The Optimism (OP) Foundation is known as an organization that has taken important steps in the blockchain world in terms of security and decentralization. In recent days, an important decision made by the foundation has been closely followed by both users and industry experts. Following security audits, the altcoin decided to disable the permissionless proof-of-fraud mechanism that allows users to dispute potential fraudulent transactions on the layer-2 network. This decision is due to critical security vulnerabilities that have been identified.

Security and Fraud Risks in Altcoin Projects

Optimism is a layer-2 solution that aims to increase the scalability of the Ethereum network. Such solutions provide faster and more cost-effective transactions, but ensuring network security is also of great importance. Previously, the Optimism Foundation had introduced a permissionless proof-of-fraud mechanism to allow users to dispute fraudulent transactions on the network. This mechanism was open to all users and granted the right to dispute to all users, not just certain entities. This feature was seen as an important step as part of the decentralization goal.

However, as a result of security audits, it was found that this mechanism contained some critical vulnerabilities. These vulnerabilities had the potential to compromise the stability of the permissionless proof-of-fraud system. Therefore, in order to avoid taking risks, the foundation preferred to return to a permissioned model in order to make the network more secure.

The Goal of Decentralization and Vitalik Buterin’s Views

This development was considered an important step towards achieving what Ethereum co-founder Vitalik Buterin called “Stage 1 Decentralization.” Decentralization is one of the fundamental principles of blockchain technology and aims to increase users’ control over the network. Optimism’s permissionless proof-of-fraud mechanism was also designed in accordance with these principles. However, it should be noted that these steps towards decentralization goals must be carried out without compromising security.

Vitalik Buterin is one of the most important names advocating decentralization in the blockchain world. Stating that all users must have equal rights in order to achieve decentralization, Buterin supports innovations developed in this direction. Optimism’s permissionless proof-of-fraud mechanism was also designed in accordance with these principles. However, disabling the mechanism due to security concerns can be considered a step back from the goal of decentralization.

Statements from the Optimism Foundation

The Optimism Foundation emphasized in a statement after the security audits that the vulnerabilities detected were not exploited and that user funds were not at risk. The foundation stated in a post on the X (formerly Twitter) platform that this step was taken to protect the stability of the network. Although the statements were intended to alleviate users' concerns, the disabling of the permissionless fraud proof mechanism may be criticized by some users.

Mofi Taiwo, a protocol engineer at OP Labs, summarized the findings in a proposal presented at Optimism’s governance forum. Taiwo noted that the audits revealed two high-severity issues, but that they were quickly resolved. According to Taiwo, the vulnerabilities were never exploited and user assets were never at risk. However, in order to maintain the stability of the network and prevent potential instability, a permissioned fallback mechanism was implemented instead of a permissionless proof-of-fraud mechanism.

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