Optimism users will be able to withdraw funds without the involvement of third parties
To do this, the blockchain team has implemented fault proofs in smart contracts
11.06.2024 - 11:45
172
2 min
0
Last updated on Aug 9, 2024
What’s new? The developers of the Layer 2 (L2) Optimism network on the Ethereum blockchain have implemented Fault Proofs into smart contracts. Network users can now initiate withdrawals in ETH or ERC-20 standard tokens “without involvement from any trusted third parties.”
What else is known? In addition, an attempt to process an invalid withdrawal can be challenged and withdrawn by any user who provides appropriate proof.
Along with the implementation of the new system, the process of confirming withdrawals is by default handled by users rather than the Optimism team, and this process can only be overturned by a vote of the Optimism Security Council.
However, a user’s successful challenge of an invalid transaction can also be overridden by the council, requiring six out of eight votes.
The new fault detection system, dubbed Cannon, was developed with teams from several projects including OP Labs, Base, and Sunnyside Labs. The change proposal was approved by the Token House and Citizens’ House communities within the Optimism ecosystem.
Media: a16z venture fund bought $90 million worth of Optimism governance tokens
As part of the deal, OP coins will be blocked for sale for two years
In the future, in addition to Cannon, other validation tools will appear on the network to ensure that only valid transactions are confirmed.
In addition, teams from other OP Stack-based L2 networks, including Base, Metal, Mode, and Zora, intend to implement the tool.
The Optimism team describes the implementation of the new system as the first step towards achieving full decentralization. This is a reference to Ethereum co-founder Vitalik Buterin’s concept that L2 networks need to go through two stages to solve centralization problems.
For example, some L2 networks have repeatedly faced criticism for suspending withdrawals or censoring transactions, which implies a centralized governing body.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$97 081
BTC
+3.66%
-
Ethereum
$3 323.91
ETH
+7.82%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.11
XRP
+1.65%
-
Dogecoin
$0.383309
DOGE
+1.11%
-
Cardano
$0.786432
ADA
-4.37%
-
Bitcoin Cash
$481.52
BCH
+9.24%
-
Polkadot
$5.83
DOT
+0.67%
-
Stellar XLM
$0.241069
XLM
-5.08%
-
Litecoin
$88.54
LTC
+4.79%