![]() ![]() Optimism reduces transaction fees and speeds up Ethereum transactions. Optimism is a layer 2 chain that is built on top of the Ethereum blockchain. Although layer 2 chains would do the majority of the work, layer 1 serves as the main chain and gives security while layer 2 offers quick transactions, low transaction fees, and the ability to process thousands of transactions per second. The current blockchains are not replaced by layer 2 chains. This is where layer 2 solutions come into play these solution helps to scale these existing blockchain. As mentioned above, it is quite challenging for blockchains like Bitcoin and Ethereum to process thousands of transactions per second, which makes the blockchains slow and expensive. The phrase “Layer 2”, or L2 refers to a protocol that is based on an existing blockchain and used to address the scaling issues of Layer 1 (L1) blockchains. However, there are many scaling options (layer 2 chains) like Polygon, Optimism, and Arbitrum exist which can scale Ethereum to make it faster and cheaper. Iris Energy Boosts Self-Mining Capacity With 4.One of the most widely used blockchains for smart contracts is Ethereum As more users sign up, the network becomes more expensive and slower. India Having ‘Detailed Discussions’ With G20 Members on Crypto RegulationĪt Least 1,000 Lawsuits Filed Against Crypto Miners in Russia’s Irkutsk Region Using your access to infinite capital, you could further manipulate onchain pricing oracles to leverage for other attacks and, until someone finally realizes your money is counterfeit, arbitragers will flock to the network to sell you their assets. It is my contention that this is more dangerous than merely tricking the reserves into allowing a withdrawal.” The developer continued:įurther, with your unbounded supply of IOUs, you could go to every decentralized exchange running on the L2 and mess with their economies, buying up vast quantities of other tokens while devaluing the chain’s own currency. Exploiting this enables the attacker to have access to an effectively unbounded number of tokens (aka, the IOUs) on the far side of the bridge. “But is actually a bug in the virtual machine that executes smart contracts on Optimism. “The bug presented here - which I dub ‘Unbridled Optimism’ - can maybe be (crudely) modelled as a bug on the far side of a ‘bridge,’” Freeman wrote. The software engineer’s blog post describes how the attacker could mint an arbitrary quantity of tokens before the bug was patched. Freeman was also awarded a $2,000,042 bounty for discovering the bug and disclosing it to the team. The developer further explained that he plans to talk about the Optimism vulnerability on February 18th at Ethdenver 2022. The attack would have allowed “an attacker to replicate money on any chain using their “OVM 2.0” fork of go-ethereum (which they call l2geth),” Freeman said. Freeman reported the Optimism vulnerability on Februand the bug has since been patched. To swap coins onchain using L1 it will cost a user $16.47 in ether but using Optimism to swap coins will cost $0.83. Currently, moving ether using Optimism can cost $0.56 per transfer as opposed to the L1 gas fees today which are $3.29 per transaction. Optimism’s L2 solution allows users to move ethereum for a fraction of the cost. Freeman recently published a blog post called “Attacking an Ethereum L2 with Unbridled Optimism,” which explains how he reported a critical security issue to the developers of the L2 scaling solution Optimism. Freeman’s Cydia graphical user interface (GUI) was released in February 2008, and it gives users with jailbroken iPhones the ability to download unauthorized software for the Apple smartphone operating system iOS. Jay Freeman is a prominent software developer who is well known for his iOS Jailbreak and Cydia tools. Cydia Creator ‘Saurik’ Discovers Optimism L2 Vulnerability ![]() According to Freeman, the vulnerability, which has been patched, could have allowed an attacker to create an infinite amount of tokens. On February 10, the well-known developer of Cydia and iOS Jailbreak, Jay Freeman, otherwise known as Saurik, published a Twitter thread about a bug he found in the Layer-2 (L2) scaling protocol known as Optimism. ![]()
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