Optimism is a Layer 2 that makes the Ethereum network faster and cheaper. It's designed for people who build and use apps on Ethereum.
What is Optimism
Here's how it works:
- Fast and Cheap: It handles Ethereum transactions and smart contracts in a way that's quicker and costs less money.
- Easy for Developers: If an app works on Ethereum, it'll work on Optimism without needing big changes. This is great for developers because they don't have to redo their work.
- Handles Lots of Transactions: Optimism bundles many transactions together. This takes some workload off the Ethereum network, making everything faster.
- Secure: Even though it does a lot of work outside of Ethereum, it's still secure. If something goes wrong, it gets fixed using Ethereum's security.
- Ready for the Future: As Ethereum keeps improving (like moving to Ethereum 2.0), Optimism is set to help make these changes smoother and keep apps running well.
In summary, Optimism is like a turbo boost for Ethereum, helping apps run faster and cheaper while keeping them secure.
Team of Optimism
Jinglan Wang
Co-Founder & Chief Executive Officer
Jinglan Wang boasts a robust portfolio in the blockchain industry. Her journey commenced as a software engineer at Microsoft, contributing to the evolution of the Windows operating system. Her subsequent venture led her to the Ethereum Foundation, where she was involved in the evolution of the Ethereum blockchain. Advancing her career further, she assumed the role of Chief Operating Officer for the Ethereum Classic project, spearheading the development and launch of the Ethereum Classic blockchain.
Beyond these roles, Jinglan Wang has significantly contributed to various other blockchain endeavors. This includes the development of the cryptocurrency Zcash, along with her involvement in the Polkadot blockchain development, where she played a pivotal role in shaping the Polkadot network.
Benjamin Jones
Director of Optimism Foundation
Benjamin Jones - Director. Optimism Foundation. Started in Underscore VCUnderscore, which is an $85 million early stage venture capital firm with a community-focused model that supports cloud entrepreneurs. Previously, was Co-Founder and Chief Scientist at Optimism PBC for over two years before taking a Director position at Optimism Foundation.
Karl Floersch
CEO at OP Labs
Karl Floersch CEO at OP Labs. Karl has extensive experience in the Blockchain Engineer position at ConsenSys. After that, he spent 2.5 years as Researcher for Ethereum Foundation: Core research on consensus protocols (PoS) & scaling (sharding), supported by Plasma Group, a non-profit research org researching and pushing forward layer 2 Ethereum tech etc. After that, he took the position of CTO at OP Labs and after 3.5 years became CEO at OP Labs.
Kevin Ho
Co-Founder and Protocol Product Manager at OP Labs
Kevin Ho - Co-Founder and Protocol Product Manager at OP Labs. He graduated from Harvard-Westlake School, after which he developed various projects at the University of Pennsylvania. For almost 4 years he has been Co-Founder and Protocol Product Manager at OP Labs
Funding of Optimism
Undisclosed
Funding Round
Investor was Cynegetic Investment Management.
$150,000,000
Series B
Led by a16z and Paradigm. Other investors were Nascent and Wintermute.
$25,000,000
Series A
Led by a16z. Other investors were Wintermute and Nascent.
$3,500,000
Seed Round
Investors were Paradigm and IDEO CoLab Ventures.
Optimism review
Pros
Improved Scalability
Optimism boosts Ethereum's transaction capacity and lowers fees using Optimistic Rollups, enhancing network efficiency.
EVM Compatibility
Developers can easily migrate Ethereum dApps to Optimism without altering their code, ensuring smooth transitions.
Layer-1 Anchored Security
Security concerns are minimized as Ethereum's Layer-1 backbone supports Optimism, ensuring robust protection against vulnerabilities.
Preserved Decentralization
In contrast to some centralized solutions, Optimism retains Ethereum's decentralization ethos.
Cons
Ethereum Dependency
Linked to Ethereum's performance; any mainnet issues could impact Optimism's functionality.
Emerging Technology Risks
Being new, Optimistic Rollups may harbor undetected bugs or security gaps.
Withdrawal Delays
Disputes can trigger a verification period, causing delays in transferring assets back to Ethereum.
Partial Ecosystem Support
Full integration of Layer-2 solutions like Optimism is still in progress, which may initially limit user accessibility.