Improving the scalability of Ethereum
Consensys, which handles the crypto asset (virtual currency) wallet “Metamask”, launched the alpha version of the L2 network “Linea” on the Ethereum (ETH) mainnet on the 11th.
The plan is to gradually open it up with restrictions, such as allowing only partner projects to use it this week. In a statement, Linea’s team said the alpha release marks a significant milestone in the scalability of Ethereum.
📣We’re thrilled to share that we’ve started to roll out the Linea mainnet alpha release.
This week we will begin onboarding launch partners before opening up the network to users @ETHCC🧵👇https://t.co/o9emtGWwqw
— Linea (@LineaBuild) July 11, 2023
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What is L2
Abbreviation for “Layer 2”, which is the “second layer” of the network. Processing all transactions on the main chain would increase the load, leading to slower processing speeds and higher network fees. By performing part of the transaction in L2, we can expect to reduce the load on the main chain and improve the processing speed.
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Linea is an L2 solution that utilizes zero-knowledge proofs. It is described as a zkEVM with full equivalence to the Ethereum Virtual Machine (EVM), which means developers can easily port their Ethereum apps to Linea.
It has been said that it is difficult to make L2 solutions that utilize zero-knowledge proofs compatible or equivalent to EVM, but as competition with other projects intensifies, ConsenSys has also repeatedly tested. To date, 5.5 million wallets have used Linea’s testnet, and more than 46 million transactions have been processed on the network.
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In its launch announcement, Linea will be able to process transactions faster and charge fees up to 15 times lower than Ethereum. It has a policy of not issuing its own tokens.
As mentioned above, this week we will only be able to use our partners’ projects to develop apps such as games, NFTs (non-fungible tokens), and social networks. And, during the “Ethereum Community Conference (EthCC)” to be held from the 17th to the 20th of this month, the range of usage will be expanded. He also said that there will be limits on the amount of money that can be withdrawn.
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The plan is to set restrictions on usage, but the announcement states that the network will be opened to general users next week after making it possible to build apps and infrastructure first. The native currency will be bridged Ethereum, and Linea also warned that advertising for selling and offering its own token is a scam.