The last time Zilliqa’s proposal was on the table, it got turned down due to insufficient participation and fewer numbers on the favorable side. That was in May 2023. It is June 2023, and the team has reopened the file to ensure enough voices are heard ahead of its implementation. The goal of bringing the proposal back is to enhance the decision-making process and better streamline the governance structure.
It basically covers the implementation of a new smart contract on the network that allows holders to delegate their voting power to a trusted third party. This way, they can miss out on participation, but someone will stay on the line for them to cast a vote. Simply put, all the voices will contribute to the growth even if they cannot make it to the meeting time.
The proposed smart contract works by recording a non-binding mapping from one wallet address to another, along with the number of gZIL that have been delegated. The mechanism is claimed to have accuracy in bringing out the perfect decimal places.
Building on that is the proposal to modify the Snapshot Protocol. It will capture how the newly implemented smart contract is functioning at the time when voting is in process. It will help ensure that all votes are counted and the numbers reflect the system, with no one missing out.
All gZIL holders will have access to the proposal, irrespective of the size of their holding. This has prompted Zilliqa forecast to paint a brighter picture of ZIL, with estimates stating that it could finish the year at $0.0590 against the current value of $0.0167. The development also aligns with the vision of building a flexible, efficient, and faster network to support future developments.
Zilliqa has also teased the idea of Zilliqa 2.0, confirming that it is committed to creating a network that lowers CO2 emissions without compromising security or sustainability in the long term. Also, it aims to lower the cost of running a node.
Zilliqa has urged its community members to cast a vote and contribute to the ever-evolving ecosystem. When and if implemented, the modification will deal with the challenges that Zilliqa is currently facing. For instance, the effectiveness of governance is somewhat flawed. Thereby, holding it back in comparison to other players. Similarly, managing proposals at a time when the team tables them is a burden.
The most recent example is missing out on the chance to get it through in May 2023. Reopening the proposal begins a fresh round of voting to get consensus within the community.
The development follows the announcement, where it was mentioned that Zilliqa has proposed to adjust staking rewards in light of Zilliqa 2.0 to achieve long-term sustainability.