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Consensys is making this move with Linea as the crypto trajectory in the United States improves.
Key Notes
ConsenSys has launched Linea Association as a Swiss non-profit.The software developer has a goal to drive decentralization with the association with users having a say on ecosystem development.ConsenSys has been advocating for proactive and functional crypto regulation.Consensys is gradually pushing for Linea decentralization by establishing a dedicated Association for the protocol. The Layer 2 (L2) zero-knowledge Ethereum Virtual Machine (zkEVM) rollup developed by Consensys announced the launch of the Linea association at the Devcon event in Bangkok, Thailand, on November 13.
Linea Association Aims for True Decentralization
Linea Association is a Swiss nonprofit focused on advancing the L2’s growth and governance. Its three objectives explicitly encompass supporting Linear technology, developing its market, and further advancing its decentralization roadmap.
More precisely, the Linea Association will oversee the development and governance of the protocol’s open-source technology and ecosystem. This is in addition to growing the Linea mainnet, a zkEVM Layer 2 solution. This L2 aims to scale Ethereum while preserving its security and decentralization.
Joseph Lubin, Consensys founder, acknowledged this move as a notable step towards true network decentralization. In the long run, this might reduce excessive control by any governing entity. Based on the design, token holder governance is one of the core features coming with the Linea Association. This will usher in the Linea token by the first quarter of next year.
All token holders become privy to decision-making regarding certain activities of the Association. Linea product lead Declan Fox noted that the protocol is still developing details for its future community-driven governance based on tokens.
It is worth noting that decentralization has become crucial to the crypto sector. Like Consensys, Cardano has made a move to achieve this feat with its recent Chang Hard Fork upgrade. Similarly, Ethereum co-founder Vitalik Buterin also set strict standards for the decentralization of the L2 scaling solution.
Consensys Supports a Pro-crypto Government
Consensys is making this move with Linea as the crypto trajectory in the United States improves. A week ago, Donald Trump won the election against Democratic National Convention rival Kamala Harris. Throughout his campaign, Trump projected himself as a pro-crypto leader, referring to himself as the “Crypto President”.
Upon winning the election, the broader crypto market saw a rebound on all assets, with many hitting a new All-Time High (ATH). The crypto ecosystem is excited that there will be some changes to the crackdown they have faced. ConsenSys is one of the many firms affected by the Securities and Exchange Commission’s (SEC) strict rule on crypto-related firms.
As a result, it has constantly insisted that the next US president must embrace proactive blockchain regulations. In its open letter to the incoming president, Consensys listed three key points to address when considering its stance on the blockchain and Web3 space.
“The next administration and its regulatory agencies must provide — with clarity and finality — pathways for legitimate participation in the web3 ecosystem. This will allow entrepreneurs to operate confidently, contribute meaningfully to the US economy, and usher in the next generation of internet technology,” the company noted.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
