Optimism successfully completes ‘Bedrock’ hard fork, reducing deposit times, layer-1 fees

Optimism Successfully Completes Bedrock Hard Fork

Optimism, a scaling solution for Ethereum, has completed a hard fork to its Bedrock protocol, reducing deposit times and Layer 1 fees. The hard fork, which was announced in late March 2021, was successfully completed on April 19th, 2021.

The Bedrock hard fork is a major upgrade to the Optimism protocol, which is designed to improve the scalability of Ethereum by allowing developers to build applications on top of the platform. The hard fork enables developers to reduce the cost of transactions and increase the speed of transactions on the Ethereum blockchain.

The hard fork also reduces the time it takes for deposits to be processed on the Ethereum blockchain. This is due to the introduction of a new mechanism called “Optimistic Rollups” that allows transactions to be processed in batches, rather than one at a time. This reduces the amount of data that needs to be processed, resulting in faster transaction times.

In addition, the hard fork reduces Layer 1 fees, which are the fees paid to miners for processing transactions on the Ethereum blockchain. This is due to the introduction of a new fee structure that is designed to incentivize miners to process transactions more efficiently.

The hard fork is a major milestone for Optimism, and it is expected that the platform will continue to improve and become more widely adopted in the future. This will enable developers to build more efficient applications on the Ethereum blockchain, which will benefit both users and developers.

Benefits of the Hard Fork

The hard fork provides numerous benefits to users, including faster deposit times and lower Layer 1 fees. This is achieved by reducing the number of transactions required to deposit funds, as well as introducing a new fee structure.

The new fee structure is designed to incentivize users to use the new deposit system, as it offers significantly lower fees than the previous system. This means users can deposit funds more quickly and at a lower cost.

The hard fork also reduces the amount of data required to be stored on the blockchain, which helps improve the overall scalability of the network. This means more transactions can be processed in less time, resulting in a more efficient network.

Finally, the hard fork also introduces new features such as multi-signature wallets, which allow users to securely store their funds in multiple locations. This provides an extra layer of security, making it harder for hackers to access user funds.

What is Bedrock?

Bedrock is a scaling solution for Ethereum that is designed to reduce transaction costs and increase throughput. It is built on top of Optimism’s Optimistic Rollup technology, which allows for faster transactions and lower fees.

The Bedrock hard fork is designed to reduce the time it takes to deposit funds into an Optimistic Rollup, as well as reduce layer-1 fees. This will allow users to move their funds more quickly and cheaply, while still taking advantage of the scalability benefits of Optimistic Rollup.

Bedrock also includes a number of other features, such as improved gas costs for certain operations, and a new fee structure that will make it easier to use Optimistic Rollup for large transactions.