“I hope Zcash resists the darkish hand of token voting. Token voting is dangerous in some ways, and I believe it’s worse than Zcash’s present standing. “Privateness is strictly the sort of factor that, if left to the common token holder, will erode over time,” Ethereum co-founder Vitalik Buterin wrote in X on November 30.
His message has been inserted right into a full of life dialogue inside the Zcash ecosystem, and his neighborhood is analyzing it. Structural modifications in authorities and financial fashions.
In keeping with the imaginative and prescient of Ethereum's co-founders, if we delegate governance choices to a mechanism the place every vote depends upon the variety of cash owned, Create incentives that aren’t essentially favorable to defending privateness.
Privateness is on the coronary heart of the Zcash protocol and can be a rising story inside Ethereum, pushed by Vitalik himself.
In keeping with Vitalik, proposals and conflicts below dialogue inside Zcash
The Zcash neighborhood is discussing a number of proposals aimed toward adjusting the way in which choices are made and improvement is financed.
One which stands out is Zcash enchancment proposal ZIP-1016. Redefine block reward distribution scheme.
ZIP-1016 suggests Cut up a few of these rewards into two funds.: These operated with native subsidies (“Neighborhood subsidy”) and managed by holders of ZEC (Zcash foreign money).
Within the latter case, 12% of the block reward will probably be allotted. that is, personal ZEC can immediately affect the vacation spot of its capital.
The initiative solely specifies how funds will probably be distributed, not how choices will probably be made. As a substitute of setting the ultimate methodology, go away the choice for a future stage. The neighborhood should agree on which governance mannequin to make use of.
This level is essential to understanding Vitalik's warning. If this course of finally ends up adopting token voting (the place these with extra cash get extra decision-making energy), the door may very well be open. A small group prioritizes the undertaking.
This hole is on the coronary heart of the talk, as holder-controlled funds might result in a “one token, one vote” system.
In keeping with Buterin, this mechanism is Not appropriate for initiatives the place privateness is the primary goal. Of their view, massive holders are inclined to deal with short-term income, however defending privateness requires a choice to keep up collateral even when there isn’t any speedy revenue.
Zcash is a zero-knowledge proof (ZK, zero information proof), a expertise that permits transactions to be verified with out revealing delicate knowledge. To uphold that promise over the long run, Buterin argues that governance shouldn’t rely upon the financial weight of people.
Particularly, ZIP-1016 leaves the dialogue open. It’s as much as the neighborhood to determine whether or not the fund will probably be managed with token voting, delegates, a hybrid mannequin, or one other strategy. This course of is ongoing, and its outcomes will decide the route of Zcash's governance.
(Tag Translation) Governance
