Celo Blockchain Proposes Return to Ethereum to Turn out to be Layer 2
Celo, a Layer 1 blockchain born from a fork of the Ethereum Dash language consumer, would possibly per chance well well potentially return to the Ethereum ecosystem.
In a proposal assign forth on Celo’s governance dialogue board, cLabs, the entity in the abet of the blockchain, proposed transitioning from being an honest Ethereum Digital Machine (EVM) compatible Layer 1 blockchain to an Ethereum Layer 2.
The proposed structure would spend Optimism’s OP Stack, however vitality the decentralized sequencer the spend of Celo’s present validator problem that runs Byzantine Fault Tolerance consensus. The off-chain files availability layer would possibly per chance well well be powered by Ethereum restaking protocol EigenLayer, which brings danksharding to Ethereum and would enable Celo to retain low expenses.
“From a community standpoint, there would possibly per chance well well be no changes to present dApps, no changes to mobile-first formula nor the rising regenerative finance (ReFi) stack,” stated the proposal’s authors.
The transition wouldn’t affect stop customers or holders of the blockchain’s native token CELO, who would deal with their vote casting rights for on-chain governance. Nonetheless, Celo’s validators and paunchy node operators would must speed or accumulate admission to an additional Ethereum node.
For builders, the upgrade will be no diversified to a blockchain arduous fork, however this would possibly per chance occasionally advance with some vital improvements treasure improved safety and accumulate admission to to a local bridge to Ethereum.
The cLabs workforce has invited the community to a governance name at 11:00 am ET on July 21 to converse about the proposed changes, after which an indicative on-chain “temperature check” would possibly per chance well well be assign forth.
Source credit : unchainedcrypto.com