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    Home»Altcoins»Ethereum Layer-2 Community Linea Reveals Plans to Launch Token – Decrypt
    Ethereum Layer-2 Community Linea Reveals Plans to Launch Token – Decrypt
    Altcoins

    Ethereum Layer-2 Community Linea Reveals Plans to Launch Token – Decrypt

    By Sander LutzNovember 13, 2024No Comments3 Mins Read
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    Linea, the Ethereum layer-2 scaling community incubated by Consensys, introduced on Wednesday the launch of a nonprofit group to assist the community—with plans to roll out a token by the tip of Q1 2025. 

    The Linea Affiliation will assist the event of the Linea mainnet, work to foster its decentralization, and encourage the expansion of “stronger communities of actual individuals” on the community. It’ll pursue these objectives by means of initiatives just like the LINEA token, which is able to enable holders to take part within the community’s governance. 

    The LINEA token shall be airdropped to ecosystem contributors sooner or later within the coming months, based mostly on standards that has not but been introduced and a snapshot that has not but occurred, in line with the Linea Basis.

    The Basis itself shall be based mostly in Switzerland and ruled by a multi-layer construction consisting of a board of administrators, a basic meeting, staff who will report back to an government director, and the aforementioned physique of LINEA token holders. 

    Regardless of that semi-corporate construction, the newly minted Affiliation insists that decentralization is on the core of its mission.

    “Linea have to be owned and ruled brazenly by all as a public good, simply as layer-1 Ethereum is,” the community’s founder, Nicolas Liochon, stated in an announcement. “The institution of the Linea Affiliation ensures that the protocol’s future lies within the fingers of its group, empowering customers and builders to form its trajectory collaboratively and transparently.”

    Linea has attracted scrutiny previously over centralization considerations. In June, when a prime decentralized trade on the community suffered an enormous hack, Linea’s management staff determined to manually freeze all on-chain exercise in a bid to stop additional losses. 

    Whereas the transfer labored, it additionally attracted vital backlash from customers anxious about how just a few executives may halt all exercise on a supposedly decentralized blockchain.

    Regardless of these considerations, Consensys—one in every of 22 traders in an editorially impartial Decrypt—claims that Linea has turn out to be the fastest-growing zkEVM community on Ethereum, eclipsing 250 million transactions since its launch in August 2023.   

    In the present day’s announcement constitutes one step in Linea’s not too long ago launched, multi-year roadmap to full decentralization. The community says it’s at present on step one in every of 4.

    Edited by Andrew Hayward

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