ConsenSys, a prominent blockchain software company, has unveiled its latest addition to the Ethereum ecosystem – Linea, a layer-2 scaling solution. Linea aims to address Ethereum’s scalability challenges by offering developers a platform to build or migrate decentralized applications (dApps) with improved performance and user experience.
Linea operates as an Ethereum layer-2 scaling network, leveraging zero-knowledge proofs and being Ethereum Virtual Machine (EVM) equivalent. This compatibility ensures seamless interaction between Linea applications and the Ethereum blockchain. The network has undergone an extensive testnet phase, witnessing an impressive volume of activity. Over 5.5 million unique wallets conducted more than 46 million transactions, providing valuable insights and opportunities for enhancement.
ConsenSys has made significant strides in improving Linea’s performance, reducing transaction costs, and enhancing user experience based on the testing outcomes. As part of its gradual alpha release, which commenced on July 11, ConsenSys has already onboarded over 100 partners. The company claims that Linea offers faster throughput and transaction fees that are 15 times lower than those observed on Ethereum’s mainnet.
To facilitate seamless integration and ease of use, Linea has integrated with ConsenSys’ popular Ethereum browser wallet, MetaMask. This integration allows Linea users to access MetaMask’s token bridge, swap, and buy functionalities, expanding the range of available options for interacting with the Linea network.
Joseph Lubin, the Founder and CEO of ConsenSys, emphasized the significance of layer-2 Ethereum scaling protocols and solutions for advancing the development of Web3 applications. Lubin expressed his belief that these technologies, combined with Ethereum’s transition to Proof of Stake, will greatly contribute to scalability and usability improvements.
The announcement of Linea’s launch emphasizes the growing interest in decentralized finance (DeFi) applications migrating to the network. By leveraging Linea’s fast finality, capital efficiency, and inheriting security from Ethereum’s mainnet, DeFi projects can enhance their performance and expand their capabilities.
Additionally, Linea’s features, such as lower gas fees, high throughput, and low latency, make it an attractive platform for powering non-fungible tokens (NFTs), blockchain gaming, and social applications. These sectors heavily rely on efficient and cost-effective blockchain solutions to ensure seamless user experiences.
ConsenSys Unveils Linea Ecosystem Investment Alliance and Sets Safeguards for Alpha Mainnet Launch
ConsenSys, the leading Ethereum software company, has introduced the Linea Ecosystem Investment Alliance (EIA) alongside the launch of Linea’s alpha mainnet. The EIA involves the participation of more than 30 venture capital firms, who will contribute capital and provide advisory assistance to ecosystem builders within the Linea network.
As Linea’s alpha mainnet goes live, ConsenSys has implemented stringent safeguards to ensure the protection of users, decentralized applications (DApps), and the network itself. To maintain security and stability, only launch partners will be granted permission to execute calls to the network during the first week.
ConsenSys has also announced plans to open up the Linea network during ETHCC, a prominent Ethereum conference taking place in France from July 17. However, certain restrictions on withdrawals may be enforced during the initial 90-day period. The company will conduct a bug bounty program and closely monitor system performance before fully opening Linea to end users.