ZkSync, an Ethereum Layer 2 network developed by Matter Labs, has introduced a new community-driven governance system called ZK Nation.
ZkSync, an Ethereum Layer 2 network developed by Matter Labs, has introduced a new community-driven governance system called ZK Nation. "ZK Nation is a community driven by a shared purpose to govern, defend, and grow the zkSync protocol," the ZK Nation blog said on Monday.
The announcement stated that the project will adopt a new governance system to maintain guarantees of decentralization. This development coincides with the project’s plans to conduct its token generation event and an airdrop this month, which could further decentralize the network, as previously reported by The Block. "To remain resilient in the journey ahead, zkSync depends on a vibrant community empowered to drive meaningful change through protocol governance. The ZKsync protocol token, through ZK Nation's on-chain governance framework, is designed to empower token holders to delegate, propose protocol upgrades, deliberate, and vote," the post further stated.The governance system will allow token holders to introduce proposals and vote on protocol upgrades and network parameter changes. ZK Nation will consist of three on-chain bodies: the Token Assembly, the Security Council, and the Guardians. These bodies will operate within different legal structures to ensure maximum protection for the Token Assembly. Together, they will interact with ZKsync’s smart contracts and coordination channels, such as ZKsync’s initial delegation and voting portal on Tally. zkSync said that in a world where cryptography and blockchain technology have the power to shape the shared future of humanity, the protocol aims to drive a new era of innovation with zero-knowledge proofs. "This will facilitate a continuously growing, verifiable blockchain network, this network will provide digital sovereignty to billions, based on a protocol rooted in integrity and security."Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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