All About Optimism Bedrock Hard Fork: Reducing Deposit Times and Layer-1 Fees

All About Optimism Bedrock Hard Fork: Reducing Deposit Times and Layer-1 Fees

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June 7, 2023 by Diana Ambolis
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The Optimism network successfully completed its “Bedrock” hard fork on June 7, 2023. The upgrade reduced deposit times, lowered layer-1 fees, and enacted additional security features. The Bedrock upgrade includes a number of changes that are designed to improve the scalability and performance of the Optimism network. These changes include: New optimistic rollup architecture: The Bedrock
Optimism Completes Bedrock Hard Fork, Reducing Deposit Times and Layer-1 Fees Your Ultimate Guide To: Bitcoin Fee-to-Reward Ratio

The Optimism network successfully completed its “Bedrock” hard fork on June 7, 2023. The upgrade reduced deposit times, lowered layer-1 fees, and enacted additional security features.

The Bedrock upgrade includes a number of changes that are designed to improve the scalability and performance of the Optimism network. These changes include:

  • New optimistic rollup architecture: The Bedrock upgrade introduces a new optimistic rollup architecture that reduces the amount of data that needs to be transferred between Ethereum and Optimism. This is done by batching together multiple transactions and submitting them as a single batch to Ethereum. This reduces the number of transactions that need to be processed on Ethereum, which in turn reduces the cost of transactions on Optimism.
  • New gas pricing model: The Bedrock upgrade also introduces a new gas pricing model that reduces the cost of transactions on Optimism. Under the old gas pricing model, the cost of a transaction was based on the number of gas used. However, the new gas pricing model is based on the complexity of the transaction. This means that simple transactions will be cheaper, while complex transactions will be more expensive. This new gas pricing model is designed to make transactions on Optimism more affordable for everyone.
  • New security mechanism: The Bedrock upgrade also introduces a new security mechanism that protects against fraud and front-running attacks. Under the old security mechanism, fraud and front-running attacks were possible because Optimism was a centralized network. However, the Bedrock upgrade makes Optimism a decentralized network, which makes it much more difficult to commit fraud or front-run transactions.

Overall, the Bedrock upgrade is a major improvement to the Optimism network. It reduces the cost of transactions, improves scalability, and makes the network more secure. These improvements are expected to make Optimism a more attractive platform for developers and users.

In addition to the changes mentioned above, the Bedrock upgrade also includes a number of other improvements, such as:

  • Improved developer tooling: The Bedrock upgrade includes improved developer tooling, which makes it easier for developers to build applications on Optimism.
  • Enhanced compatibility with Ethereum: The Bedrock upgrade enhances compatibility with Ethereum, which makes it easier for users to transfer assets between Optimism and Ethereum.
  • Increased security: The Bedrock upgrade increases security by introducing a number of new security features, such as fraud protection and front-running protection.

The Bedrock upgrade is a major milestone for the Optimism network. It is a significant improvement that will make Optimism more scalable, affordable, and secure. These improvements are expected to make Optimism a more attractive platform for developers and users.

The Bedrock upgrade is part of a series of reforms that Optimism is making in order to create a more scalable and secure platform for decentralized applications. The network is also working on a number of other features, such as support for EVM contracts and a bridge to other Layer-1 networks.

The successful completion of the Bedrock hard fork is a major milestone for the Optimism network. The upgrade will make the network more accessible and affordable for developers and users, and it will help to position Optimism as a leading platform for decentralized applications.

Also, read – The Difference Between Soft Forks And Hard Forks

Benefits of the Bedrock Upgrade

  • Reduced deposit times: Deposit times on Optimism have been reduced from an average of 10 minutes to one minute. This is due to the new optimistic rollup architecture, which reduces the amount of data that needs to be transferred between Ethereum and Optimism. The new architecture also allows for more efficient use of Ethereum’s blockspace, which can lead to lower fees on Ethereum.
  • Lower layer-1 fees: The new gas pricing model on Optimism has reduced the cost of transactions on the network. This makes it more affordable for users to interact with decentralized applications on Optimism. The new gas pricing model is based on the amount of computation that is required to execute a transaction, rather than the amount of data that is transferred. This means that users can pay less for transactions that require less computation, such as simple token transfers.
  • Enhanced security: The new security mechanism on Optimism protects against fraud and front-running attacks. This makes the network more secure for users and developers. The new security mechanism is based on fraud proofs, which allow users to prove that a transaction was fraudulent. If a user can prove that a transaction was fraudulent, the Optimism network will reverse the transaction.

In addition to these benefits, the Bedrock upgrade also introduces a number of other features, such as:

  • Improved scalability: The Bedrock upgrade improves the scalability of the Optimism network by allowing for more transactions to be processed per second. This is due to the new optimistic rollup architecture, which allows for more efficient use of Ethereum’s blockspace.
  • Enhanced compatibility with Ethereum: The Bedrock upgrade enhances the compatibility of the Optimism network with Ethereum. This makes it easier for developers to build applications that work on both Ethereum and Optimism.

Overall, the Bedrock upgrade is a major improvement to the Optimism network. It brings a number of benefits, including reduced deposit times, lower layer-1 fees, enhanced security, improved scalability, and enhanced compatibility with Ethereum. These benefits make Optimism a more attractive platform for users and developers.