Cryptocurrency is a rapidly evolving industry, with new projects and coins popping up every day. One such project is Optimism Crypto, which aims to provide a low-cost and lightning-fast Ethereum Layer 2 (L2) blockchain. This article will guide a beginner to Optimism Crypto, exploring what it is, its features, and its potential.
What is Optimism Crypto?
Optimism Crypto is an Ethereum L2 blockchain that provides faster and cheaper transactions than the Ethereum mainnet. It was introduced in 2019, and its open-source, secure, permissionless, and decentralized nature makes it an attractive option for developers looking to build decentralized applications (dApps) on Ethereum. Optimism Crypto is currently ranked 79th on CoinMarketCap. While it may not be the most popular project, it has garnered much attention in the crypto community for its potential to scale Ethereum and reduce transaction fees.
Optimism Crypto is built on the Optimistic Rollup technology, which allows for off-chain computation and aggregation of transactions before submitting them to the Ethereum mainnet. This results in faster and cheaper transactions, as the mainnet is only used to finalize the transactions, not to compute them. One of the standout features of Optimism Crypto is its focus on user experience (UX) and developer experience (DevX). It aims to make it easy for developers to build on its blockchain, with a wide range of building blocks, such as NFTs, bridge projects, wallets, and portfolio trackers. Optimism Crypto is also committed to upholding the values of Ethereum and promoting the growth and sustainability of public goods. It is a non-profit organization, and all profits from running a decentralized sequencer are donated towards scaling and sustaining public goods.
The potential of Optimism Crypto
Optimism Crypto's potential lies in its ability to scale Ethereum and reduce transaction fees, making it more accessible to a broader range of users. Furthermore, Optimism Crypto's commitment to promoting the growth of public goods and providing a seamless UX and DevX experience makes it an attractive option for developers looking to build on Ethereum.
Potential Price Predictions
One thing to remember is the significant imbalance between the circulating supply and the max supply of Optimism. While the circulating supply is currently 214.7 million coins, the total supply is almost 4.3 billion, meaning that 95% of the tokens are still yet to be released into circulation. This is a lot of tokens that could potentially be sold on the open market.
Despite these concerns, the price of Optimism has been on an absolute tear since the start of the year, with a 2x increase from 89 cents to $2.97. As more decentralized applications become available on the Optimism network, the price should continue to rise.
While other layer two solutions like Arbitrum and Polygon currently lead the way in the layer two race, Optimism is in the mix. As more users adopt the network and more applications become available, the price of Optimism is expected to rise even further.
Optimism Crypto is a promising project in the Ethereum ecosystem, offering a low-cost and lightning-fast L2 blockchain that can scale Ethereum and reduce transaction fees. While it may not be the most popular project, its potential and commitment to promoting public goods make it worth watching. As with any cryptocurrency investment, it is essential to research and understands the risks involved. However, if you are interested in the potential of Optimism Crypto, it may be worth exploring further.
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