Ethereum Layer-2 Scaling Solution: Linea Network
The Ethereum ecosystem is now home to another layer-2 scaling solution as ConsenSys begins onboarding partners to its Linea network, which has produced impressive results during testing.
Linea is an Ethereum layer-2 scaling network that allows developers to build or move decentralized applications to Ethereum. It is powered by zero-knowledge proofs and is Ethereum Virtual Machine (EVM) compatible, allowing its applications to interact with the Ethereum blockchain without any issues.
The network underwent an extensive testnet period, featuring 5.5 million unique wallets and 46 million transactions. ConsenSys reported improvements to Linea’s performance, transaction costs, and user experience through its testing period.
The alpha release began on July 11 with more than 100 partners, with ConsenSys touting faster throughput and 15 times lower transaction fees than those executed on Ethereum’s mainnet.
The launch of Linea marks a major milestone for the Ethereum network and its users, as it provides a more efficient way to use the Ethereum blockchain. With the launch of Linea and other layer-2 scaling solutions such as Solana, Terra, The Graph, TRON, Shib, Luna, and Sandbox, the future of the Ethereum network looks brighter than ever.
Ethereum Browser Wallet MetaMask and Linea
Linea is integrated with ConsenSys’ Ethereum browser wallet MetaMask, giving users access to its token bridge, swap and buy features. Joseph Lubin, founder and CEO of ConsenSys, has emphasized the importance of layer 2 Ethereum scaling protocols and solutions for the development of Web3 applications.
The integration of Linea with Ethereum’s mainnet provides faster finality, capital efficiency, and security for decentralized finance (DeFi) applications. Furthermore, it offers low gas fees, high throughput, and low latency, which are essential for nonfungible tokens, blockchain gaming, and social applications.
Cryptocurrencies in 2023
ConsenSys recently announced the Linea Ecosystem Investment Alliance (EIA), which is backed by over 30 venture capital firms and is designed to provide capital and advisory assistance to ecosystem builders.
The alpha mainnet of Linea was launched with safeguards to protect users, DApps and the network itself. This included restricting calls to the network to launch partners for the first week.
ConsenSys plans to open the network to the public during ETHCC in France from July 17, although certain withdrawal limits may be in place for the first 90 days. The firm is running a bug bounty and monitoring system performance before completely opening LIna to end users.
The development of Ethereum layer 2’s has been a significant topic in 2023. For example, the zkEVM network of Polygon was made public in March 2023, while Starknet, founded by Eli Ben-Sasson, has been focusing on increasing throughput of its network this year.
The year 2023 has seen significant growth in the cryptocurrency space, with projects such as TRON, SOL, Terra, The Graph, SHIB, Luna and SANDBOX gaining traction.
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