Ethereum optimism7/20/2023 The Token House, governed through tokenization, will begin to take shape now that Airdrop #1 has occurred. When designing the governance framework, the Optimism team decided to go bicameral, erecting two different governmental bodies to make up the Collective. As Vitalik Buterin writes, “The core principle behind the concept of retroactive public goods funding is simple: it’s easier to agree on what was useful than what will be useful”. In other words, people and projects should be retroactively funded for contributing to the public good. The Optimism Collective defines the impact=profit axiom as “…the principle that positive impact to the collective should be rewarded with profit to the individual”. This model is centered around the axiom of impact=profit and the conviction that funding public goods can be profitable. Calling itself a “new model of digital democratic governance optimized to drive rapid and sustained growth of a decentralized ecosystem”, the governance model is designed to empower a community to build and benefit from a robust public goods funding model. As a decentralized autonomous organization, the Optimism Collective resonates with the soul of Ethereum: the idea that the technology we build and the systems we create to incentivize behavior can create an abundant, sustainable, and techno-optimist future. On April 26, 2022, a new model of democratic governance was born. A week later, the news was so hot that even Arbitrum did a quote tweet trying to get in on some of the action: Twitter A New Model of Optimistic Governance SourceĪs the team raised significant funding to scale their own operations, they wrote that Optimism was “nearing the end of a chapter and the beginning of the next - one driven by community ownership and governance”. Optimism started as a “small group of ETH obsessives, maniacally scribbling on whiteboards”, to a short time later, developing the Optimistic Rollup. Shortly thereafter, a follow-up post told their story. It posits that public goods-focused building is “a mindset: that optimism prevails, that better systems are possible, and that humankind will be rewarded for its cooperative revolution”. On March 23, 2022, Optimism published a short but powerful blog post - Ether’s Phoenix - about building infrastructure to support public goods funding. Optimism isn’t just a scaling technology it’s also the fundamental subatomic force that binds all of Web3. Optimistic Ethereum encapsulates the spirit of this new epoch. In the medium term, an executive body is tasked with guiding the Collective as it gets its governance legs.Įxploring the nuances of the Optimism Collective’s structure reveals a governance and token design that encodes the belief that together we can build better things even though our incentives are not always aligned, even though our specific goals may be different. The Collective will be divided into two governing bodies: one for token holders to focus on short-term incentives, and one for those focused on long-term retroactive public goods funding. In the structural design of the Optimism Collective, we see this optimistic spirit at work. Optimism holds special appeal for those of us aware that its founders are aligned with Ethereum’s ethos of permissionless building, progressive decentralization, and public goods funding, the idea that together we can create a more vibrant, sustainable, and beautiful world. As the name implies, the scaling solution literally involves optimism, in this case that the transactions are legitimate.īut this optimism extends beyond the technology. Optimism relies on Optimistic rollup technology to scale Ethereum. Layer 2 (L2) is a term for a specific type of Ethereum scaling solution that allows users to inherit the security of Ethereum but transact with cheap fees and fast inclusion times. There has been talk of Layer 2 Summer for over a year (and #L222 has been trending since last year). The OP Token and Non-Transferrable NFTs Work to Build A New Digital DemocracyĪrticle by Hiro Kennelly Cover Art by OrnellaĬrypto Twitter lit up in April when Optimistic Ethereum (Optimism) announced that it was ready to tokenize its community and create a decentralized autonomous organization called the Optimism Collective.
0 Comments
Leave a Reply. |