zkSync Introduces ZK Nation for Decentralized Governance


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Crypto News Squad
Jul 16, 2023

zkSync Introduces ZK Nation for Decentralized Governance

zkSync, the leading Layer 2 scaling solution Ethereum by (ETH) Matter Laboratorieshas introduced ZK Nation, a governance model that will increase people’s participation in its ecosystem. This announcement also includes information about the token creation event and the airdrop that will take place this month. The introduction of ZK Nation strengthens the centralization and independence of the network and invites token holders to participate more directly in the development of the protocol and decision-making.

zkSync Introduces Governance with ZK Nation

The newly released ZK Nation is a significant step towards a more decentralized decision-making process. zkSync network. As stated in an official blog post, this enables token holders to propose, vote and discuss critical protocol changes and improvements. Thus empowering the community and strengthening the connection to future developments of the protocol.

The governance model is structured around three main bodies: the Token Assembly, the Security Council, and the Guardians. Both have important responsibilities in ensuring the protocol’s compliance and readiness to meet the needs of the community. This increases community participation and increases efficiency by allowing token holders to vote through representatives of their choosing.

Security Council Ensures Technical Network Integrity

The creation of the Security Council is a preventive measure to ensure the technical integrity of the zkSync network. This body of blockchain security and cryptography experts is responsible for evaluating and approving proposed upgrades; because the changes must improve security without having a negative impact on functionality. On the other hand, Guardians are required to uphold the core tenets of the zkSync community and have the authority to reject certain decisions or take immediate action if the reliability of the network is compromised.

This multi-level approach decentralizes governance within the zkSync ecosystem and aims to achieve fair governance, taking into account technical soundness and community opinion. It also corresponds to zkSync’s focus on using zero-knowledge proofs for scaling and privacy improvements, and demonstrates its ongoing efforts in research and user advancements.

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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.

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