What is Optimism (OP)?

Optimism (OP) is a layer-2 scaling solution for Ethereum enhancing the scalability of Ethereum with its low cost and lightning-fast blockchain. Leveraging Ethereum mainnet and its unique optimistic rollups, this blockchain propels Ethereum scalability to new heights. Optimism significantly boosts the scalability of Ethereum blockchain while relying on the security of Ethereum.

A nonprofit organization, Optimism Foundation, funded by donations and grants created Optimism to act as Ethereum's helping hand. It designed the platform that is compatible with Ethereum dApps.
Optimism ensures seamless integration with applications running on Ethereum at a reduced cost.

At the core of Optimism's ecosystem, lies its native token, OP, serving as both the driving force and the governance mechanism. Initially used to incentivize the early adopters of the Optimism project, OP has a maximum and total supply of 4.29 billion OP. It is ERC-20-supported by nature and can be stored widely in many popular crypto wallets.

How does Optimism (OP) work?

Optimism (OP) employs Optimistic rollup technology to achieve lightning-fast transactions at minimal cost. A Rollup is a layer-2 protocol that bundles up several transactions, processes them off-chain, while posting them in the layer-1 blockchain. It executes Ethereum transactions outside of Ethereum and only posts the data on the Ethereum mainnet. This approach spreads fixed transaction costs in different transactions of each batch, reducing the fee for end users. Moreover, they also compress these transactions to reduce the amount of data they post on Ethereum.

The Optimistic roll-ups, adopt an "optimistic"" approach to verify transactions. With the optimistic assumption that off-chain transactions are valid they do not publish proof-of-validity on-chain for their transactions. Instead, they depend on the fraud-proving scheme where a time window opens up after these optimistic rollups submit a rollup batch on Ethereum. During that time window, any layer-1 validator (Ethereum in this case) can challenge the data published by these optimistic rollups by presenting a fraud-proof.

This roll-up technology of Optimism maintains its equivalence with EVM (Ethereum Virtual Machine) so that Optimism L2 blockchain and Ethereum L1 blockchain can evolve simultaneously.

Optimism developed Optimism bridges for Dapp developers to conveniently transfer ERC-20 token funds from Ethereum to Optimism. The fee for these bridges is taken in ETH (Ether). Apart from Ethereum, it is also possible to transfer funds from some other platforms like BNB chain, Avalanche, Fantom, Polygon, Arbitrum, and many others.

OP is the governance token of the Optimism ecosystem providing the right to participate in the governance of Optimism Collective. Optimism collective is a DAO (Decentralized Autonomous Organization) created for balanced decision making. It consists of two houses- the Token House and the Citizen's House. The token house division is responsible for governance proposals related to the software and protocol upgrades. Anyone owning OP tokens can participate in the voting proposals organized by the token house to vote on the proposed updates and changes. The Citizens' House division of Optimism Collective is currently in the development stage and will handle the funding and other decisions related to the project.

How to Buy Optimism (OP) in India?

There are many platforms where you can buy, sell and trade Optimism (OP) in India.

One such platform is Flitpay. To buy Optimism (OP) in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy Optimism (OP) and execute the Optimism (OP) purchase.

You can instantly convert your INR to Optimism (OP) and Optimism (OP) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What do I do after buying Optimism (OP)?

Optimism (OP) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the Optimism (OP) till it reaches a high price, and then you can sell it through the FLITPAY Quick Buy/Sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

Since OP is the native governance token of the Optimism project, you can also use your holdings to participate in the proposal voting of Optimism. Being an OP holder, you get the privilege to vote in the upcoming changes related to the Optimism system.

Why Use Optimism (OP)?

Optimism proves extremely valuable to dApp developers dealing with Ethereum scalability issues. Leveraging its unique Optimistic roll-up methodology, Optimism introduces a groundbreaking solution to expedite transaction processing and slash associated fees.

One of its other great features is its seamless integration with the Ethereum ecosystem, making it a natural fit for existing Ethereum dApps. By capitalizing on Ethereum's robust security framework and combining it with its optimistic roll-up tech, Optimism extends a secure and scalable ecosystem for a thriving dApp ecosystem.

Among all L2 solutions working for scaling Ethereum, Optimism is a strong competitor to emerge as a prime preference for developers. Since OP is its native token, it plays a crucial role in the overall future direction of Optimism.

FAQ

What is Optimism (OP)?

OP is the native governance token of Optimism, an L2 scaling solution for Ethereum. Its owners can cast votes in support or against proposals related to upcoming changes in the Optimism mainnet, funding, and other aspects. Its maximum supply is 4.29 billion.

What is the Optimism (OP) price in India?

Check out the current INR price of OP crypto in India on Flitpay.

Which is the best cryptocurrency exchange to buy Optimism (OP) in India?

Flitpay is the best cryptocurrency exchange to buy OP or your favorite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of Optimism (OP)?

Optimism (OP) offers accelerated transaction processing with reduced fees for Ethereum through its extended L2 blockchain solution. It uses optimistic rollups to process bulk transactions off-chain without burdening the Ethereum mainnet. 

Is it safe to invest in Optimism (OP) in India?

Yes, investing and trading in OP crypto is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying OP tokens. It offers real-time prices and advanced investing features with instant Crypto and INR deposits and withdrawals.

Is Optimism (OP) a Good Investment?

Optimism (OP) is one of the popular layer-2 solutions of the largest dApp development platform, Ethereum. It follows a one-of-a-kind roll-up technology to fasten the transaction processing. However, it is not the only layer-2 solution that exists for Ethereum and has a bunch of good competitors. Thus, it can be a good addition to an existing portfolio but only if the investors manage risk wisely.