As we continue on our journey towards refining Zilliqa's governance, a crucial focus point is the concept of gZIL delegation.
This initiative, targeted at bolstering the decision-making and governance process for the Zilliqa blockchain, now comes to the forefront once more as we reopen the proposal for further voting. We call on the Zilliqa community, who have always been our driving force, to partake in this decision-making process that is pivotal to the platform's future.
The idea of gZIL delegation was introduced in a governance proposal in May, showcasing our intent to explore a novel approach to bolstering community participation. Despite garnering a significant amount of positive sentiment from our community, it fell short of achieving the required quorum due to a lack of sufficient participation.
Without the introduction of delegation, we face severe challenges in facilitating effective governance procedures and managing future proposals. Hence, we are reopening the proposal for a fresh round of voting in an effort to attain consensus.
The crux of the proposal is the implementation of a new smart contract on the Zilliqa network, referred to as the gZIL delegation contract. This feature would enable gZIL holders to delegate their voting rights to a trusted party. It works by recording a non-binding mapping from a delegated wallet address to a collection of delegates’ wallet addresses, along with the precise number of gZIL delegated, accurate to an appropriate number of decimal places.
Simultaneously, we propose modifying the Snapshot protocol to capture the state of the newly implemented contract at the block where the vote happens. With this modification, we can ensure that each vote cast, either by the holder or their delegates, accurately reflects in the overall voting process.
The gZIL delegation isn't just a technical addition; it's a strategic move designed to overcome significant challenges we've faced in reaching quorum for governance decisions. Given the distributed nature of gZIL holdings and low engagement from several gZIL holders, our governance decisions have often encountered hurdles despite having clear majority support from active participants.
Through gZIL delegation, we are not only streamlining the governance process but also giving each gZIL holder, regardless of their stake size, the chance to influence the platform's future. It serves to democratise our voting process, allowing gZIL to be voted either directly by the holder or their delegates, without exceeding the total quantity of gZIL owned by the holder.
We implore you, the Zilliqa community, to cast your votes and make your voices heard. Our dedication to building a more efficient, flexible, and faster network architecture remains unwavering, and we believe these steps are crucial to the ongoing success of Zilliqa's governance and the further development of our platform.
Remember, your vote is your voice in this evolving ecosystem. Join us in reshaping the future of Zilliqa's governance system. Be sure to participate in the voting process on the Zilliqa governance forum, and let's walk together towards a more democratic and inclusive Zilliqa.
With Zilliqa 2.0 on the horizon, we're committed to creating a network that embodies reduced CO2 emissions, increased security, long-term sustainability for ZIL via zero inflation, and lower costs for running a node on Zilliqa.
Check out our interview with Zilliqa CTO Richard Watts to learn more about what to expect from Zilliqa 2.0.
As we reopen this proposal for further voting, we stand at the precipice of a significant shift in our governance model. Your vote will help guide us in this journey, impacting the future of our platform and paving the way for a more inclusive, transparent, and democratic Zilliqa. Let's together shape the course of our future.