Fun

Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March 

News Feed - 2023-02-03 05:02:33

Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March 


The Ethereum scaling network Optimism, which operates as a layer two (L2) network, announced plans to upgrade its network in March. The upgrade, named “Bedrock,” aims to increase transfer speed, lower fees, and enhance compatibility with the Ethereum Virtual Machine (EVM). The Optimism Foundation stated in its proposal, “The Bedrock upgrade is a major step towards a multi-chain future.” Optimism’s Bedrock Upgrade: Optimizing Transfer Fees and Improving Node Performance


Optimism, the L2 Ethereum scaling solution, plans to upgrade its network in mid-March 2023 with a new ruleset change called Bedrock. On Feb. 1, 2023, the Optimism Foundation tweeted about the proposal, stating, “The Optimism Foundation has proposed the first protocol upgrade to the Optimism Collective: Bedrock.” In another tweet, the official Optimism Twitter account expressed excitement about presenting the proposal to the Token House. Optimism’s tweet adds: We see Bedrock as the culmination of years of R&D—and the next crucial step towards a modular, simplified, and performant multi-chain future.


The Optimism Foundation’s upgrade proposal details the first official release of the OP Stack, a set of modular components powering Optimism. Bedrock aims to improve transfer fees through optimized data compression, reduce deposit times by handling L1 re-orgs more efficiently, enable modular proof systems, and enhance node performance. The proposal highlights that Bedrock aims to maintain close compatibility with Ethereum.


The Bedrock upgrade, the first official release of the OP Stack, will support Ethereum-centric design principles like EIP-1559 and modularity. According to Optimism’s Twitter account, the upgrade is expected to take approximately 4 hours and will not require a “regenesis.” End-users of Optimism do not need to take any action, and historic chain data will remain accessible after the upgrade. The Goerli testnet for Optimism has already undergone a successful upgrade to Bedrock without major issues, according to Optimism developers. Tags in this story Bedrock, compatibility, data compression, deposit times, design principles, Developers, EIP-1559, end-users, Ethereum, Ethereum Virtual Machine, Ethereum-centric, EVM, Goerli testnet, historic chain data, L1 re-orgs, L2, Layer two, lower fees, maintain compatibility, modular, modular components, multi-chain future, node performance, OP Stack, Optimism, proof systems, proposal, R&D, regenesis, scaling network, transfer speed, Upgrade


What are your thoughts on Optimism’s upcoming Bedrock upgrade and its potential impact on the future of the L2 network? Share your thoughts about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Ethereum Could Benefit From Stealth Addresses Implementation, Says Vitalik Buterin TECHNOLOGY | Jan 23, 2023 Ethereum Developers Prepare to Deploy Shanghai Public Testnet, Focus on Staked Ether Withdrawals TECHNOLOGY | Jan 10, 2023


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSmart Contract Token Market Soars to $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse Next articleOkx to Launch Okx Collective, a Metaverse Experience Powered by Manchester City Soccer Players Show comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

News Feed

Wu-Tang Clan’s Unreleased Album Changes Hands From Martin Shkreli to an NFT Art Collective
Wu-Tang Clan"s Unreleased Album Changes Hands From Martin Shkreli to an NFT Art Collective After fighting in court since 2015, the former hedge fund manager Martin Shkreli was sent
Zhiyuan Sun8 hours agoDisney launches NFT platform with Dapper LabsThe NFT platform, dubbed Disney Pinnacle, will go live later this year.2687 Total views89 Total sharesListen to article 0:00NewsJoin us on social network
Turner Wright4 hours agoSam Bankman-Fried’s lawyers appeal decision on bail, citing First Amendment issuesLawyers questioned a judge’s decision to revoke bail on Aug. 11, claiming SBF speaking to a journalist about C
FBI Warns About Decentralized Finance Exploits and the Losses Associated With Them
FBI Warns About Decentralized Finance Exploits and the Losses Associated With Them The United States Federal Bureau of Investigation (FBI) has issued a public service announcement
Ezra Reguerra10 hours agoUpbit parent Dunamu’s profits drop 81% in Q3Dunamu reported a net profit of $23 million in the third quarter of 2023, a steep drop compared to the $123 million it earned in Q3 2022.1098 Total v
Binance CEO: Most Governments Understand Crypto Adoption Will Happen Regardless
Binance CEO: Most Governments Understand Crypto Adoption Will Happen Regardless Binance CEO Changpeng Zhao (CZ) says that most governments know that crypto adoption will happen reg
Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony’
Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony" While the ongoing war in Ukraine continues, the Ministry of
Arijit Sarkar54 minutes agoMixin Network hack drains $200M from mainnet assetsMixin Network suspended all deposits and withdrawals and will restart the services “once the vulnerabilities are confirmed and fixed.”688
Following APT’s 400% Rise Since Late December, Aptos Drops 20% From All-Time High 
Following APT’s 400% Rise Since Late December, Aptos Drops 20% From All-Time High  On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Yesterday’s Gains 
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Yesterday’s Gains  BTC was marginally lower to start the weekend, as crypto prices consolidated
SEC drops investigation into Ethereum: Law Decoded
David Attlee4 hours agoSEC drops investigation into Ethereum: Law DecodedA letter from Consensys states that the SEC’s approval of spot Ether exchange-traded funds indicated that it had “updated its position to class
Bitcoin on edge as economy falters: 10x Research report
Josh O"Sullivan14 hours agoBitcoin on edge as economy falters: 10x Research reportFindings from a 10x Research report reveal a potential Bitcoin price drop below $50,000 amid US economic uncertainty, impacting the broade