Last updated 11/12/2022
Official Website: https://www.optimism.io/
Optimism (OP) is a blockchain protocol that operates as a layer-two solution on top of Ethereum (ETH). It leverages the security of the Ethereum mainnet to provide a scalable infrastructure for the Ethereum ecosystem through the use of a technology called optimistic rollups. Essentially, this means that transactions are recorded on Optimism in a trustless manner, but the underlying security is provided by Ethereum.
The key concept that enables Optimism to function is the Optimistic Rollup. Optimistic Rollups utilize the consensus mechanism of the parent blockchain, rather than implementing their own, to secure their transactions. In the case of Optimism, the parent blockchain is Ethereum.
Optimism is guided by a strong philosophy, which is to uphold the values of Ethereum by developing infrastructure that supports the expansion and longevity of public goods.
Optimism is built to enable communication of arbitrary messages between smart contracts on both Optimism and Ethereum networks, making it possible to transfer assets such as ERC20 tokens between the two networks. The way this communication occurs varies depending on the direction of the messages being sent. This functionality is used in the Standard bridge to allow users to deposit assets like ERC20s and ETH from Ethereum to Optimism and also to withdraw the same assets from Optimism back to Ethereum.
Transactions on Optimism are submitted to Ethereum without direct evidence of their validity and can be disputed for a set period of time (currently seven days). Once this period has passed, a transaction is considered final. This is why withdrawals from Optimism to Ethereum take seven days to complete.
Optimism is overseen by the Optimism Foundation, a nonprofit organization that focuses on expanding the Optimism ecosystem. Like Ethereum, Optimism aspires to become a fully decentralized public good that is not driven by profit motives. The project is fully funded by donations and grants, and is committed to creating infrastructure that supports the expansion and longevity of public goods.
As Optimism is an Ethereum-based token, it can be stored in any wallet that supports the ERC-20 standard. One popular option for storing Optimism (OP) is MetaMask, a browser extension wallet that allows users to interact with the Ethereum blockchain and manage their digital assets. MetaMask is known for its user-friendly interface and security features, making it a great choice for both new and experienced users.
Another option is Trust Wallet, a mobile wallet that supports a wide range of Ethereum-based tokens, including Optimism (OP). Trust Wallet is known for its advanced security features, such as hardware-level encryption and biometric login options, making it a great choice for users who prioritize security.
Brave Wallet is also a browser-based wallet that is built on the Ethereum blockchain and it's integrated in the Brave browser. It allows users to easily manage their digital assets and interact with decentralized applications.
Rainbow Wallet is another option for storing Optimism (OP) and other Ethereum-based tokens. It's a non-custodial wallet that allows users to manage their own private keys, which is a great feature for those who value full control over their funds. It's available as a browser extension and mobile app.
Block Explorer: https://optimistic.etherscan.io/token/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.