effort and energy to make apps are reduced. This has to be pragmatic and has to keep in mind real-world issues. The system also has to have the capacity to survive over a long period which means constructing such an ecosystem where the scalable system is supported by the ecosystem and vice-versa. Finally, they have optimism.
On the technical side of things, Optimism is based on the Ethereum blockchain which means that it does not have its consensus mechanism. This also means that Optimism blocks are stored on the Ethereum blockchain. The blocks are produced and managed by a single party that the protocol terms as the sequencer. It is responsible for examining the validity of a transaction. Since the transactions are put into batches before being finalized by the main Ethereum chain, this makes the cost of the transactions less costly.
OP, the trading token for Optimism, launched less than 24 hours ago, at the time of writing this article. Currently, it has a value of $1.25. During the launch, it has been fluctuating a lot. The highest value of the token has been at $4.57. But now, due to correction, its value will normalize around a single dollar.
