#Optimism $Op Flood 🤓

What is #Optimism?
Optimism is a Layer-2 protocol that provides scalability solutions for the Ethereum network. Optimism moves all the computation required to verify transactions off-chain. Thus, it increases transaction speed and reduces costs. Optimism uses a technology called Optimistic Rollup and Ethereum's consensus mechanism. In this system, data blocks are created and executed on Layer-2, while user transactions are grouped and sent to Layer-1 (Ethereum). There is no mempool at Layer-2 and transactions are either accepted or rejected immediately. Thus, while security is ensured through the Ethereum consensus mechanism, scalability is maintained. The management of the Optimism protocol occurs through a decentralized body called the Optimism Collective. Optimism Collective, in which OP token holders have the right to participate, consists of two separate layers named Token House and Citizens' House. The Citizens' House governs funding decisions; Token House, on the other hand, deals with technical decisions such as software upgrades. In other words, the OP token gives its holders a say over Optimism's financing and technical decisions. Transaction fees in the Optimism protocol are also paid with OP tokens. With an emphasis on pragmatism, the ecosystem is driven by the real-world needs and constraints of both its team and the users who engage with the ecosystem. Therefore, Optimism is focusing on gradually becoming equivalent to the Ethereum Virtual Machine.
How does it work ?
Optimism is basically a big list of actions that just add to it. All of its combined blocks are stored in an Ethereum smart contract called the Canonical Transaction Chain. Unless a user sends their transactions directly to the Canonical Transaction Chain, new blocks are generated by something called a sequencer. This sequencer instantly confirms valid transactions, then creates and executes blocks on layer 2 of Optimism – a blockchain that sits on top of the L1 blockchain, in this case Ethereum.
Optimism's layer 2 software is designed to mimic Ethereum's code as much as possible. For example, it uses the same virtual machine as Ethereum and charges the same for gas.
Team
The Optimism project was founded by Jinglan Wang, Karl Floersch and Kevin Ho in 2019. Optimism is managed by the non-profit organization Optimism Foundation, which works to move the ecosystem forward. Optimism aims to be a non-profit, open to everyone and completely decentralized service. Optimism is funded entirely by donations and grants.
Jinglen Wang- He has previously been an angel investor in companies such as Risc Zero, Tenderly, Goldfinch, XMTP, Lyra Finance, Connext.
Karl Floersch- Previously worked at Citi, ConsenSys and Ethereum Foundation.
Kevin Ho- He was previously working on blockchain technologies.
investors
a16z
Paradigm
IDEO Colab Ventures
Andreessen Horowitz
Tokenomics
Max Arz:4,294,967,296 OP
Total Supply: 4,294,967,296 OP
Circulating Supply:798,517,235 OP
Token Distribution:
Ekosistem Fonu% 25
Retroactive Financing 20%
Airdrop %19
Early Investors 19%
Investors 17%
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