Ethereum's Optimism Network Achieves 'Stage 1' Decentralization through Fault Proof Integration
Summary:
Ethereum layer-2 network, Optimism, has integrated fault proofs into its smart contracts, reaching what its development team OP Labs calls "Stage 1" of decentralization. In the future, Optimism aims to reach "Stage 2", marking full decentralization. The enhanced system, called "Cannon", allows users to independently execute withdrawals of Ether (ETH) and ERC-20 tokens, without needing third-party involvement. However, the Optimism Security Council can override fault proofs if a bug arises. Ultimately, Optimism plans to utilize various proof systems to verify transaction validity.
Ethereum's Optimism layer-2 has integrated fault proofs into its smart contracts, as reported by its creators, OP Labs. The team claims that by doing so, Optimism has achieved “Stage 1” of decentralization, a benchmark devised by Ethereum co-founder Vitalik Buterin. Other networks within the OP Stack, such as Base, Metal, Mode, and Zora, are also due to introduce fault proofs.
With the integration in place on Optimism, users can now undertake withdrawals of Ether (ETH) and ERC-20 tokens independently, without third-party trust being a requirement, according to an OP Labs statement. Should the team's sequencer attempt any invalid withdrawals, these can be "competed against and eliminated" by any user presenting a fault-proof to prove the withdrawal is not valid.
However, the new system does not entirely stop the sequencer from obstructing legitimate withdrawals or making unauthorized ones, the team admits. Still, in spite of the Optimism Security Council having the power to override fault proofs with a six-of-eight vote, users now hold the authority for verifying withdrawals rather than the Optimism team.
OP Labs labelled this transition to "Stage 1" as the first step toward full decentralization, or "Stage 2", expected in the future. When this level is reached, the Security Council can only override fault proofs if there's a bug causing multiple proving systems to contradict one another.
The newly designed fault system, known as “Cannon", was developed with the input from different teams including OP Labs, Base network, and Sunnyside Labs, with the proposal to implement the change getting approval from Optimism’s Token House and Citizens' House governance bodies.
According to the team, Optimism will eventually reach a “multi-proof nirvana," implementing various proof systems to ensure that only valid transactions get approval from the sequencer. With the new code's incorporation, Optimism's security should remain intact, retaining "safeguards" for the Security Council to react “promptly and efficiently” should any code bug be found.
Speaking with Cointelegraph, Optimism founder Karl Floersch noted that Optimism's move toward Stage 2 should be “rapid and unequivocal,” since Stage 1 has already been achieved.
Ethereum's layer-2 networks, also known as “rollups," were conceived to reduce transaction fees by processing some data off-chain. However, they have received criticism for activities such as stalling withdrawals or blocking transactions - actions indicative of centralization and developer control.
For layer-2s, “Stage 1” and “Stage 2” originate from milestones initially laid out by Ethereum co-founder Vitalik Buterin, who argued that despite current layer-2 centralization, expectations for full decentralization over time should be upheld.
Published At
6/10/2024 11:00:00 PM
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