Blockchain infrastructure firm Consensys is working on a project to create a platform enabling self-sovereignty in the global Web3 and AI-driven economy.
Introduction to Network State Project
According to company founder Joe Lubin, the project, named "Network State," aims to catalyze the creation of decentralized ecosystems aligned with self-sovereignty principles. He views it as the start of a partnership with the community to build a network based on blockchain technology.
Technological Capabilities and Goals
The project operates on Linea, a Layer 2 Ethereum scaling solution developed by Consensys. It allows users to attest to forms of sovereignty meaningful to them. Lubin noted that the project's aim is to assist in building more equitable communities.
Regulatory Criticism and Future of Crypto Regulations
Ethereum co-founder also criticized the U.S. Securities and Exchange Commission (SEC) for fostering a "gas-lit world," which he argued impedes Web3 innovation. Consensys recently issued an open letter to the next U.S. president, urging future leadership to prioritize clear crypto regulations.
Consensys' "Network State" project opens new avenues for self-sovereignty in Web3. The company hopes future administrations will contribute to clearer regulations, supporting innovation and protecting consumers.
