Polygon Introduces Protocol Council for Governance 2.0
Polygon (MATIC), a Layer 2 scaling solution on Ethereum, has proposed the establishment of a Protocol Council responsible for implementing upgrades to system smart contracts. This move is a significant step towards implementing Governance 2.0 on the Polygon network.
The Composition and Role of the Protocol Council
The proposed Protocol Council consists of thirteen prominent community members, including Polygon co-founder Jordi Baylina and Coinbase protocol specialist Viktor Bunin. Their primary role will be to make regular and emergency changes to the Polygon 2.0 components, ensuring the security and upgradability of the system’s smart contracts.
A Robust Governance Framework for Polygon
The introduction of the Protocol Council addresses the need for a robust governance framework that can adapt to changing circumstances and enhance the security of Polygon’s ecosystem. By involving representatives from the community, the council aims to make informed decisions aligned with Ethereum’s principles and the wider Web3 ethos.
Dual Consensus Routes for Smart Contract Upgrades
The proposal introduces a dual-route approach for changes to smart contracts. Regular changes will require a 7/13 consensus among council members, with a 10-day timelock period for community feedback. In emergencies, a higher 10/13 consensus will be required for immediate action without a timelock.
A Smooth Transition and Future Governance
The proposed governance framework emphasizes backward compatibility and extensive testing to ensure a smooth transition for existing Polygon contracts. This initiative represents an initial step towards formalizing an on-chain, trust-minimized, and community-based decision-making framework for Polygon 2.0 governance.
Hot Take: A Decentralized Decision-Making Process
Introducing Governance 2.0 through the Protocol Council sets the stage for a more decentralized and inclusive decision-making process. It demonstrates Polygon’s commitment to creating a secure and adaptable infrastructure that can support the growth and innovation of decentralized applications on the network.
Polygon Token Performance
The native token of Polygon, MATIC, is currently trading at $0.5163 with a stable price trend over the past 24 hours. However, it has experienced a decline of 4.9% over the past 30 days and a significant drop of 41% in year-to-date comparison.
Featured image from Shutterstock, chart from TradingView.com
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