ZKSync Activates On-Chain Governance System On Mainnet, Supporting Resilience And Decentralization
In Brief
ZKSync announced the official launch of its governance model with smart contracts on the mainnet.
Ethereum Layer 2 scaling solution ZKSync (ZK) announced the deployment of its governance system on the mainnet.
Its on-chain governance system reflects core attributes such as resilience, decentralization, and alignment with its mission. These characteristics support the principles outlined in the ZK Credo, encompassing the right to fork or exit and the community’s capability to verify decisions and actions in a trustless manner.
This system consists of three main bodies: the Token Assembly, which includes ZK token holders who can delegate their voting power to others or use it themselves, the Security Council, which evaluates and approves Protocol Governor proposals and has the authority to temporarily suspend the protocol in emergencies, and the Guardians, who uphold the ZK Credo and have veto power over governance proposals.
The Security Council and Guardians are blockchain-based organizations that integrate smart contracts with legal entities. Their charters include technology-specific rules and enforce adherence to stringent agreements and guidelines. This framework ensures effective and impartial decision-making for the benefit of the community.
Collectively, these components form a governance model that combines decentralized decision-making with the capacity to respond promptly to critical situations.
Furthermore, the three governing bodies collaborate to publish, approve, and implement three kinds of proposals, encompassing ZKSync Improvement Proposals, which detail modifications to the ZKSync protocol contracts and are managed by the Protocol Upgrade Governor, Token Program Proposals, which introduce new mechanisms for minting and burning ZK tokens by participants involved in the development of the ZKSync ecosystem, and Governance Advisory Proposals, which outline off-chain decisions and actions needing approval from the Token Assembly but are not associated with the ZKSync protocol or the token.
This new development establishes a new benchmark for the operation of decentralized systems. All modifiable aspects of the ZKSync protocol are now embedded within a system of checks and balances. Control of ZKSync is not held by any single entity or group, rather, it is managed through consensus among independent parties.
ZKSync Transitions To Elastic Chain Architecture
It is a Layer 2 network designed to enhance the cost-effectiveness and efficiency of transactions on Ethereum through the use of zero-knowledge (ZK) rollups and ZK proofs.
Recently, ZKSync has introduced a new ecosystem design, transitioning to an “elastic chain” architecture. The latest v24 upgrade has shifted ZKSync from a single ZK rollup chain to an elastic chain—a network of interconnected ZK chains with native interoperability and a cohesive user experience—marking a key step in the ZKSync 3.0 roadmap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
