Amidst the continuous negative trends, there is a relief news for Ethereum. Independent developers of Ethereum Ecosystem have launched a new Layer 2 Rollup Solution to solve its scaling problem, which has been named Ethereum R1. This new Layer 2 will be funded entirely by donations. Along with this, the developers have clarified that it will not have any token.
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What is the purpose of Ethereum R1 Layer 2 Rollup Solution
According to the developers, all the Layer 2 Blockchains currently working on Ethereum are like a new layer rather than its scaling solution. Due to private ownership, opaque governance and centralized leadership, they have turned into a private cartel rather than a commodity. The developers of Ethereum R1 just want to develop it like a normal commodity, on which any developer can do his work without any censorship and take advantage of the security and privacy of Ethereum.
How Ethereum R1 is different from other Ethereum Layer 2 Blockchains
Most Layer 2 Blockchains built on Ethereum such as Polygon, Arbitrum, Optimism have their own tokens. Their ownership controls the governance and planning of Blockchains. Unlike all these other Scalability Solutions, Ethereum R1 will work only on donations without any token, private sale and centralized leadership. Due to which its neutrality will remain. The developers have clarified that all its fees will be burned by 2030. So that its community ownership remains in true sense.
Can Ethereum R1 be a game changer
Ethereum is constantly struggling with its internal problems like slow transaction speed, high gas fees and low scalability. Due to which the market sentiment for it is getting weaker. Currently, the market share ratio of Ethereum and Bitcoin is at the lowest level in the last 5 years. This scalability solution that has come at such a difficult time will definitely bring positive sentiment for Ethereum in the market. Ethereum R1 resonates with Vitalik Buterin's recent statement in which he said that only good thinking can make the Ethereum App layer better.