Developers of the Optimism blockchain implemented a mechanism that changes the approach to transaction verification. Users can now independently initiate fund withdrawals without third-party involvement, marking a significant step towards full decentralization of the network.
OP Labs, the team behind Optimism, a Layer 2 protocol for Ethereum, announced the integration of the Fault Proof System into the mainnet’s smart contracts. This mechanism changes the approach to transaction verification and ensures the security of the blockchain network.
According to a blog post by OP Labs, Optimism users can now independently initiate withdrawals of ETH and ERC-20 tokens without needing a trusted third party. If the blockchain network processes incorrect withdrawal requests, any user can challenge them by providing fault proof. This means that the transaction verification process was entirely transferred to Optimism users. However, the developers retained the right for the Optimism Security Council to intervene in the verification process if necessary and to completely revoke the Fault Proof System if a malfunction is detected.
By implementing the Fault Protection System, the protocol team reached “Stage 1” of the decentralization roadmap for L2 protocols proposed by Ethereum Co-Founder Vitalik Buterin in 2022. OP Labs devs believe this initiative will enable the Optimism blockchain to progress to “Stage 2” and, in the long term, achieve “multi-proof nirvana” — a state of complete decentralization with the concurrent use of multiple proof systems, including ZKP, to ensure the validation of correct transactions.
Vitalik Buterin recently emphasized the need for a unified, fully decentralized protocol to ensure interoperability between L2 networks at various levels. Meanwhile, teams from Uniswap Labs and Across Protocol introduced ERC-7683, a new industry standard aimed at improving and simplifying cross-network interaction for dApps within the Ethereum ecosystem.
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