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What are Optimistic Rollups?
An optimistic rollup is a scaling strategy for Ethereum that entails off-chain computing and state storage. Though transaction data is posted to the Mainnet as call data, optimistic rollups carry out transactions outside of Ethereum.
Optimistic rollups are known for publishing minimal information about transactions on-chain and supposing all transactions to be genuine, which is why they are dubbed “optimistic.” Since they roll up thousands of transactions into batches and post them to the Mainnet, they are known as “rollups.”
The Top Optimistic Rollup Blockchains
The top optimistic rollup blockchains are Arbitrum, Optimism, Metis Andromeda, and Boba Network based on Total Value Locked (TVL). Below is an overview of the different optimistic rollups (ORUs):
Arbitrum
Unlike side chains, Arbitrum is a decentralized platform that scales Ethereum via a roll-up methodology. Roll-ups don’t rely on validators and are more secure because they operate directly on the contract.
Arbitrum Nova is a general-purpose blockchain intended for gaming and social initiatives, whereas Arbitrum One is an optimistic roll-up that is now home to DeFi. On top of Arbitrum One, users may construct app-specific chains using Arbitrum Orbitl. Users can build smart contracts on L2 in Rust, C, and C++ thanks to the future EVM+ technology.
The ambitious rollup project Arbitrum aims to move data storage and computing off-chain to reduce user fees and accelerate Ethereum transactions. EVM-compatible smart contracts are supported by the Arbitrum Virtual Machine (AVM), which enables users to run their preferred dApps at a fraction of Ethereum’s price.
Optimism
Optimism is an “Optimistic Rollup,” a fancy term for a blockchain that builds upon the security features of a different “parent” blockchain. Specifically, rather than supplying their consensus mechanism, Optimistic Rollups use the one provided by their parent chain (such as PoW or PoS). Ethereum is the parent blockchain in the case of OP Mainnet.
Optimism is an optimistic rollup chain that uses Ethereum’s security guarantees and is compatible with the EVM. Thousands of off-chain transactions are rolled up, and gas fees are reduced for users using an optimistic rollup (OR) architecture.
Metis Andromeda
As a Layer 2 (L2) solution, it functions as a hybrid rollup for Ethereum, fusing the security of Zero-Knowledge cryptographic proofs with the scalability advantages of an optimistic rollup.
L2 is an extra layer constructed on top of the base layer, such as Ethereum, to improve the efficiency and scalability of the blockchain, which has long been a problem.
Metis Andromeda distinguishes itself by processing transactions and smart contracts quickly. It provides an Ethereum Virtual Machine (EVM) counterpart to execute smart contracts similarly to Ethereum’s main network. To do this, transactions are processed off-chain and logged back onto the Ethereum blockchain, and the Ethereum network’s congestion is decreased.
Based on optimistic rollups, Metis Andromeda is also a functional L2 protocol that is scalable and inexpensive. Metis Andromeda’s unique stack may be used in many other cases, including DeFi, DAOs, and dApps.
Boba Network
With Boba Network’s Liquidity Provider (LP) service, customers may take money out immediately without waiting for the seven-day challenge period to pass.
Layer 2 (L2) solution Boba is based on the Ethereum Layer 1 blockchain and is compute-focused. Ethereum is a foundational blockchain platform that carries out all on-chain transactions, much like L1 blockchains like Avalanche, BNB, and Moonbeam. Boba maintains the security guarantees of Ethereum while scaling and enhancing the platform’s basic computational capabilities, lowering gas costs and increasing transaction throughput.
To address this, Boba created a hybrid compute architecture that allows smart contracts to initiate far more sophisticated computations off-chain (much like when an application is launched on AWS) and then return the outcome to the on-chain smart contract. The Boba Hybrid computation model, therefore, operates both off-chain and on-chain.
Conclusion
Optimistic Rollups are a significant improvement in the Ethereum network’s scalability. Their capacity to handle transactions off-chain while upholding security and transparency makes them a viable remedy for the scalability issues that several blockchain networks encounter.
With the increasing popularity of decentralized apps, Optimistic Rollups have the potential to significantly influence the direction of the Ethereum network and blockchain overall, at least for the next few years.
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