Polygon Improvement Proposal (PIP) 29: Introducing the Polygon Protocol Council

Polygon technology introduces Polygon Protocol Council.
Share Everywhere!

In the sector of the Ethereum layer-2 scaling solution, Polygon MATIC has been bashing the crypto market with new updates and upgrades. Polygon Labs, the team behind Polygon Matic, announced the launch of a new governance proposal called PIP-29 to establish a protocol council.

The proposal consists of a 13-person governance body to execute and supervise upgrades to the system smart contacts of the Polygon protocol.

The proposed members of the Protocol Council include a pool of experts from various established firms like Coinbase and Ethereum.

It appears that this Protocol Council will be an essential section in ensuring security and enabling seamless changes in the ecosystem, given the importance of adaptability within Polygon’s smart contract development.

The Role of the Council

The Gnosis Safe smart contract will be used to implement the changes. The POL Migration Contract and Emission Manager Contract will be the primary areas of focus for the council’s activities, which also include routine and urgent updates.

The core team is presently developing a decentralized network made up of several layer 2 chains based on ZK for the Polygon 2.0 update. The council will supervise time-locked alterations to Ethereum network smart contracts that relate to the current and upcoming Polygon 2.0 protocols in order to support this upgrade.

On Polygon, regular contract modifications will require a 10-day timelock and the consent of 7 out of 13 members of the Protocol Council. According to the plan, emergency adjustments must receive support from 10 out of 13 members in order to be implemented right away.

The list of proposed members for the Polygon Protocol Council

  • On-chain sleuth: ZachXBT
  • Polygon chief information security officer: Mudit Gupta
  • Coinbase’s protocol specialist: Viktor Bunin
  • Sommelier Finance founder: Zaki Manian
  • The Daily Gwei host: Anthony Sassano
  • Ethereum Foundation Researcher: Justin Drake
  • Polygon zkEVM co-founder: Jordi Baylina
  • Ethereum France president: Jerome de Tychey
  • Security consultant Least Authority’s CEO: Liz Steininger
  • On-chain risk auditor: Gauntlet
  • The former head of smart contracts at MakerDAO: Mariano Conti
  • Sigma Prime: Mehdi Zerouali
  • Data provider: L2Beat
Protocol council
Image via polygon.technology

The Proposal’s Influence on the Polygon Ecosystem

Within the Polygon ecosystem, this initiative aims to lay the groundwork for decentralized governance and management.

The fundamental objective of Polygon 2.0 governance, which is claimed to be an on-chain, trust-minimized, and community-driven framework for efficient and decentralized decision-making, is being implemented in this first stage.

The community’s opinions will inform the decision-making process for choosing Council members and determining the length of their terms, with direct feedback, PIP ideas, and both off-chain and on-chain voting systems playing important roles.

In the future, the community will play a significant role in shaping the composition and guidelines of the council. This will be achieved through direct feedback and proposals under the PIP framework, as well as through off-chain and on-chain voting mechanisms.

Subscribe Now & Stay Ahead!
Latest Trends and Insider Insights Straight To Your Inbox

Bottom Line

Overall, the introduction of the Polygon Protocol Council is a positive step toward decentralized ownership and decision-making within the Polygon ecosystem.

This improvement proposal follows the principles of Polygon 2.0 governance, which include offering a decentralized, community-driven, and on-chain framework for effective decision-making thus making the ecosystem more strong and adaptable.

Follow us on X (Twitter) to stay updated! Read the latest Polygon news here.

Share Everywhere!
Nima Tamang
Nima Tamang

Nima Tamang is a cryptocurrency and blockchain analyst with a keen interest in exploring the intersection of traditional finance and emerging technologies. As a regular contributor to Moneybinds.com, Nima shares insights and analysis on the latest developments in the crypto, blockchain, and NFT space, helping readers stay informed and make informed investment decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *