Buy Optimism

Optimism is a layer 2 scaling solution for Ethereum, designed to improve the speed and cost of executing transactions. To achieve this, Optimism uses optimistic rollup technology and advanced compression techniques.

Transactions executed on Optimism are first broken into smaller chunks and then “rolled up,” or combined, creating a cryptographic hash. This hash consists of a unique string of characters that is directly linked to its content. Rolling up transactions ensures that multiple transactions are equal in size to a single original transaction on Ethereum.

Developers can integrate Optimism into their decentralized applications (dApp) or protocol using the Optimism Token Bridge. This is a bridge that connects applications, protocols or wallets to Optimism. Users can also use the bridge when they want to send ERC-20 tokens over Optimism.

Who is the creator of Optimism?

Jinglan Wang, Benjamin Jones, Karl Floersch and Kevin Ho founded Optimism in June 2019. The Optimism Foundation is behind the development of Optimism. This non-profit organization is decentralized and democratically governed and relies on donations and gifts.

A layer 2 scaling solution, or scaling protocol, is a technology that is built on top of an existing blockchain (layer 1) to improve its performance. These scaling solutions are needed because blockchains like Ethereum have problems with scalability, leading to high transaction fees and slow processing speeds.

Layer 2 scaling solutions process transactions across the scaling solution and outside of the layer 1 blockchain. After processing, the transactions are stored back on the layer 1 blockchain. In addition to Optimism, there are other layer 2 scaling solutions for Ethereum, including Polygon and Arbitrum.

From fast and cheap transactions to integration with DeFi projects, Optimism can be used for various applications:

• Send tokens affordably and quickly: Users can send ERC-20 tokens over Optimism at low costs and high speeds.
• Integration with dApps: Developers can connect their application or protocol to Optimism using the Optimism Token Bridge. This makes Optimism ideal for DeFi applications.
• NFT transactions: Optimism's scaling solution also makes it possible to send non-fungible tokens (NFTs) affordably and quickly.

To improve scalability, Optimism uses a technology called optimistic rollup. This means that when validating transactions, Optimism immediately assumes that the transactions are valid, which makes them process much faster. After validation, a hash is created that is stored on the Ethereum blockchain, meaning any validator can object to wrong or fraudulent transactions within a certain time.

To prevent validators from rejecting transactions excessively or without valid reason, they are required to stake tokens when raising an objection. If the transaction turns out to be incorrect, it is fully reverted and corrected, and the validator receives a reward. If the transaction is correct and the validator is wrong, they lose the tokens they staked.

The rolled up transactions are stored on the Canonical Transaction Chain, which runs as a smart contract on the Ethereum blockchain. This means that the transactions never leave the Ethereum blockchain, but are always executed on the blockchain.

From its technical operation to its different handling of fraudulent transactions, Optimism is unique and distinguishes itself from other altcoins and layer 2 scaling solutions in a number of ways:

• Optimistic rollup: Optimism validates transactions immediately, after which validators can report incorrect transactions. This optimistic way of working ensures that users can execute their transactions quickly.
• Handling fraudulent transactions: If Optimism encounters a fraudulent transaction, it is sent back to the EVM in its entirety, while a solution like Arbitrum only sends back the suspicious part.
• Ease of use: Optimism offers easy-to-use solutions, such as the Optimism Token Bridge, which allows developers to connect any application to Optimism.
• Low transaction fees: Transactions are processed in approximately 0.3 seconds and the fees are 143 times lower than Ethereum gas fees.

What is the difference between Optimism and Ethereum?

The main difference between Optimism and Ethereum is that Optimism acts as a layer 2 scaling solution while Ethereum is a layer 1 blockchain and thus forms the foundation. Optimism works as an additional layer on top of the Ethereum blockchain to improve performance.

Purchase Optimism (OP) at Bitvavo. Our exchange helps both beginners and advanced traders to buy OP tokens. Follow these steps to buy OP:

1. Log in to your Bitvavo account or create a new account.
2. Deposit money into your account by clicking "Deposit".
3. Visit the Optimism (OP) purchase page.
4. Enter an amount in euros or indicate the number of Optimism tokens you wish to purchase and click "Buy".

After purchase, your Optimism tokens will be automatically added to your Bitvavo account, where you can also easily see the total value of your OP tokens and sell your OP tokens easily and quickly. This makes it possible to react quickly to the latest price developments.

Store your OP tokens safely and conveniently in your Bitvavo account, where we store the majority of customer funds in cold wallets for optimal security. We recommend activating two-factor authentication (2FA) for additional protection of your account.

Bitvavo users can also choose to store their OP tokens in a personal software or hardware wallet that supports ERC-20 tokens. Simply add your external wallet address to your Bitvavo account to securely send your OP tokens.