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

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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.”

Material by CoinDesk

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 In addition, an attempt to process an invalid withdrawal can be challenged and withdrawn by any user who provides appropriate proof.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.

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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.

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