ZKsync unveils new governance model with smart contracts

by Giorgi Kostiuk

2 years ago

Introduction of the new model
Roles of different bodies
Check and balance mechanisms

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.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Farside Investors Emphasizes Strict Editorial Standards

Farside Investors has released a report that emphasizes its commitment to a strict editorial policy focused on accuracy, relevance, and impartiality.

Nguyen Van Longan hour ago

Meta is Set to Launch a New Prediction Market App Named 'Arena'

Meta is reportedly developing a new app called Arena that will allow users to make predictions on events using points instead of real-world cash.

Jesper Sørensen3 hours ago

Meta's Previous Ventures into Crypto and Prediction Markets

Meta has a history of engaging with crypto technologies, including its previous attempt at a prediction market with the Forecast app, which was launched in 2020 and shelved in 2022.

Satoshi Nakamura3 hours ago

TurboFlow Secures $6 Million Seed Funding from Pantera Capital

TurboFlow has successfully raised $6 million in a seed funding round led by Pantera Capital, indicating strong investor interest in platforms that integrate prediction markets and trading infrastructure.