Celo has made an announcement about a proposal to advance from an EVM-compatible Layer 1 blockchain in its current state to an Ethereum Layer 2 solution.
The Ethereum 2 Layer will enable the creation of new opportunities for integration and collaboration with the Ethereum network. The proposal discussion is set to take place at a management call scheduled for the 21st of July.
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Participate in Celo’s governance call 📞
A special-edition EthCC governance call will be held IRL on Friday, July 21, at 8am PT/5pm CET. (Location & virtual link pending).
— Celo 🦇 🌳 (@Celo) July 16, 2023
After several months of research by the cLabs team and discussions with key Celo and Ethereum ecosystem members, the proposal provides an outline where Celo has leverage on the OP Stack to manage the Ethereum Layer 2.
The upgrade is set to bring a few major changes such as a decentralized sequencer run by the existing suite of validators by Celo and controlling the Byzantine Fault Tolerance consensus protocol.
Furthermore, the off-chain data availability layer operated by Ethereum node operators and guarded by previously staked ETH will enhance the security measures.
The developer has said that the design will enable Celo to maintain low fees while maintaining tier-1 block finality.