ZKSync introduces ZK Nation, a ‘community-driven’ governance system

Source: Crypto Briefing

Ethereum Layer 2 network ZKSync has unveiled a new “community-driven” governance system called ZK Nation. The introduction of ZK Nation coincides with the project’s plans to conduct its token generation event and an airdrop this month, which is expected to further decentralize the network.

According to the new system’s blog post, the community is “driven by a shared purpose to govern, defend, and grow the ZKSync protocol.”

The new governance system will enable ZKSync token holders to actively participate in the protocol’s development by introducing proposals, voting on protocol upgrades, and deliberating on network parameter changes. ZKSync is developed by Matter Labs, a protocol development firm which recently came under fire from the crypto industry for its zero-knowledge trademark bid.

According to ZK Nation, the new governance system will showcase the importance of maintaining “strong social and technical decentralization guarantees,” which ostensibly create a framework for evaluating the maturity of rollups.

ZK Nation will operate through three onchain governance bodies: the Token Assembly, the Security Council, and the Guardians. These governance bodies will operate within different legal structures to ensure maximum protection for the Token Assembly and will interact with ZKSync’s smart contracts and coordination channels, such as the initial delegation and voting portal on Tally.

The Token Assembly will include token holders who delegate their voting power to representatives, while the Guardians will act as protectors of the ZK Credo’s values by exercising their veto power and initiating or approving emergency actions related to the ZKSync network.

The Security Council, composed of highly technical and skilled professionals, will safeguard the protocol and network’s technical security by providing technical reviews for approved protocol upgrades.

ZKSync claims to be committed to driving innovation forward with zero-knowledge proofs, facilitating a continuously growing, verifiable blockchain network that provides digital sovereignty to billions based on a protocol rooted in integrity and security.

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Author: Vince Dioquino