Polygon Labs, a prominent player in the world of cryptocurrencies and blockchain networks, has taken a significant step in their quest to enhance platform governance.
They have introduced a governance proposal, known as PIP-29, with the aim of establishing a Protocol Council consisting of 13 members. This council will have the crucial task of supervising and approving modifications to Polygon’s essential smart contracts.
The significance of this initiative lies in the fact that smart contracts form the backbone of any blockchain platform, and their proper management and updates are essential to ensure both security and network efficiency.
With the planned launch of Polygon 2.0 in the first half of 2024, which will include a decentralized network of multiple ZK-based Layer 2 chains, having a robust decision-making mechanism becomes even more critical.
Proposed Protocol Council by Polygon have an impressive list of members
Among them are prominent figures like ZachXBT, Mudit Gupta (Polygon’s CISO), Viktor Bunin (Coinbase’s protocol operations lead), Zaki Manian (founder of Sommelier Finance), Anthony Sassano (host of The Daily Gwei), Justin Drake (Ethereum Foundation researcher), and other influential professionals in the crypto space.
The decision-making process for modifying smart contracts will be rigorous and consensus-based. To enact regular changes, consensus from at least 7 out of the 13 Protocol Council members will be required, along with a 10-day lockup period. However, in emergency situations, a broader consensus of at least 10 members will be needed, with no lockup period.
Furthermore, it is important to note that this governance initiative will operate independently of community-led governance, which relies on on-chain voting. This ensures an additional layer of oversight and control over critical smart contract updates within Polygon.
