Consensys, the renowned blockchain technology company and creator of MetaMask has announced a significant step towards decentralizing its Ethereum layer-2 network, Linea at Devcon.
Through a newly established nonprofit organization in Switzerland, called the Linea Association, Consensys aims to transfer governance and development control of Linea to the community.
The Linea Association will support the expansion and governance of Linea, a zero-knowledge Ethereum scaling solution. Declan Fox, Linea’s product lead, shared that the long-term vision is to implement community governance through tokenholders.
The LINEA token, expected to launch in early 2025, will enable token holders to participate in key decisions, influencing the platform’s future.
“Decentralization is at the core of Linea’s vision. Linea must be owned and governed openly by all as a public good, just as Layer 1 Ethereum is,” stated Nicolas Liochon, Founder of Linea and member of the Linea Association’s board. Liochon emphasized that the association will foster an open, collaborative ecosystem for Ethereum technologists, builders, and users.
The association will be governed by a multi-layered structure including, a Board of Directors, a General Assembly, Employees, an Executive Director, and a Token Governance body.
The LINEA token will be distributed through a Token Generation Event (TGE) set for the first quarter of 2025, rewarding active contributors and network users. This token will be critical in enabling token-based governance, as the association advances Linea’s decentralization roadmap.
Consensys CEO Joseph Lubin noted that this transition aligns with the company’s vision for a decentralized global economy. “By decentralizing critical elements of our ecosystem, including governance, infrastructure, and community empowerment, we aim to foster a more resilient and transparent web3,” Lubin said.
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