Ethereum

Optimism

Security

Reported by The Block, OP Labs has released fault proofs on the Layer 2 blockchain OP Mainnet — advancing the project to a stage 1 rollup in terms of decentralization.
The fault proof system allows for ether and ERC-20 token withdrawals from OP Mainnet without the need for trusted third parties — enabling users to challenge and remove invalid withdrawals. Fault proofs serve as a mechanism for Ethereum Layer 2 networks, allowing users to contest potentially fraudulent or incorrect transactions.
Before approval through Optimism’s governance structures, the implementation of fault proofs was supported by multiple core development teams in the Optimism ecosystem (or Superchain), including OP Labs, Base, and Sunnyside Labs — indicating a collaborative effort.
Previously, OP Mainnet did not have <a rel="noopener noreferrer nofollow" target="_blank" href="https://www.theblock.co/post/283567/op-mainnet-tests-fault-proofs-in-bid-to-strengthen-network-security?utm_source=rss&amp;utm_medium=rss">fault proofs</a> — requiring users to trust operators to submit accurate state roots onto the mainnet.
<a rel="noopener noreferrer nofollow" target="_blank" href="https://www.theblock.co/learn/251461/what-is-optimism-and-how-does-it-work">OP Mainnet</a> and other Optimism ecosystem chains use optimistic rollups as a scaling solution, aggregating Ethereum transactions off-chain for cheaper processing.
While open participation in the fault-proof system is live, the Optimism Security Council can still intervene and revert the system to a permissioned state in case of system failures as part of a safe and responsible rollout. Additional safeguards allow the Security Council to effectively address system bugs, including the ability to reset withdrawals if necessary.
OP Mainnet has a roadmap towards a fully permissionless and decentralized “stage 2,” managed solely via smart contracts.
Most optimistic rollup blockchains have yet to decentralize their networks by incorporating fault proofs and maintaining decentralized contract upgrades. However, Optimism’s closest competitor, Arbitrum, also offers fault proofs.

OP Mainnet Releases Fault Proofs, entering into Stage 1 Decentralization

TokenInsight

Other articles published on Jun 11, 2024

Edward Snowden Takes A Jab At Elizabeth Warren's Anti-Bitcoin Stance Through The Infamous 'We're ...

Ethereum’s Base Surges Past $8 Billion TVL, Overtakes OP Mainnet

Stocks Ease Ahead Of Wednesday's Key Events, Apple Jumps To Record Highs, Bitcoin Tumbles To $66,...

Solana Foundation expels 30+ validators for sandwich attacks

Crypto.com Secures Key Approval As Virtual Asset Providers In Ireland

Crypto Inflows Reach $2B in June, ETH Records Best Week Since March

Join our free newsletter for daily crypto updates!