As a seasoned researcher with a keen interest in blockchain technology and decentralized systems, I find Consensys’ decision to decentralize its Ethereum layer-2 network, Linea, through the Linea Association, an exciting development. With my background in understanding the importance of community governance and decentralization for long-term sustainability and resilience, this move aligns perfectly with my philosophies.
ConsenSys, a well-known blockchain technology firm and developer of MetaMask, has made an important move to decentralize its Ethereum layer-2 network, Linea, during the Devcon event.
Via a freshly created non-profit organization based in Switzerland, known as the Linea Association, Consensys intends to hand over control of governance and development for Linea to the community.
The charitable organization known as The Linea Association plans to aid in both the growth and administration of Linea, an Ethereum scaling solution that maintains privacy via zero-knowledge technology. Declan Fox, the product head at Linea, recently revealed that their ultimate objective is to establish a decentralized form of governance where token holders will have significant input.
Starting around early 2025, the LINEA token grants its owners the opportunity to contribute to significant decisions that shape the direction of the platform.
According to Nicolas Liochon, who is both the founder of Linea and a member of its governing body, the Linea project is fundamentally based on decentralization. He envisions that ownership and control of Linea should be shared openly by everyone, in much the same way as Layer 1 Ethereum operates. Liochon further highlights that the association behind Linea will nurture a vibrant, collaborative environment for Ethereum developers, creators, and users, encouraging open collaboration within the community.
In the first quarter of 2025, the LINEA tokens will be distributed via a Token Generation Event (TGE). This event will recognize and reward active contributors and network users. The LINEA token will play a crucial role in facilitating token-based governance as the association moves forward with Linea’s decentralization plan.
In simpler terms, ConsenSys CEO Joseph Lubin pointed out that this shift supports their goal for a distributed worldwide economy. As they work on decentralizing key aspects of their system, such as decision-making processes, infrastructure, and community involvement, they aim to create a more robust and transparent web3 environment.
Read More
- ‘This Is Not A Show Where Necessarily The Best Dancer Wins.’ Cheryl Burke Admits She Would Have Preferred Season 33 Winner, And Never Have Truer Words Been Spoken
- Deva: Shahid Kapoor starrer’s director Rosshan Andrrews reveals idea behind his character; ‘he has a ‘don’t care’ attitude
- Angus MacInnes, ‘Star Wars’ Actor, Dies at 77
- Bitcoin Mentions on X Grow by 65% Reaching 140M in 2024
- Zendaya for Louis Vuitton x Murakami Campaign Surfaces Online
- ‘Scream 7’ Officially Adds Courteney Cox as Gale Weathers
- Binance to Delist WRX Token, Causing 40% Crash in 1 Hour
- James Bond Gets a New Favorite in ‘Challengers’ Star Josh O’Connor
- EXCLUSIVE: Shraddha Kapoor gushes over Ranbir Kapoor; says THIS about Aditya Roy Kapur, Varun Dhawan, Rajkummar Rao
- Marvel Rivals Best PC Settings
2024-11-13 15:16