Coinbase Wallet has integrated Optimistic Ethereum, a scaling solution for the Ethereum ecosystem that was developed to enable instant transactions and support scalability in Ethereum-based DApps.
This will allow Coinbase wallet users to view their balances and send transactions securely on an enhanced system that doesn’t compromise on safety, speed, or user experience.
“We’ve integrated native support for the @optimismPBC testnet, to help early adopters test Optimistic Rollups on Coinbase Wallet. Rollups offer fast, low fee, scalable dapp transactions.”
Optimism is a nonprofit startup for researching Ethereum’s scalability that developed Optimistic Rollup, a layer 2 scaling solution for smart contracts, and instant transactions. The solution is implemented on Optimistic Virtual Machine (OVM), which is compatible with Ethereum’s Virtual Machine (EVM).
Coinbase Wallet is Coinbase’s non-custodial digital wallet that doubles up as a decentralized browser and brings Coinbase’s peer-to-peer mobile experience to both iOS and Android users.
Optimal Safety and User Experience on Ethereum
Bitcoin and Ethereum, as the world’s first and second-largest digital assets, share a common scalability problem that slows down transaction speed due to their proof of work consensus algorithm.
Layer 2 solutions help to scale their networks, but the challenge is to find a balance between satisfactory user experience and enhanced network implementation. As the point of interaction between the user and decentralized wallets are an important part of the layer 2 scaling solutions implementation.
The biggest challenge to Rollup’s solution is User Experience which should be at a high standard to protect customers from accidentally doing insecure things on their DApps due to a low level of user-system interfacing. According to Ethereum’s Vitalik Buterin, wallet infrastructure is an integral part of implementing layer 2 scaling solutions for massive scaling on Ethereum.
“The biggest part of that answer is a comprehensible ecosystem-level push, and the first push is wallets.”
Optimistic Ethereum hopes to find the ultimate scaling solution with an optimized wallet interface design and EVM implementations.
“We are delighted that Coinbase is part of the community, making Ethereum a bit more Optimistic.”
Coinbase also implements a scaling solution for the Bitcoin network through its transactions batching feature that has been effective in significantly reducing transaction fees for customers and increasing efficiency in internal operations.
Optimistic Ethereum is already available on Ethereum’s top smart contracts Synthetix and Uniswap. The OVM allows for roughly 100 times throughput increase compared to using the EVM.