0x launches ZEIP- a new smart contract system for decentralized 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 report of 0x launching a new smart contract system, ZEIP, on February 21, 2021, is a significant step that will bring significant changes to the decentralized system. 0x is a decentralized transaction infrastructure that was created to facilitate peer-to-peer exchange of Ethereum token with the use of smart contract. ZEIP will allow the fully chain-bound governance of the 0x agreement, treasury, and governance.
In the decentralized system, the governance is the means of making decisions in the network. With the introduction of ZEIP, active on-chain voting participation (independent and entrusted) will be encouraged. The use of on-chain voting in the network is an essential way to make a transparent and robust decision making process. It will promote decentralization by allowing every participant to have a say in how the network operates.
The formal plan to encourage active on-chain voting participation will give the network users a sense of ownership and control over the system. It will allow them to participate in the decision-making process to promote transparency and accountability. The decentralized governance system allows the community to make decisions that affect the system’s protocol, which is a new level of democracy in the world of blockchain.
Smart contracts are self-executing contracts with the terms of the agreement directly written into its code. ZEIP will provide the fully chain-bound governance of the system and allow smart contracts to function efficiently to create and store agreement terms securely. The use of ZEIP creates a trustless system where contracts are immutable, and decisions are made transparently across the network.
In conclusion, the introduction of ZEIP is a significant step towards achieving a fully decentralized governance model within 0x infrastructure. ZEIP will promote transparency and accountability, promote decentralization, and allow active on-chain voting participation. This will further enhance trust within the decentralized system and promote healthy interaction within the blockchain.
Key takeaways:
1. ZEIP will allow the fully chain-bound governance of the 0x agreement, treasury, and governance.
2. The use of on-chain voting will promote decentralization, transparency, and accountability in the decision-making process.
3. The use of smart contracts will allow for a trustless system, where contracts are immutable and decisions are transparently made across the network.
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