What isoptimistic chain

Optimistic Chain is a Layer 2 blockchain for Ethereum introduced in 2021. This blockchain aggregates transactions and provides a cryptographic proof on Ethereum, resulting in faster and cheaper transactions. The validity of transactions can be disputed, and a “fraud evidence” can be released in case of fraud. If confirmed, the transaction can be canceled within a set time frame.

Optimistic Chain works on the concept of “optimism,” where people are viewed as fundamentally honest. Since it is a Layer 2 blockchain, withdrawals may be delayed by up to a week in case of any disputes.

The native token of Optimistic Chain is OP, and the blockchain holds the potential to revolutionize the way we perform transactions on Ethereum.

FAQs

What is Optimistic Chain?

Optimistic Chain is a Layer 2 blockchain for Ethereum that aggregates transactions and summarizes them with a cryptographic proof on Ethereum.

How does Optimistic Chain differ from Ethereum?

Optimistic Chain is faster and more affordable than Ethereum, providing a faster and cheaper way to perform transactions. It works on the concept of “optimism,” where people are viewed as fundamentally honest. The validity of transactions can be disputed, and a “fraud evidence” can be released in case of fraud.

What is the native token of Optimistic Chain?

The native token of Optimistic Chain is OP.

Final Thoughts

Optimistic Chain holds incredible potential to revolutionize the way we perform transactions on Ethereum. With faster transactions and reduced fees, it is a promising solution for the thriving cryptocurrency market.

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