Optimism has temporarily reverted to permissioned fraud proofs after identifying security vulnerabilities in its recently launched permissionless system. The network is set for a “Granite” upgrade in September.
Bollywood Fever: Optimism, a prominent layer-2 scaling solution for Ethereum, recently rolled out permissionless fraud proofs, marking a significant milestone in its path towards decentralization.
This mechanism allows any user to contest potentially fraudulent or incorrect transactions on the network, a shift from the traditional model where only trusted proposers had that ability.
This development brought Optimism closer to Stage 1 decentralization, a concept outlined by Ethereum co-founder Vitalik Buterin.
However, just over two months after the launch of the permissionless fraud proofs on June 10, the Optimism Foundation announced a reversion to a permissioned state.
This decision came after community-driven audits uncovered several bugs, some of which were categorized as high-severity issues according to Optimism’s ImmuneFi bounty scale.
In a proposal submitted to Optimism’s governance forum, OP Labs representative Mofi Taiwo detailed the reasons for reactivating the permissioned fallback system.
Taiwo emphasized that no vulnerabilities were exploited, and user assets were never at risk.
However, out of an abundance of caution, the network reverted to permissioned fraud proofs to prevent potential instability while the identified vulnerabilities are patched.
“While the auditors did discover some high severity issues, no user assets were ever at risk. All of the audit issues listed below can be detected by our monitoring tooling,” Taiwo wrote.
The proposal noted that certain contracts related to the fraud proof system, such as the dispute game and MIPS contracts, were not part of the initial audit scope but fell into categories deemed low-risk.
The network upgrade, dubbed “Granite,” is scheduled for September 10 at 16:00:01 UTC and will include several updates, including an L2 hard fork. Although the hard fork itself has not undergone a formal audit, OP Labs conducted a security review and determined the changes to be low-risk.
The rollback highlights the challenges of implementing complex decentralized systems while maintaining security and stability. Optimism remains committed to decentralization, and the upcoming “Granite” upgrade is expected to address the issues identified, paving the way for future developments. The network’s ability to quickly respond to these challenges underscores the importance of cautious progress in the rapidly evolving blockchain space.
Also Read other news articles, Clay County Prosecutor’s Office Launches Training to Combat Cryptocurrency Scams
Binance Registers as Reporting Entity with India’s Financial Intelligence Unit
Peter Schiff Urges Fed to Raise Interest Rates Despite Potential Market Crash