OP Token Project

Optimism is a Layer-2 protocol designed to support all decentralized applications on the Ethereum blockchain. Optimism moves all the computation required to validate transactions off-chain. Thus, it increases transaction speed and reduces costs. On the other hand, it benefits from the security benefits of the mainnet by storing transactions on the Ethereum blockchain. Today there are many decentralized exchanges and other decentralized applications using the Optimism project.

The Optimism protocol is supported by the OP token created in the ERC-20 standard. OP token is the governance and utility token of the Optimism protocol. Management of the Optimism protocol occurs through a decentralized body called the Optimism Collective. Optimism Collective, in which OP token holders have the right to participate, consists of two separate layers named Token House and Citizens' House. The Citizens' House governs funding decisions; Token House, on the other hand, deals with technical decisions such as software upgrades. In other words, the OP token gives its holders a say in Optimism's financing and technical decisions. Transaction fees in the Optimism protocol are also paid with OP tokens.

The Optimism (OP) project was founded in 2019 by Jinglan Wang, Karl Floersch and Kevin Ho.

Jinglan Wang, who is currently the CEO of the project, was previously an angel investor. Young software engineer Karl Floersch was working on blockchain technologies before becoming one of the co-founders of Optimism. Kevin Ho was also working in the field of blockchain.