ZKsync unveils new governance model with smart contracts

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Introduction of the new model
  2. Roles of different bodies
  3. Check and balance mechanisms


    4. ZKsync has officially launched a decentralized governance model that includes smart contracts and various mechanisms to maintain a balance of power.

    Introduction of the new model

    The Ethereum Layer 2 protocol ZKsync announced its new governance system in a blog post. It includes smart contracts and is active on the mainnet. The developers stated that the new governance model embodies their key principles, such as mission alignment and resilience.

    Roles of different bodies

    The governance model includes three bodies: Guardians, Security Council, and Token Assembly. The Guardians and Security Council ensure adherence to ZK Credo’s values and protect the protocol from threats. The Token Assembly allows token holders to delegate their voting power.

    Token holders and their Delegates can initiate ordinary upgrades to the ZKsync protocol directly on-chain instead of relying on a single multisig.

    Check and balance mechanisms

    The governance model includes a set of check-and-balance mechanisms to prevent any group from gaining too much power. The Guardians hold veto power over proposals, the Security Council ensures technical security, and the Token Assembly makes decisions on upgrades and token programs.

    The new ZKsync governance system allows the community to participate in decision-making while ensuring balance and protection for the protocol.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Trump's Stock Market Celebration Turns Sour

President Trump's celebration of Wall Street's highs quickly turned negative as the SP 500 plunged, prompting discussions of emergency trading halts.

user avatarMaria Gutierrez

Market Faces Emergency Trading Thresholds Amid Selloff

The US stock market approached emergency trading thresholds as the SP 500 faced significant declines, raising concerns among traders.

user avatarDavid Robinson

Thailand's SEC Takes Action Against Bitget for Unlicensed Operations

Thailand's SEC has filed a criminal complaint against BG Limited for allegedly operating the cryptocurrency exchange Bitget without a license.

user avatarAndrew Smith

VanEck Sees Buying Opportunity in Bitcoin Mining Stocks After Market Correction

VanEck sees a buying opportunity in Bitcoin mining stocks after a market correction, citing limited electricity capacity and delays in grid connections as potential advantages.

user avatarZainab Kamara

Bitcoin Mining Stocks Plummet Amid AI Infrastructure Concerns

Bitcoin mining companies that expanded into AI infrastructure saw an average stock price decline of 35% in October 2023 due to market fears about rising borrowing costs and economic uncertainties.

user avatarJacob Williams

Proposed Loss Carryforward Mechanism for Cryptocurrency Investments

South Korean government officials proposed a three-year loss carryforward mechanism for cryptocurrency investments to create a balanced taxation approach.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.