If proven right, verifiers are rewarded and the proposed commitment is replaced with a new one. Verifiers check state information and are responsible for initiating a fraud proof to resolve the issue. the bundle of rolled-up transactions) is posted to Ethereum, a one-week 'challenge window' begins. This occurs in a process referred to as a fraud proof, which is where verifiers come in: when the state information or 'commitment' (i.e. This approach means that the network does not have to compute every transaction, significantly reducing congestion instead, computation is only performed when the validity of the block is challenged. Similarly to Arbitrum, one of the other major L2 platforms, Optimism's protocols assume that all transactions are valid. Optimism itself currently runs the sole sequencer on the network.Īs its name not-so-subtly hints, Optimism belongs to the optimistic rollup category. Additionally, Optimism requires a sequencer, responsible for collecting transactions from the L2, rolling them up, and posting them to L1 (Ethereum). Optimism uses a system similar to Proof-of-Stake, in which entities running nodes help secure the network. Optimism's execution layer is called the OVM, or Optimism Virtual Machine. Critically, L2s also inherit Ethereum's security and reliability. Their structure allows users access to high-capacity, fast and low-cost alternative to Ethereum mainnet whilst retaining the same fundamental mechanisms and features. Transactions are handled on the L2 itself, the execution layer, whilst data about these transactions is 'rolled up' into a condensed form and posted on L1, demanding significantly less computation than if all of the transactions were to be conducted entirely on L1. L2s are a type of blockchain closely linked to a corresponding layer 1 (L1), which, in this case, is Ethereum. Developed by Binance, the BNB Smart Chain is a versatile blockchain platform compatible with the Ethereum Virtual Machine (EVM), making it an attractive option for Ethereum-based applications.Network name Optimism Token ETH RPC Chain ID 10 Block explorer Optimistic Ethereum Explorer Website Īlso known as Optimistic Ethereum, Optimism is a layer 2 (L2) rollup helping to scale Ethereum. ChainList, a reliable blockchain aggregator, provides a seamless way to connect your MetaMask or other Web3 wallets to the BNB Smart Chain. To sum up, integrating the BNB Smart Chain with MetaMask is a simple and quick process that can be accomplished in just a few minutes. With a focus on scalability, interoperability, and user experience, Binance Smart Chain has become a key player in the decentralized finance (DeFi) ecosystem. The native cryptocurrency of the platform is BNB, which is used for transaction fees and participating in network governance. It uses a dual-chain architecture, allowing users to transfer assets seamlessly between Binance Chain and Binance Smart Chain. Known for its high throughput and low transaction fees, the platform has gained significant traction as a cost-effective alternative to Ethereum. Designed to run parallel to Binance Chain, its predecessor, Binance Smart Chain offers a more versatile and programmable environment, enabling developers to create decentralized applications (dApps) and smart contracts. The Binance Smart Chain, also known as BNB or BSC, is a blockchain platform built by Binance, one of the world's leading cryptocurrency exchanges.
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