What Is The Optimism (OP) Airdrop? • Benzinga Crypto

What Is The Optimism (OP) Airdrop? • Benzinga Crypto #Optimism #Airdrop #Benzinga #Crypto Welcome to JibGlobe, here is the new resources we have for you today:

Missed the Optimism airdrop? You can buy OP tokens on Coinbase today!

Airdrops are some of the greatest events in the cryptocurrency world. It’s basically free money. Optimism finally launched its governance token, OP. 

It’s easily one of the most profitable airdrops the crypto community has seen since the airdrop frenzy of late last year inspired by the OpenDAO’s SOS token. The airdrop is also bringing attention to a vital frontier of crypto development, Layer 2 technology. 

Overview of Optimism

Optimism is a Layer 2 network, a type of blockchain built on top of a Layer 1 network (almost always Ethereum) instead of being entirely independent. Layer 2 technology has become an extremely important and exciting area in the cryptocurrency sphere in the past two years as Ethereum’s fees have worsened.

Network congestion on Ethereum causing high transaction fees and sometimes long confirmation times became a problem as soon as the protocol started to become popular. The goal of Layer 2 tech is to minimize fees and wait times. The visionary co-creator of Ethereum, Vitalik Buterin, believes the future of Ethereum will be heavily supported by Layer 2 protocols like Optimism. 

Optimism was one of the first attempts to develop the Layer 2 technology called optimistic rollups. A rollup moves a vast majority of the data and computation off the base chain (Ethereum in Optimism’s case). The Layer 2 network keeps a condensed form of its state (account balances, contract code, etc.) on-chain (Ethereum) to take advantage of its security. This small amount of data doesn’t congest the blockchain and costs almost nothing in transaction fees. 

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