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- Optimism, scalability solution for Ethereum unveiled their governance token dubbed OP. This will tag initiation of shifting process for Optimism ecosystem.
- It will be controlled through a couple of entities, Token House and Citizens’ House, each with their own accountability and shared goal of backing a viable ecosystem.
- The latter will be set up by the initial OP Airdrop and will allow folks to onboard governance design. Citizens’ House will function as a body to disperse retroactive public goods funding.
Folks Might Still Be Eligible For Ethereum Optimism Airdrop
The OP token will go live in second quarter this year. About 250,000 addresses are qualified for the event, but Optimism team states that the token will have “season of airdrops” with a plethora of room for users to take part.
The token will be indigenous to Ethereum L2 solution, and will purposely have an easily recognizable address in an effort to prevent frauds.
Still, the project’s team recommended triple check regarding if they are engaging with the correct token. Initial airdrop hasn’t been dropped yet, so anything claiming to be an OP token is a fraud.
5% of the token will be dispersed in this initial airdrop with 14% destined for upcoming events, 20% will be dispersed to retroactive public goods funding, 17% to initial investors, 19% to prime contributors, and 25% to ecosystem funds.
New Token, New Base
The governance design will be stewarded by Optimism Foundation. A latest entity running the system, “on behalf of the Collective” before getting dissolved ultimately.
Jing and Ben Jones, project’s co-founders, will lead the Optimism Foundation. Both achieved senior positions in Optimism PBC, the organization in charge of development of Ethereum scalability solution.
Optimism Foundation will function as a bridge as the project migrates to complete decentralization. With that respect, the project team also made an announcement that Optimism PBC will be retitled OP Labs PBC and will be in command of developing and decentralizing the protocol and backing the ecosystem.
Previous Optimism PBC engineering head, Liam Horne will lead OP Labs. The latest organization will be backed by Bobby Dresser, Julien Boedec, Josh Stein, Karl Floersch and others.
The final goal of declared bodies is to make Optimism more decentralized while the project is able to measure its values with Web3 incentives. This test has been created to prevent governance framework of Web2 organizations and grow beyond the technology.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
