crypto news

Arbitrum will launch its own governance token, ARB, next week

Arbitrum will launch its own governance token

The launch of ARB, the governance token of Arbitrum, is scheduled for next Thursday, March 23.

Ethereum Scalability Layer Arbitrum has just announced the creation of a Decentralized Autonomous Organization (DAO) as well as the launch of its own governance token, called ARB.

Arbitrum is making progress in decentralizing its ecosystem, putting the governance of the Arbitrum One and Arbitrum Nova networks in the hands of its own community through a DAO.

The ARB token, which will be airdropped among Arbitrum users next Thursday, March 23, will allow the community to exercise governance over the network, which follows the original goal of becoming the most secure sidechain in the world. ecosystem of Ethereum.

Arbitrum developers emphasize that to achieve this goal, decentralization is essential. “Building a secure and decentralized L2 requires removing all centralized control points from the chain so that the chain can operate without trust,” the Arbitrum Foundation said in a recent statement.

Although the Arbitrum blockchain ecosystem is not fully decentralized from the start, the developers allow the possibility of upgrading the network to the Arbitrum DAO, so that improvements and new features can always be implemented during that it is the user community that does the trick. decisions through the ARB.

Arbitrum was made public in August 2021. However, from the start, the developers had indicated that the network did not have its own token. Now, years after its development, they consider it time to give a DAO “ownership of the channel and responsibility for promoting and growing the Arbitrum ecosystem.”

The ARB token is how Arbitrum will distribute the responsibility of governing its protocol within the community.

How will Arbitrum’s decentralized governance work?

Arbitrum deposits in the DAO and the ARB token the decision-making power of the community. The Arbitrum Foundation explained that governance will be done in a self-executing manner, so the votes cast on a proposal will have the power to execute it, if said proposal is approved, without the need for intermediaries.

The voting period for enhancement proposals submitted to Arbitrum will last between 21 and 37 days. However, in emergencies where a protocol change needs to be implemented quickly, Arbitrum has established a Security Council, which will be comprised of 12 highly regarded and reputable community members elected by the DAO twice. per year. anus.

This council was created based on the need to guarantee the security of the chain and to be able to act quickly in the event of the existence or discovery of a security vulnerability in the protocol.

The council will work with a multisignature, in which the participation of 9 of the 12 members is required to implement emergency changes.

Growing interest in Arbitrum

According to data from Google Trends, search interest in the term “Arbitrum” has skyrocketed over the past few hours, following the Foundation’s announcement to launch its own governance token.

Arbitration

Data from Google’s Trends Tool shows that China is the region with the highest percentage of searches for the blockchain scalability solution, followed by the island of Saint Helena, Nigeria and Singapore. .

 

Leave a Reply

Your email address will not be published. Required fields are marked *