Users of Optimism now have the ability to challenge and remove invalid withdrawal attempts made by the team’s sequencer. This marks a significant step towards decentralization, as noted by Vitalik Buterin, co-founder of Ethereum.
The OP Labs development team has integrated fault proofs into the smart contracts of Ethereum layer-2 Optimism. This move has been identified as “Stage 1” of decentralization by Buterin. The networks within the OP Stack ecosystem, including Base, Metal, Mode, and Zora, are set to implement fault proofs in the near future.
With these updates, users can now request withdrawals of ERC-20 tokens and Ether (ETH) without the need for trusted third parties. Additionally, users have the power to challenge and remove any invalid withdrawal attempts by providing evidence of their inauthenticity.
While the Optimism Security Council retains the authority to override fault proofs with a six-of-eight majority, this new system places the responsibility of verifying withdrawals in the hands of users. The ultimate goal is to achieve complete decentralization in the future, known as “Stage 2.”
The Council can only bypass fault proofs in rare cases where conflicting results arise from different proving systems. Optimism aims to expand beyond the use of Cannon as a fault-proof system and move towards a state of “multi-proof nirvana,” where multiple evidence mechanisms are utilized to confirm legitimate transactions.
In other news, the price of BNB has experienced a drop after reaching a record all-time high.
