The Optimism Foundation has launched a brand new token and structure of governance in order to gain efficiency in cost and scalability to Ethereum. Ethereum is the current largest platform for smart contracts. The introduction of the ‘Optimism Collective’ was done this Tuesday in a long post that stated its mandatory governance and mission.
Ethereum Will Soon Spectate The Launch Of Governance Token, OP
The optimistic collective is characterized as a huge experiment in the field of democratic governance performed digitally. Moreover, it also consists of a group of stakeholders and communities who are totally dedicated to improving the technical strengths of Ethereum.
The details suggest that the Optimism Collective will be administered and guided by two components, namely, the Token House and the Citizen’s House. The function of the Citizen’s House is to govern and facilitate a procedure by which funding of retroactive public commodities can be distributed. This distribution is completed with the help of revenues that are collected by the network.
On the other hand, the Token House will be formed with upcoming airdrops and was given the responsibility to vote for the up-gradation of protocols and incentives of the project. The power of the Token House is received by OP, the new token of governance and it will be given the task of monitoring the parameters of the network and protocols. Moreover, they must also form incentives for the users so that they can easily enter the ecosystem.
In the official post of the Optimism Foundation, there was mention of the need for scalability by the community of blockchain and there was an increase in demand for efficient and smart functionalities of contract. Numerous competitors of Layer-1 are dealing with this demand and they all capitulate to centralization issues while not paying attention to the values and security of ETH. the scene of the developer is dominated by Ethereum, however, its competitors are expanding at a huge rate.