Crypto News: A day after tweeting an orange dot to spark a media frenzy, the crypto division of venture capital firm Andreessen Horowitz (a16z) announced 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 well-known venture capital firm is being developed on the OP Stack, an application stack designed to establish a blockchain dApp ecosystem around the Optimism Layer 2 network. This client is currently being developed in the Rust programming language and is intended as a faster alternative to op-node, which is currently the only rollup client 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 join a blockchain network and keep a local copy of the network data. A blockchain network cannot afford to have a single point of failure, which is why having a diverse set of customers is critical.
A16z eyes wider adoption
The primary premise of the A16z launch is that the adoption of a Rust-based client will encourage a greater number of developers to work on the Optimism blockchain, leading to improved decentralization. Improvements 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 dedicated to investments in the field. The company has invested in a wide variety of cryptocurrency startups, including Solana, Aptos, Coinbase, LayerZero, Yuga Labs, Dfinity, and Dapper Labs.
In the wake of this crypto news, the price of Optimism (OP) is up 0.02% in the past hour and is currently trading hands at $2.68.
Also read: US Congress erupts into heated debate over Stablecoin regulation
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
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This post A16z unveils optimism-based rollup called Magi
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