Solana co-founder Anatoly Yakovenko The critic has been criticized Ethereum ZKsync, layer-2 networking system because despite its claims to be community-driven governance it operates as a multisigsystem.
It is not a post Yakovenko argued on X, formerly Twitter, that the same could be said. “honest majority” ZKsync falls under these assumptions, because the legal and technical control of its system could fall easily within a court’s jurisdiction. This compromises ZKsync’s decentralization.
He said:
“Enough of the token holders to create a quorum and enough of the ‘professional security council’ could be within reach of a rando US bankruptcy judge that could order all of them take all the bridged assets under control of a bankruptcy trust.”
Alex Gluchowski co-founder of and CEO at Matter LabsThe team behind ZKsync. Gluchowski had said the network’s decentralized governance system is not a multiple-signature setup. “a critical step towards Stage 2.”
In Stage 2, the transition is from partial to total decentralization. This stage involves placing all trust in the code and algorithms of the blockchain, which ensures that the system will be open, secure and resist manipulation.
Note that no Ethereum Layer-2 network has reached the final stage of development. decentralization development.
Decentralized governance
On September 12, Gluchowski announced The ZKsync governance system has been launched.
This system is a three-body structure, which includes the ZK token assembly—a group of token holders who delegate their voting power to delegates. They can also vote and submit proposals on tokens, protocol, governance, etc. upgrade proposals.
The team’s view:
“This is perhaps the most important facet of the system: token holders and their Delegates can initiate ordinary upgrades to the ZKsync protocol directly onchain, instead of relying on a single multisig.”
ZKsync Association is a non-profit organization that protects delegates from personal liability.
Second, the ZKsync Security Council is made up of security experts, engineers and auditors. This Council is able to approve and review protocol upgrades. It can also freeze the protocol and make necessary upgrades.
Their power is limited, however. As they are unable to approve and submit upgrades on their own.
Last but not least, ZKsync Guardians make sure that all governance proposals adhere to the ZK Credo. These guardians have the power to veto and are a balancing force for other governance structures.
The three governance entities—the Token Assembly, Security Council, and Guardians—collaborate to review and execute proposals, such as ZKsync Improvements, Token Programs, and Governance Advisory changes. Token Assembly may submit proposals. The Guardians will veto any such proposal if they feel it is necessary. Security Council then must approve protocol updates.
This system prevents any individual or group from having a monopoly on upgrades and proposals.
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Source: cryptoslate.com