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What is Optimism (OP)?

Optimism OP is Ethereum, scaled, according to their own slogan. It is an Ethereum layer 2 blockchain that is very cheap and lightning fast. Optimism wants to build a digital society.

Optimism was written by Ethereum developers for Ethereum developers. The equivalent of the Ethereum Virtual Machine, Optimism Virtual Machine makes your existing Ethereum apps and software work just as well on Optimism as on Ethereum with a fraction of the cost.

Their Superchain project (more on that later) aims to promote interoperability and composability between different blockchains. They are using the OP Stack to do this, with which they want to integrate L2s into a cohesive layer. The Superchain aims to connect fragmented applications and ecosystems so that they can work well together.

Optimism is built for the common good. If you build an app or software without a business model that benefits others, Optimism gives you a reward for it, so you can continue working on your project.

The history of Optimism

The Beginning of Optimism

The Optimism Foundation is coming out of 2019. In that year, they introduced their Optimistic Rollup. In that same year, they launched their Unipig Optimistic Rollup Testnet.

In 2020, it was time to roll out the EVM Compatible Testnet.

Optimism milestone

Alpha Mainnet followed in early 2021. At the end of that year, EVM Equivalent Mainnet and Open Mainnet came out of their top hats.

In 2022, Optimism OP entered the cryptocurrency market via an airdrop. The starting price of $4.50 dropped to $1.50 within a few hours as just about everyone dumped their bag.

Another airdrop followed a year later, after which the price remained somewhat stable after the drop, around $1.50.

Optimism Bedrock Update

And then it was time for Bedrock in Q1 of 2023. This was an update to make Optimism with modularity easier to customize.

Still on their roadmap are Next gen fault proof, Multi Proof and Decentralized Sequencer in 2023.

In 2024, the L1 Governed Fault Proofs are on the calendar.

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Additional information about Optimism (OP)

How can I store Optimism?

The safest way to store Optimism is with a hardware wallet. However, if you are new to the world of crypto and want us to manage things for you, the Anycoin Vault is the easiest option for you. With Anycoin Direct, you don't have to worry: store Optimism securely in our Anycoin Vault.

Can I buy Optimism with iDEAL?

Yes, you can buy Optimism with iDEAL at Anycoin Direct. You can also pay with SEPA, Sofort, GiroPay, VISA, Mastercard and EPS.

Can I send Optimism to my own wallet?

Yes, while buying Optimism you can choose to send it to your own wallet. Alternatively, you can choose to be managed by us; we will then store your Optimism securely in the Anycoin Vault.

Is it safe to buy Optimism?

Yes, buying Optimism is safe with Anycoin Direct as we have advanced security techniques and are officially licensed by The Dutch Central Bank. Buy OP safely with us with a wide range of payment options.

Is Optimism legal in the UK?

Yes, Optimism is legal in England. You don't have to worry about the legality of buying Optimism.

Can I buy Optimism anonymously at Anycoin Direct?

No, identification is mandatory for all our clients. We are required to conduct a thorough client due diligence. This is done using the Know Your Customer principle.

Can I do a business transaction with Anycoin Direct?

Yes, it is possible to make a business transaction through Anycoin Direct. While creating an account, you can choose a business account.

The technique behind Optimism

Optimism Superchain

The problems on Ethereum are obvious, but so are those on layer2. It is enormously difficult to make layer 1 and layer 2 work together without giving up something like decentralization, scalability or security.

Optimism has always been open source and is therefore the most forked L2 protocol. With Superchain, they want to make a single network of all chains there at Optimism. Super!

Optimism family

All lonely L2 protocols will have company when it comes to our global coupler, Superchain. If you use the OP Stack as the basis for your code you are immediately included in their family. Ethereum is their daddy and their children are the users of the OP Stack like Coinbase and others plus of course Optimism.

Bedrock OP Stack makes it easier to create and add L2 rollups to the Superchain.

“Write once, deploy everywhere”, that's their slogan.

OP Stack

The OP Stack is the standardized, shared and open source developer stack that powers Optimism, maintained by the Optimism Collective, a group of developers enamored with Optimism OP. The OP Stack targets scalable, interoperable blockchains of any kind.

Optimism Suite

The OP Stack is similar to the Software Development Kit (SDK) that many other blockchains have. This stack forms the skeleton of Optimism and is built as a public asset to be used for the Ethereum and Optimism ecosystems. The OP Stack contains all the software that makes Optimism work.

Through standardization, the stack avoids repeating moves forever. If you want to create a particular thing, you only have to do it once. Open source in this case means that if you have created UniSwap, for example, you can then just fork, or copy, other swaps.

You can think of the OP Stack as a load of software components that are either a specific low of the Optimism ecosystem help define, or have a role as module in an existing layer.

Superchain power in the future

With each update to their OP Stack, you can do more with Optimism. You just ask yourself what you want and start building with this blockchain. Bitcoin as an execution layer, fine. Swap Ethereum for Celestia on the data availability layer? Do it!

The time of talking about capabilities is over. The Optimistic Collective is creating more and more opportunities for the layers, such as the execution layer, the settlement and the consensus layer, as well as governance.

OP Stack could have everything working together in the future, the layers up to Web3. Only then are we talking about a Superchain!

EVM Equivalence

EVM Equivalence can be summarized in one sentence: complete agreement with the Ethereum yellow paper.

If you want to generate EVM Equivalence then you will have to write a function that accepts l1 blocks, rolls them up and creates as output l2 blocks in exactly the same format as an L1 block.

They did this by writing a virtual machine with far fewer features and much simpler, with the EVM running within this VM of Optimistic during fraud investigations.

Optimistic rollups

Let's talk about rollups. These are merged transactions to increase speed and reduce costs. No mean feat in the case of Ethereum.

An optimistic rollup is a technique, where you first collect your check and then just hope it is covered. It sounds rather suspicious, but it increases speed to a very large extent.

Optimistic OP is called that for a reason. They use optimistic rollups. It goes like this: a number of transactions are bundled together and sent to layer1: Ethereum. This handles the processing in a very secure way. For that you then have to pay much less cost per transaction and because there is not even a check if it is a valid rollup it is of course instant.

Ecosystem of Optimism

A service like Optimism's has the potential to attract very large numbers of users and this is the case. They are, as mentioned, the most forked open source protocol and it shows in their ecosystem.

It is going too far to list here all the companies and organizations that use Optimism OP and their OP Stack. We will therefore list the categories, namely:

DeFi, bridge, wallet, tool, DAO, NFT and on-ramp (exchanges). There are about 250 of them, so it is safe to say that this network and L2 protocol is very useful.

Optimism is very similar in concept to Arbitrum.

Tokenomics Optimism

OP is their ticker symbol. There is a max supply of 4.3 billion tokens, of which only 315 million are on the market at the time of writing.

So far there are regular airdrops for active members of their "club." By active you can think of fees you paid on their network, 300 or so tokens you use to put a delegate to work to vote on the future of this project or other activities on their network. With an airdrop, the chance of a temporary dilution is significant, as this coin's past shows. So always pay close attention to which times you buy.

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