In the ever-unfurling tapestry of blockchain and cryptocurrency innovations, a new chapter has emerged, marked by critique and conversation between some of the sector’s most prominent figures. The co-founder of Solana, Anatoly Yakovenko, recently took to X (the platform formerly known as Twitter) to voice his concerns regarding the Ethereum layer-2 network ZKSync, specifically targeting its governance system which, contrary to its projected image of decentralization, Yakovenko likens to a multisig system—a model which requires multiple signatories to approve transactions, thereby centralizing control.
At the core of Yakovenko’s critique is the assumption that ZKSync, despite its claims of community-led governance, still operates under a framework susceptible to legal intervention. This, he argues, counters the ethos of blockchain’s decentralization, suggesting that a sufficient number of token holders and members of the so-called “professional security council” could be compelled by a single U.S. bankruptcy judge to seize control of the bridged assets for a bankruptcy trust.
In response to Yakovenko’s criticism, Alex Gluchowski, the co-founder and CEO of Matter Labs (the team behind ZKSync), maintains that their network’s governance system represents a significant evolution beyond a simple multisig setup, heralding it as a “critical step towards Stage 2.” This stage signifies a shift towards full decentralization, where trust is placed entirely in the blockchain’s code and algorithms, fostering a system that is open, secure, and resilient against manipulation. It’s worth noting, however, that no Ethereum layer-2 network has yet achieved this level of decentralization in practice.
On September 12, in an announcement that sparked much discussion, Gluchowski unveiled ZKSync’s new governance system. This system comprises a tripartite structure designed to distribute control more evenly across its community. The ZK token assembly forms the first part of this governance trio, consisting of token holders who delegate their voting power to chosen delegates. These delegates are empowered to propose and vote on various upgrades and changes to the protocol, governance, and token usage. This model, as described by the Matter Labs team, is pivotal as it allows for on-chain upgrades to the ZKSync protocol by the community, moving away from reliance on a central multisig system.
Moreover, these delegates are afforded legal protection through the ZKsync Association, a non-profit entity that obviates concerns around personal liability.
The second component of the governance structure is the ZKsync Security Council. This body is comprised of a cadre of engineers, auditors, and security experts with the authority to review, approve, or propose necessary protocol upgrades, including the ability to freeze the protocol in case of emergency. Importantly, their power is not absolute; they cannot autonomously make and approve upgrades.
The governance framework is completed by the ZKsync Guardians, whose role is to ensure that all governance proposals adhere to the principles laid out in the ZK Credo. They wield veto power as a means to check and balance the Token Assembly and the Security Council, ensuring that the governance remains aligned with the network’s foundational ethics.
This triadic governance structure marks a deliberate attempt to decentralize control, ensuring that no single individual or faction can unilaterally dictate the protocol’s direction. Through the collaborative efforts of the Token Assembly, Security Council, and Guardians, proposals such as ZKsync Improvements, Token Programs, and Governance Advisory changes are meticulously reviewed and executed. This ensures a balanced and democratic governance system that lives up to the decentralized ideals of the blockchain community.
As this debate unfolds, it continues to attract attention not only from those directly involved in the blockchain industry but also from observers keen to understand the evolving dynamics of governance within decentralized networks. It’s a potent reminder of the complexities inherent in transitioning from traditional centralized models of control to genuinely decentralized systems of governance.
Within this intricate dance of opinions and technological innovation, there’s an underlying current of passion—a drive to push the boundaries of what blockchain technology can achieve. It’s a narrative filled with aspirations, challenges, and the unyielding quest for a more open and equitable digital future.
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As we stand on the cusp of potentially ground-breaking advancements in blockchain governance, it’s clear that the journey towards decentralization is fraught with challenges, debates, and the continuous need for innovation. Yet, it’s this very journey that captivates and drives the community forward, making every step, every critique, and every discussion a vital part of the blockchain evolution. Entertaining as it is enlightening, this ongoing dialogue underscores the vibrancy and resilience of the blockchain community—a testament to its unyielding pursuit of a decentralized and democratic digital world.
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