Would You like a feature Interview?
All Interviews are 100% FREE of Charge
As ConsenSys began onboarding partners to the Linea network, the Ethereum ecosystem welcomed another Layer 2 scaling solution, producing a significant scaling milestone in testing.
Linea is an Ethereum Layer 2 scaling network that enables developers to build or migrate decentralized applications for Ethereum. It works using zero-knowledge proofs and runs on the Ethereum virtual machine (EVMs), meaning that applications can seamlessly interact with the Ethereum blockchain.
The network has undergone a lengthy testnet period executing over 46 million transactions on approximately 5.5 million unique wallets. ConsenSys outlined that he improved Linea’s performance, transaction costs and user experience throughout the testing period.
A gradual alpha release kicked off on July 11 with over 100 partners, with ConsenSys touting faster throughput and 15x lower transaction fees than those running on Ethereum mainnet.
Linea is also integrated with ConsenSys’ Ethereum browser wallet MetaMask, giving Linea users access to its token bridging, swapping and buying features.
ConsenSys Founder and CEO Joseph Lubin highlighted the number of Layer 2 Ethereum scaling protocols and solutions as a key component driving the development of Web3 applications and features.
“With its Merge to Proof of Stake and broad traction on its rollup-centric roadmap, Ethereum L2 will play a key role in making significant strides in scalability and usability.”
An announcement shared with Cointelegraph highlights that decentralized finance (DeFi) applications will migrate to Linea to take advantage of fast finality, capital efficient bridges, and security inherited from Ethereum’s mainnet. .
Meanwhile, the network also offers lower gas prices, high throughput, and low latency – key components needed to power non-fungible tokens, blockchain games, and social applications.
Related: Are ZK Proofs the Solution to Bitcoin’s Ordinal and BRC-20 Problems?
ConsenSys will also launch the Linea Ecosystem Investment Alliance (EIA), which will bring together over 30 venture capital firms to provide capital and advisory assistance to ecosystem builders.
Linea’s alpha mainnet launch will utilize safeguards to protect users, DApps, and the network itself. This includes allowing only launch partners to make calls to the network for the first week.
ConsenSys plans to open its network during the ETHCC, which will be held in France from July 17th, but there may be withdrawal limits for the first 90 days. The company plans to implement bug bounties and monitor system performance before fully opening LIna to end users.
Ethereum Layer 2 is a big topic in 2023. Layer 2 developer Polygon also unveiled his zkEVM network in March 2023. Meanwhile, Starknet, whose founder Eli Ben Sasson pioneered his zk-proofs, is focused on increasing network throughput this year. Year.
Collect this article as NFT To preserve this moment in history and show your support for independent journalism in the cryptocurrency space.
Magazine: ZK Rollup Is The “Final Stage” Of Blockchain Scaling: Polygon Miden Founder