zkSync, the Ethereum Layer 2 network developed by Matter Labs, has rolled out a new decentralized governance system known as ZK Nation.
zkSync ZK Nation: A Community-Driven Governance System
As per a blog post announcing the system, the governance will be community-driven. Similarly, the protection and expansion of the zkSync protocol will be community-driven.
Notably, the move to decentralize is part of a grander scheme, which is the upcoming token generation event and airdrop scheduled for this month. The event is aimed at further decentralizing the network. So, the ZK Nation is a strategy to uphold decentralization guarantees ahead of the main event.
The governance architecture is structured in a way to empowers members of the community by assigning them a significant role in protocol governance. To ensure that meaningful change is guaranteed within the zkSync ecosystem, token holders will be able to delegate, propose protocol upgrades, deliberate, and vote on various issues.
By leveraging on the transformative potential of cryptography and blockchain technology in shaping the future, the protocol aims to usher in a new era of innovation with zero-knowledge (ZK) proofs.
It will facilitate a continuously expanding, verifiable blockchain network that offers digital sovereignty to millions of users.
Structure and Function of ZK Nation
Furthermore, ZK Nation will comprise three on-chain bodies namely the Token Assembly, the Security Council, and the Guardians. In a bid to guarantee comprehensive protection for the Token Assembly, the three entities will operate under different legal frameworks.
Nevertheless, all will collaborate with zkSync’s smart contracts and coordination channels. These channels include initial delegation and voting portal on Tally. The overall objective is to provide the community with direct participation in the evolution of the zkSync.
In a statement, zkSync emphasized that everyone in the chain including innovators, developers, or the regular freedom advocate will have a function in the community. These analysts believe it will avert the discontent voiced by members of the EigenLayer community over the EIGEN airdrop.
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