On Thursday, a proposal to fund the decentralized organization zkDAO via the BitDAO financial protocol was approved with nearly 200 million votes cast. The proposal was drafted by Matter Labs, the organization behind the Ethereum (ETH) scaling protocol zkSync, and Mirana Ventures.
Using Zero-Knowledge Rollups or ZKs, zkSync and its family of technologies will build a Layer 2 infrastructure capable of returning concise evidence to the Ethereum network without sending the full data. The result (if implemented) would mean a much faster network. Zero-knowledge based solutions have attracted a lot of attention in recent months due to Ethereum’s recurrent congestion as well as inflated gas fees. For example, Polygon (MATIC) invests $1 billion in ZK technology companies and protocols. Aside from scaling, ZK proofs can also be used to hide transactions and enhance individual privacy, such as through the Panther protocol.
BitDAO is currently one of the largest decentralized treasuries with over $2.5 billion in assets. Last November, the company committed $500 million to a proposal for a decentralized game using blockchain. Jonathan Allen, Director of Mirana Ventures and BitDAO contributor, made the following statements in this regard:
“This proposal will not only benefit Ethereum’s collective scaling efforts, but will also add tremendous value to the BitDAO ecosystem, which continues to act as a leading force across industries as it creates entirely new, purpose-built DAOs that also enable effective on-chain need scaling”.