Optimism is meant to work on the Optimism blockchain, which is a layer 2 solution built on the Ethereum chain. The coin was released in May 2020 through a botched airdrop. It has proven to be highly popular, particularly because of its dedication to promoting public goods. With this level of popularity, crypto exchanges have had to list it for trading. As an ERC-20 token, it can be stored in a wide range of crypto wallets.
Briefly about Optimism
Optimism is still the brainchild of Vitalik Buterin, the developer of Ethereum. He worked on the altcoin together with Karl Floersch. The core concept of the project is that people who contribute to the betterment of the collective should get financial rewards. These rewards can be sent out directly in OP airdrops or through the Retroactive Public Goods Funding mechanism.
Optimism is the native coin of a Ethereum layer 2 blockchain, offering a low-cost and lightning-fast transactions.CryptoLists.com
Optimism is meant to work on Optimism Collective, a network of companies, communities, and citizens who are dedicated to promoting public goods. It currently has a supply of close to $4.3 billion, and it is set to inflate at a rate of 2% per year. Of the currently available tokens, 25% have been set aside for the ecosystem fund. These tokens will be used for governance and as the partner and seed fund. 20% of the tokens are meant to be used for retroactive public goods funding, and 19% have been set aside for user airdrops. Another 19% are meant to compensate core contributors. The final 17% of tokens have been allocated to Sugar Xaddies or investors. The company is planning to use airdrops to encourage people to take actions that benefit the ecosystem in general.
Utility of Optimism?
This cryptocurrency is primarily used to govern the protocol. Optimism Collective is set to be governed equally by two houses: the Citizen’s House and the Token House. To participate in voting and making proposals in the Token House, you will have to own OP tokens. In this role, you will be able to vote on project incentives, protocol upgrades, and the allocation of treasury funds.
This token is also extremely popular, which is why lots of people are buying it as an investment. The technology and concept have been praised for being quite useful, and this is one reason it may survive for a long time. However, remember that cryptocurrencies can be extremely volatile, and you may easily lose your entire investment. It is best to only invest what you are ready to lose.
Optimism Price details
›› OP tokenomics and social media
Advantages at Optimism+ You can transfer Optimism for very low fees.
+ Optimism coin has been listed on many crypto exchanges.
+ Holders of the Optimism coin can participate in governance.
+ Its network is secured with the proof of stake mechanism.
Disadvantages- Optimism price is highly volatile.
- The first airdrop had several serious issues.
- Optimism has to compete with a wide range of cryptocurrencies.
- Users can’t stake their OP coins.
Costs▪ Rated at 10/10
One of the key reasons for the development of the Optimism blockchain was to reduce the transfer fees charged when transferring ERC-20 tokens. At the moment, OP transfers will cost you about $0.28. This is significantly lower than the average transaction fee on the main Ethereum chain (about $20).
Reputation and Buzz▪ Reputation rated at 10/10
▪ Buzz rated at 9/10
Optimism blockchain has always been popular among crypto enthusiasts. It is one of the main Layer 2 solutions of Ethereum and has significantly helped to make the network usable. Optimism Collective has been received extremely well, particularly because it is centred on the community. On Twitter, the official foundation of Optimism has about 200,000 followers. You can also find lots of useful threads on the token on Reddit, and most of these are under the r/Ethereum subreddit.
Who created this cryptocurrency?
This altcoin was developed by Vitalik Buterin, the Canadian programmer who also developed Ethereum. Vitalik has been part of the crypto community since its early days, and he even founded Bitcoin Magazine in 2011.
Where can you buy this altcoin?
This cryptocurrency is listed on many centralized crypto exchanges, including Binance Exchange, ByBit, MEXC, and OKX. You can also buy the coin on a wide range of decentralized exchanges.
Which are the best wallets for storing this cryptocurrency?
The best wallets you can use to store Optimism are Ledger Nano S, Trust, Trezor, and MyEtherWallet. You should note that different wallets will suit different operating systems and devices.
How fast are transactions made with this altcoin?
One reason for the development of this blockchain was to boost the transfer speed of ERC-20 tokens. At the moment, you can transfer OP tokens almost instantly.
Can I transfer OP tokens to the Ethereum blockchain?
Yes, it is possible to transfer these tokens to the Ethereum blockchain. However, you should note that this process will be quite slow as the network has a strict security protocol.