【ZIP】 Replacing USDC with ZKF as Gas Token

This proposal aims to discuss and explain the reasons for replacing USDC (USD stablecoin) with ZKF as the Gas token on the ZKFair public chain.

We propose the following reasons and benefits for this change:

  1. Independence and Decentralization:
    Using ZKF as the Gas token will enhance the independence and decentralization of the ZKFair public chain. By eliminating reliance on external stablecoins, we can establish a fully self-sufficient economic system, ensuring the ecosystem’s independence and sustainable development.

  2. Economic Incentives and Burning Mechanism:
    Adopting ZKF as the Gas token will provide economic incentives for holders and participants of the ZKFair public chain. Users holding ZKF can earn rewards by engaging in network transactions and governance activities, thereby increasing their involvement and loyalty to ZKFair. Additionally, implementing a reasonable burning mechanism can control the supply of ZKF tokens, maintaining their value and stability.

  3. Technical Consistency and Compatibility:
    Utilizing ZKF as the internal Gas token will ensure technical consistency and compatibility. Integrating ZKF tokens with the core functionalities and smart contracts of the ZKFair public chain will result in a more efficient, secure, and seamless Gas payment experience. Moreover, using an internal token reduces complexities associated with integration and interaction with external stablecoins.

  4. Community Participation and Governance Rights:
    Adopting ZKF as the Gas token will encourage community participation and grant governance rights. ZKF holders will have the opportunity to participate in decision-making processes pertaining to token economic models, inflation mechanisms, and governance rules. This promotes community democratization and autonomy, increasing user engagement and influence over the future development direction of the ZKFair public chain.

Prior to implementing ZKF as the Gas token, we will conduct thorough technical and economic analyses to ensure that this decision aligns with the goals and development requirements of the ZKFair public chain. We will engage in extensive discussions and communication with the community and other relevant stakeholders to ensure a seamless transition and maximize mutual benefits.

We believe that replacing USDC with ZKF as the Gas token will bring numerous advantages and opportunities to the ZKFair public chain. We look forward to collaborating with the review committee to discuss and advance this proposal, aiming for mutual success in future endeavors.

Thank you for your attention and support.