Ethereum developers have been working hard to improve the network. One of the teams working on this is Optimism PBC. On September 17th, they announced their latest update. The update involves a nice UI able to be accessed by anyone. In their blog post, the team stated their goal of making the technology available to all users.
What is Layer-2, and Why is it Important?
Layer-2 is a blanket term for solutions developed to scale Ethereum mainnet. This extra layer of network relieves the lead from the main network. Consequently, the main network becomes faster. In the case of Ethereum, it becomes cheap and fast to use.
What is this One-Click Layer-2 Deployment?
Presently, technology makes the world function. The concept of “no code” has never been more critical. Unibright company was one of the pioneer projects in Blockchain to look into and implement this concept. It seems like some other projects are picking up on it. According to Optimism PBC, they first started exploring the idea of “no code” when one of their contributors reduced 5000 lines of code to only 300 for their transpiler.
This new roll-up removes even the 300 lines of code. They have deleted a total of over 25000 lines of code in this upgrade. All this boils down to the one-click functionality.
What is the Importance of Code Reduction in Development?
This form of approach to the development of decentralized systems and protocols reduces complexity. With less complexity, there comes smoother deployment, fewer bugs, and fewer chances of hacks. In terms of product upgrades and updates, they can be quickly implemented, allowing businesses to adapt to changes rapidly. Code reduction also makes the cost of development much cheaper.
What does this News Mean for Ethereum Blockchain?
Ethereum is scaling. Layer-2 reduces the network congestion on the mainnet. Consequently, the transaction fees reduce, and transaction speeds increase on the mainnet. Hence, Ethereum becomes useable for both the institutional investor and the retail trader. The total value locked in Ethereum will increase. On top of that, it will finally be able to crash its competitors, such as Solana, Cardano, Fantom, and Avalanche.
Ethereum a Growing Network
In summary, Ethereum is a growing network. It has seen many updates since its inception in 2014. Recently, the network evolved from Proof-of-Work to Proof-of-Stake and has since burnt more than 300,000 ETH from circulation. On September 6th, Ethereum recorded its first-ever negative issuance. It is these developments and updates that allow it to remain king of altcoins.
Indeed, Ethereum will scale. In fact, many projects on Ethereum are exploring layer-2 solutions. Other blockchains like Arbitrum and Polygon have worked hard to bridge back to Ethereum and build on Layer-2. The future looks bright.
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