Polygon (MATIC), an ethereum (eth) Layer 2 scaling solutionhas technology/t/pip-29-polygon-protocol-council/13075″ target=”_blank” rel=”noopener nofollow”>sleepless a significant improvement proposal (PIP-29) that aims to establish a Protocol Council responsible for executing updates to the system’s smart contracts. This proposal marks an important step towards implement governance 2.0 on the Polygon network.
Polygon presents the Protocol Council
According to the announcement, the proposed Protocol Council consists of thirteen prominent community members, including the co-founder of Polygon. Jordi BaylinaCoinbase protocol specialist, Viktor Bunin, ethereum Foundation researcher Justin Drake and Cometh CEO Jerome de Tychey.
The council’s primary role will be to make regular and emergency changes to Polygon 2.0 components, ensuring both the security and upgradeability of the system. smart contracts.
The introduction of the Protocol Council addresses the need for a robust governance framework that can adapt to changing circumstances and improve the security of the Polygon ecosystem, according to the proposal published on October 18.
By involving community representatives, the council aims to make informed decisions aligned with ethereum principles and the broader scope. Web3 distinctive character.
According to the proposal, the board member selection process prioritizes people with a strong track record of participation and commitment to the ethereum ecosystem and the L2 space.
The council’s composition emphasizes resilience through jurisdictional diversity, organizational diversity, and a mix of public figures, anonymous contributors, and businesses.
Double Consensus Routes for Smart Contract Upgrades
To optimize security and efficiency, the proposal introduces a two-track approach to smart contract changes.
Regular changes will require a 7/13 (55%) consensus among council members, with a 10-day lock-in period to allow for community feedback and exit options.
In emergencies, where immediate action is necessary, a high consensus of 10/13 (77%) will be needed to execute changes without a time limit.
The proposed governance framework emphasizes backward compatibility, ensuring a smooth transition for existing Polygon contracts. Extensive testing, auditing, and public scrutiny will occur prior to the activation of each Polygon 2.0 component, mitigating potential risks associated with the upgrade.
According to the announcement, the Protocol Council represents a crucial initial step toward the broader vision of Polygon 2.0 governance.
Future proposals will aim to formalize a community-based, trust-minimized, on-chain decision-making framework. This initiative is expected to empower the Polygon community and facilitate efficient governance of all future smart contracts in the Polygon 2.0 system.
As the protocol ecosystem continues to evolve, the introduction of Governance 2.0 through the Protocol Council lays the foundation for a more decentralized and inclusive decision-making process.
The proposal highlights Polygon and its community’s commitment to creating a secure and adaptable infrastructure that can support the growth and innovation of decentralized applications on the network.
Polygon’s native token, MATIC, is trading at $0.5163, showing a stable price trend over the last 24 hours. However, when considering the broader market recovery, it is worth noting that MATIC has seen a drop of 4.9% over the last 30 days.
Furthermore, in a year-to-date comparison, MATIC has witnessed a significant drop of 41%.
Featured image from Shutterstock, chart from TradingView.com
