Major VC a16z to develop client for Ethereum L2 “Optimism”

To improve security

On the 19th, a16z crypto, the crypto asset (virtual currency) division of major venture capital (VC) “a16z”, announced a new client “Magi” for Ethereum’s (ETH) L2 blockchain “Optimism”.

Magi is in the early stages of development and will continue to build as we solicit ideas and feedback. The purpose of development is to diversify clients. With multiple clients, blockchain eliminates a single point of failure, and increasing that number can improve security.

Introducing Magi , our brand new OP Stack rollup client written in Rust.

We’ve been working on Magi to help improve the client diversity and resilience of the entire OP Stack ecosystem.

Let’s dive in.

code: https://t.co/U8ER6v2SSe
blog: https://t.co/A4Tx8iaVOh pic.twitter.com/S5hDbx5Q4R

—ncitron.eth (@NoahCitron) April 19, 2023

connection: What is Blockchain Layer 2?

A client is software that communicates with a particular blockchain. Magi uses the programming language Rust, which could potentially attract new developers.

Magi will be developed as a client for consensus, designed to run as an alternative to op-nodes written in Go. Its role is to send new blocks to the execution client. In this presentation, I raised the issue that the diversification of clients at the moment is biased toward execution clients.

He explained that it would still take several months of development to actually release Magi. We are looking for ideas and feedback on future improvement plans such as sync speed and data availability.

As for the a16z, the company’s engineering partner Noah Citron, who made the announcement this time, suggested on Twitter on the 19th that something will be announced soon.

coming soon pic.twitter.com/8kADUuervL

—ncitron.eth (@NoahCitron) April 18, 2023

The price of Optimism’s OP token rose following the announcement, but has since rebounded. According to CoinGecko data, it is minus 3% compared to 24 hours.

connection: Major VC a16z crypto introduces new cryptocurrency index

Increased demand for L2

a16z crypto announced that it will be the lead investor in Optimism’s Series A investment round in 2021. Optimism is highly rated by the company, and at that time it explained that it would like to support the growing Ethereum ecosystem through this investment.

connection: Major US VC a16z becomes lead investor in Ethereum’s Layer 2 project Optimism

Also, this month, a16z crypto released a report on the latest developments in the cryptocurrency industry. At that time, the report also touched on the active development of scaling solutions.

In 2022, L2s like Optimism accounted for only 1.5% of fees paid across the Ethereum blockchain; today, that percentage has increased to 7%.

connection: a16z reports on the latest situation in the cryptocurrency industry

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