NewsletterJust-In: Solana Investor A16z Unveils New Optimism-Based Rollup Called Magi
Crypto News: A day after tweeting out an orange dot in order to stir up a media frenzy, the crypto division of venture capital firm Andreessen Horowitz (a16z) disclosed its ambitions for blockchain infrastructure in the form of Magi, a rollup client for Optimism. However, Magi is not yet ready for production and will require several more months of research and development.
A16z Releases New Rollup Client
According to A16z’s official blog post, the client software for the noted venture capital firm is being developed on the OP Stack, which is an application stack designed to establish a blockchain dApp ecosystem centered around the Optimism Layer 2 network. This client is currently being developed on the programming language Rust and is intended to be a quicker alternative to op-node, which is currently the only rollup client being offered.
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A “client” is a program that validates transactions and keeps a local copy of the blockchain network. Clients allow users to engage with a blockchain network and retain a local copy of the network’s data. A blockchain network can’t afford to have a single point of failure, which is why having a diverse set of clients is crucial.
A16z Eyes Larger Adoption
The primary proposition of A16z’s launch is that the adoption of a Rust-based client will encourage a greater number of developers to work on the Optimism blockchain, which will lead to improved decentralization. Enhancements to latency, sync speed, and testing frameworks are on the agenda for future Magi development.
Andreessen Horowitz is one of the most well-known investors in the cryptocurrency market and has more than $7 billion in funds committed to investments in the field. The company has made investments in a wide variety of cryptocurrency startups, some of which include Solana, Aptos, Coinbase, LayerZero, Yuga Labs, Dfinity, and Dapper Labs, amongst others.
In the wake of this crypto news, the price of Optimism (OP) surged by 0.02% in the past 1 hour and is currently exchanging hands at $2.68.
Also Read: U.S. Congress Erupts In Heated Debate Over Stablecoin Regulation
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