Polygon Introduces Protocol Council for Smart Contract Updates
Polygon recently announced its move to protocol version 2.0, which led to the need for redefining the decision-making processes of crypto project stakeholders in response to security and upgradeability needs. In line with this, the Ethereum layer-2 community proposed the establishment of a “protocol board” through PIP-29 to manage and govern regular and emergency updates to Polygon’s smart contracts.
This proposal is a significant step towards achieving scalable and decentralized governance that minimizes reliance on a single entity and maximizes community participation. The formalization of the proposal is expected in the coming days.
Reinventing Governance 2.0 for Polygon
Polygon introduced its decentralized ecosystem architecture 2.0, aiming to create the next “value layer of the internet” that offers unlimited scalability and unified liquidity within the crypto world. However, this vision required reinventing certain aspects of the protocol, including governance 2.0.
In line with Polygon’s three pillars of governance, PIP-29 proposes the establishment of a “Protocol Council” responsible for managing updates to Polygon’s infrastructure. These changes will be subject to collective consensus among network participants.
Achieving Decentralized Governance for Polygon
The proposed Protocol Council will require the consent of 7 out of 13 members for regular changes and 10 out of 13 signatories for emergency changes within a specified time limit. It’s important to note that this proposal is just the first step towards further decentralizing governance for Polygon protocols in a responsible and safety-oriented manner.
As time goes on, the layer-2 crypto ecosystem will become more decentralized by implementing additional off-chain and on-chain voting components based on community feedback and upcoming PIPs.
Hot Take: Polygon Empowers Community Governance with Protocol Council
Polygon’s introduction of the Protocol Council marks a significant milestone in achieving decentralized governance within the crypto project. By involving the community in decision-making processes and establishing clear guidelines for smart contract updates, Polygon ensures greater transparency and trust among stakeholders.
The Protocol Council’s role in managing regular and emergency changes to Polygon’s infrastructure demonstrates the project’s commitment to security and upgradeability needs. This step towards scalable and decentralized governance sets a precedent for other crypto projects to follow, ultimately strengthening the overall ecosystem.
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