0x Launches Smart Contract System ZEIP for Fully Chain-bound Governance
On February 21, it was reported that the decentralized transaction infrastructure 0x will launch a new smart contract system ZEIP for fully chain-bound governa…
On February 21, it was reported that the decentralized transaction infrastructure 0x will launch a new smart contract system ZEIP for fully chain-bound governance. ZEIP can fully control the 0x agreement, treasury and governance, and plans to launch a formal plan to encourage active on-chain voting participation (independent and entrusted) in the 0x agreement governance.
0x Launch the new smart contract system ZEIP for on-chain governance
Interpretation of the news:
The decentralized transaction infrastructure, 0x, has recently announced the launch of a new smart contract system called the ZEIP. This system will be designed to implement fully chain-bound governance for the 0x agreement, treasury and governance. The ZEIP aims to formalize a plan that will encourage both independent and entrusted on-chain voting participation for the governance of the 0x agreement.
Decentralization is a vital aspect of blockchain technology, and the 0x agreement aims to promote just that. The 0x agreement is a decentralized exchange that enables the exchange of Ethereum-based tokens. However, the 0x agreement itself is not decentralized, which means that a few key players controlled its governance and treasury affairs. This fact has made the governance structure of 0x flawed, as it goes against the very principle of decentralization.
Thus, to solve this problem, 0x has launched the ZEIP system. The aim is to fully decentralize the governance of the 0x agreement via the ZEIP smart contract. This means that the 0x agreement, treasury and governance will be fully controlled through the ZEIP system, which will be executed automatically using the Ethereum blockchain.
The ZEIP system is expected to include several features, including a formal plan to stimulate active participation in the governance of the 0x agreement. These features will allow both independent and entrusted users to participate in on-chain voting on the governance structure of the 0x agreement, thereby enabling true decentralization.
The deployment of the ZEIP system and the potential for fully decentralized governance will likely create more trust amongst the 0x community, as it will allow users to be part of the decision-making process instead of just being passive participants. Moreover, the ZEIP system can help foster an open and transparent dialogue between the 0x team and the user community, which will enable the team to better understand the needs of the users and enhance the overall quality of the 0x agreement.
In conclusion, the launch of the ZEIP system by 0x is a crucial step towards decentralizing its governance and treasury affairs. The system will enable independent and entrusted users to participate in on-chain voting, which will allow for a truly decentralized governance structure. Thus, the ZEIP system promotes decentralization and transparency, which are fundamental pillars of blockchain-based systems.
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