A New Proposal to Establish a Governance Body for Polygon
A new Polygon Improvement Proposal (PIP-29) has been introduced that aims to create a governance body responsible for executing upgrades to system smart contracts for existing and future Polygon protocols. This proposal suggests the establishment of a 13-person Protocol Council, consisting of key individuals such as Polygon co-founder Jordi Baylina, Viktor Bunin from Coinbase, Ethereum Foundation researcher Justin Drake, and Cometh CEO Jerome de Tychey.
Polygon: An Interoperability Solution for Ethereum-Compatible Blockchains
Polygon is an interoperability and scalability solution designed for building Ethereum-compatible blockchains. The MATIC token plays a crucial role in governance, staking, and covering gas fees within the Polygon ecosystem.
The Role of the Protocol Council
The Protocol Council will act through a Gnosis Safe smart contract and will be responsible for regular and emergency upgrades. Initially, their scope of responsibility will include the POL Migration Contract and Emission Manager Contract. The proposed changes to these contracts can be made through either a standard change route requiring a 7/13 consensus with a 10-day timelock or an emergency change route demanding a 10/13 consensus without a timelock.
Towards Decentralized Decision-Making
This move is intended to establish a framework for decentralized ownership and decision-making within the Polygon ecosystem. It represents an initial step towards the vision of Polygon 2.0 governance, which aims to create an on-chain, trust-minimized, and community-driven framework for effective decision-making. Future proposals will further formalize this framework.
Community Involvement in Governance
In the future, the community will have a significant role in shaping the composition and guidelines of the Protocol Council. This involvement will be facilitated through direct feedback, proposals under the PIP framework, and both off-chain and on-chain voting mechanisms.
Hot Take: Establishing Decentralized Governance for Polygon’s Future
A new Polygon Improvement Proposal (PIP-29) has been introduced, aiming to establish a 13-person governance body known as the Protocol Council. This council will be responsible for executing upgrades to system smart contracts within the Polygon ecosystem. The move towards decentralized decision-making is a significant step towards Polygon 2.0 governance, which envisions an on-chain, trust-minimized, and community-driven framework. The community will play a vital role in shaping the council’s composition and guidelines through direct feedback, proposals, and voting mechanisms. With this proposal, Polygon aims to create a more inclusive and transparent governance structure for its growing ecosystem.
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