ZKSync Initiates On-Chain Governance Model on its Mainnet, Promoting Resilience and Decentralization.

Ethereum Layer 2 scaling solution ZKSync (ZK) has declared the launch of its governance apparatus on the mainnet.

This on-chain governance framework embodies critical features like resilience and decentralization, aligning seamlessly with its overarching goals. These principles resonate with the essence of the ZK Credo, which includes rights such as forking and withdrawing, along with the community's ability to independently validate its decisions and actions in a trustless environment.

The governance structure comprises three vital entities: the Token Assembly, where holders of ZK tokens can choose to delegate their voting rights or exercise them directly; the Security Council, which reviews and approves proposals put forth by the Protocol Governor and possesses the power to temporarily halt the protocol during crises; and the Guardians, who uphold the values set forth in the ZK Credo and can veto governance proposals.

Both the Security Council and the Guardians operate as blockchain-oriented organizations, integrating smart contracts with legal frameworks. Their charters set forth specific technological protocols and guarantee compliance with stringent guidelines and agreements. This structure facilitates fair and effective decision-making aimed at benefiting the community.

Together, these elements create a governance framework that merges decentralized decision-making with agility, allowing for quick responses to urgent situations.

Moreover, the three governing bodies work collaboratively to propose, approve, and implement three categories of proposals: ZKSync Improvement Proposals, discussing changes to the ZKSync protocol contracts and managed by the Protocol Upgrade Governor; Token Program Proposals, which present new processes for the minting and burning of ZK tokens by those involved in developing the ZKSync ecosystem; and Governance Advisory Proposals, outlining off-chain initiatives requiring approval from the Token Assembly but unrelated to the ZKSync protocol or tokens.

This advancement sets a new standard for the functioning of decentralized frameworks. All adjustable components of the ZKSync protocol are now integrated into a system characterized by checks and balances. Control of ZKSync does not reside with any singular organization or group; instead, it operates on a consensus basis among various autonomous entities.

ZKSync Shifts to Elastic Chain Structure.

This is a Layer 2 network crafted to optimize transaction efficiency and reduce costs on Ethereum utilizing advanced techniques. zero-knowledge (ZK) rollups and ZK proofs.

Recently, ZKSync has revamped its ecosystem design, transitioning to an ‘ elastic chain ” architecture. The latest v24 upgrade has transitioned ZKSync from a singular ZK rollup chain into an elastic network of connected ZK chains that provide native interoperability and a seamless user experience, marking a pivotal milestone in the ZKSync 3.0 roadmap.