ConsenSys confirms introducing the Linea network that it identifies as delivering quicker throughput. The firm considers that the scaling network will lower the transaction costs by 15 times than Ethereum’s layer 1.
Linea Network Realized Critical Milestones During Testing
The firm confirmed the introduction of a new layer-2 scaling solution to the Ethereum ecosystem. ConsenSys marked the start of the network through the onboarding partners to the Linea network. The firm indicated that the new network realized remarkable scaling milestones during the test phase.
ConsenSys described Linea as a unique layer 2 scaling network built upon the Ethereum network, enabling developers to build and move decentralized applications. The Linea network would leverage the zero-knowledge proofs to operate. Its classification as an equivalent to the Ethereum Virtual machine (EVM) indicates that the applications seamlessly interact with the host Ethereum blockchain.
ConsenSys illustrated that the Linea network development featured a lengthy testnet period with 5.5 million wallets executing 46 million transactions. The testing process allowed ConsenSys to improve Linea’s user experience, performance, and transaction costs.
Linea Network Delivers Faster Throughput and Lower Transaction Fees
ConsenSys detailed that the gradual alpha launch on July 11 involves over 100 partners. It anticipates that the primary selling points are faster throughput and lower transaction fees than those incurred when executing Ethereum’s mainnet.
Besides delivering 15 times lower transaction fees than the cost incurred on Ethereum’s mainnet, Linea is integrating the browser wallet MetaMask. Integrating the ConsenSys’ Ethereum browser gives users seamless access to the token bridge. The integration into MetaMask will facilitate swapping and buying functionalities.
ConsenSys chief executive Joseph Lubin observed that the layer-2 Ethereum scaling protocols and solutions are critical components that fuel web3 application development and functionality. He added that Ethereum L2s will be essential in delivering advanced usability and scalability during the proof of stake and rollup-centric roadmap.
Lubin’s announcement is optimistic that decentralized finance (DeFi) applications would benefit through the capital-efficient bridge and enhanced security that the Linea network inherits from Ethereum’s mainnet.
It guarantees fast finality, enhanced throughput, lower gas fees, and latency. The characteristics are critical to power blockchain gaming, social applications, and nonfungible tokens.
The introduction of the Linea scaling network coincides with the unveiling of the Linea Ecosystem Investment Alliance (EIA). The platform attracts over 30 venture capitalists that ConsenSys anticipates will offer advisory assistance and lend funds to the ecosystem builders.
Introducing Linea’s alpha mainnet will leverage the safeguards to protect the network, users, and DApps. The filtering safeguards will only accommodate partners calling the network in the initial seven-day run.
ConsenSys Prioritizes Monitoring Before Opening Linea to End Users
ConsenSys plans to open the network at the Ethereum Community Conference (ETHCC) event in France, scheduled for Monday, July 17. It plans to institute withdrawal limits in the initial three months. It intends to execute bug bounty and hawk-eyed monitoring to assess the system’s performance before opening the Linea network to the end users.
The Ethereum layer 2 networks have been attracting increased interest since the onset of 2023. Layer-2 developer Polygon unveiled its zkEVM in March, making it accessible to end users. Also, Starknet, a firm established by Eli Ben-Sasson, who started zk-proofs, announced plans to reinforce the network’s throughput by December 2023.
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