Investment giant Andreessen Horowitz (a16z) has introduced a new Layer-2 rollup client called Magi for the popular blockchain Optimism! With this news, Optimism (OP) price started to rise! Here are the details…
Andreessen Horowitz has arrived with new announcements for Optimism!
The crypto division of investment giant company Andreessen Horowitz (a16z) announced its goals for blockchain infrastructure in the form of Magi, a rollup client for Optimism, a day after tweeting an orange dot to create a media frenzy, as quoted by cryptokoin.com. However, Magi is not yet ready for production and the project will require several more months of research and development.
https://twitter.com/NoahCitron/status/1648409237142269957
According to the official blog post of A16z, the client software for the mentioned venture capital firm is being developed on OP Stack, an application stack designed to build a blockchain dApp ecosystem centered around the Optimism Layer 2 network. This client is currently being developed on the Rust programming language and is intended to be a faster alternative to op-node, the only rollup client currently available. The “client” is a program that verifies transactions and maintains a local copy of the blockchain network. Clients allow users to interact with a blockchain network and maintain a local copy of the network’s data. A blockchain network does not have the luxury of having a single point of failure, so having various client groups plays a crucial role.
The key proposition of the launch of A16z is that the adoption of a Rust-based client will encourage more developers to work on the Optimism blockchain, which in turn will lead to better decentralization. However, improvements to latency, sync speed and test frameworks are also on the agenda for future Magi development.
On the other hand, as we have mentioned before, Andreessen Horowitz is one of the most well-known investors in the crypto money market and is a company that allocates more than 7 billion dollars to investments in this field. The company has also previously invested in a wide variety of cryptocurrency startups, including Solana, Aptos, Coinbase, LayerZero, Yuga Labs, Dfinity and Dapper Labs, one of the largest being in Solana. While the adoption rate for the projects increases with the investments, the investors also follow the developments closely.
Optimism price analysis
Following this crypto news, Optimism (OP) price has increased by 0.02 percent in the last hour and is currently changing hands at $2.68. Popular altcoin project Optimism has risen more than 14 percent in the past week. Momentarily, the OP is trading at $2.63. Its market value is 828 million dollars.
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