Ethereum scaling solution Optimism upgrades governance structure

Optimism Foundation will launch a governance token called OP to govern protocol and network parameters, and incentivize adoption.

The Optimism Foundation has unveiled a new governance structure and token as part of its ongoing efforts to bring scalability and cost efficiency to Ethereum (ETH), the world’s largest smart contract platform.

The “Optimism Collective” was introduced Tuesday afternoon in a lengthy post that outlined its mission and governance mandate. Described as a “large-scale experiment in digital democratic governance,” the Optimism Collective essentially comprises a band of communities and stakeholders committed to improving Ethereum’s technical capabilities.

According to the details, the Optimism Collective will be governed by two components: the Citizens’ House and the Token House. The Citizens’ House will “facilitate and govern a process to distribute retroactive public goods funding” via revenues collected by the network. The Token House, which will be established through forthcoming airdrops, is tasked with..

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