The long-awaited ARB coin will allow holders to vote on modifications to the dominant Ethereum layer 2 network.
The Arbitrum Foundation announced on March 23 that the new Arbritrum token, ARB, would be distributed to the community through airdrop on the same day.
The Arbitrum Foundation claims that the launch of ARB will signal the beginning of Arbitrum’s transformation into a decentralized autonomous organization (DAO), giving holders of ARB a voice in the governance of Arbitrum One and Arbitrum Nova. These two networks improve the efficiency and cost-effectiveness of Ethereum blockchain transactions.
The Arbitrum Foundation has indicated that the Arbitrum DAO will be able to make “critical choices at the fundamental protocol level,” including how the chain’s technology is improved and how the funds generated by the chain are divided for ecosystem support.
Although Offchain Labs, the company behind the creation of the Arbitrum protocol, claims that the ARB token will make the Arbitrum ecosystem more decentralized than alternative scaling chains, the Arbitrum Foundation plans to grant a relatively high percentage of tokens to investors and core contributors (44%).
“For me, the most interesting thing is the decentralization,” Offchain Labs CEO Steven Goldfeder told CoinDesk, referring to the fact that Offchain Labs would no longer influence the destiny of this chain. “We’re a service, and if the DAO needs us to develop any software, we’ll do it.”
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