0x Launch the new smart contract system ZEIP for on-chain 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 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.

Interpretation of this information:

The message is about the decentralized transaction infrastructure called 0x that will be launching a new smart contract system called ZEIP for fully chain-bound governance. This means that ZEIP will be able to control the 0x agreement, treasury, and governance fully. The aim of the new system is to encourage active participation in the 0x agreement governance through on-chain voting participation, independent and entrusted. This development shows 0x is taking a step towards more democratization and decentralization.

The 0x protocol is an open-source infrastructure that is built to provide a platform for the exchange of ERC20 tokens on the Ethereum blockchain. The protocol has been decentralized from the start to avoid a single point of failure and improve transparency. However, it still requires off-chain governance to manage decisions such as the addition or removal of tokens from its platform, updates to smart contracts, and other major protocol changes.

The introduction of ZEIP will present a new level of democracy to the 0x community. The new smart contract system will give the community a say in the direction of the protocol by allowing members to vote on proposed changes on-chain. This will minimize the possibility of any centralized manipulation of protocol decisions. The fully chain-bound governance also shows the dedication of the 0x team to decentralization as a key principle.

The emphasis on active on-chain voting participation, both independent and entrusted, indicates that the designers of the new system want to encourage more participation, awareness, and accountability in governance decisions. The move is aimed at promoting greater involvement in governance, instead of having a few influential figures making key decisions on behalf of the community. By involving all stakeholders in the decision-making process, 0x aims to align the interests of all members to drive the platform forward.

In conclusion, the announcement of the launch of ZEIP by 0x symbolizes an important step towards democratization and decentralization of the 0x platform. The new smart contract system for fully chain-bound governance indicates the dedication of the 0x team to providing a secure and decentralized exchange of ERC20 tokens on the Ethereum blockchain. The three keywords that summarize the content are 0x, ZEIP, and fully chain-bound governance.