Polygon Introduces Governance 2.0 With Proposed Protocol Council For Smart Contract Upgrades
The post Polygon Introduces Governance 2.0 With Proposed Protocol Council For Smart Contract Upgrades appeared on BitcoinEthereumNews.com. Polygon (MATIC), an Ethereum (ETH) Layer 2 scaling solution, has unveiled a significant Improvement Proposal (PIP-29) that aims to establish a Protocol Council responsible for executing upgrades to system smart contracts. This proposal marks a major step towards implementing Governance 2.0 on the Polygon network. Polygon Unveils Protocol Council Per the announcement, the proposed Protocol Council consists of thirteen prominent community members, including Polygon co-founder Jordi Baylina, Coinbase protocol specialist Viktor Bunin, Ethereum Foundation researcher Justin Drake, and Cometh CEO Jerome de Tychey. The council’s primary role will be to perform regular and emergency changes to the Polygon 2.0 components, ensuring both the security and upgradeability of the system’s smart contracts. The introduction of the Protocol Council addresses the need for a robust governance framework that can adapt to evolving circumstances and enhance the security of Polygon’s ecosystem, according to the proposal issued on October 18. By involving representatives from the community, the council aims to make informed decisions aligned with Ethereum’s principles and the wider Web3 ethos. According to the proposal, the selection process for council members prioritizes individuals with a strong track record of engagement and commitment to the Ethereum ecosystem and the L2 space. The council’s composition emphasizes resilience through jurisdictional diversity, organizational diversity, and a mix of public figures, anonymous contributors, and companies. Dual Consensus Routes For Smart Contract Upgrades To optimize for security and efficiency, the proposal introduces a dual-route approach for changes to the smart contracts. Regular changes will require a 7/13 consensus (55%) among council members, with a 10-day timelock period to allow community feedback and exit options. In emergencies, where immediate action is necessary, a high 10/13 consensus (77%) will be required to execute changes without a timelock. The proposed governance framework emphasizes backward compatibility, ensuring a smooth transition for existing Polygon…
The post Polygon Introduces Governance 2.0 With Proposed Protocol Council For Smart Contract Upgrades appeared on BitcoinEthereumNews.com.
Polygon (MATIC), an Ethereum (ETH) Layer 2 scaling solution, has unveiled a significant Improvement Proposal (PIP-29) that aims to establish a Protocol Council responsible for executing upgrades to system smart contracts. This proposal marks a major step towards implementing Governance 2.0 on the Polygon network. Polygon Unveils Protocol Council Per the announcement, the proposed Protocol Council consists of thirteen prominent community members, including Polygon co-founder Jordi Baylina, Coinbase protocol specialist Viktor Bunin, Ethereum Foundation researcher Justin Drake, and Cometh CEO Jerome de Tychey. The council’s primary role will be to perform regular and emergency changes to the Polygon 2.0 components, ensuring both the security and upgradeability of the system’s smart contracts. The introduction of the Protocol Council addresses the need for a robust governance framework that can adapt to evolving circumstances and enhance the security of Polygon’s ecosystem, according to the proposal issued on October 18. By involving representatives from the community, the council aims to make informed decisions aligned with Ethereum’s principles and the wider Web3 ethos. According to the proposal, the selection process for council members prioritizes individuals with a strong track record of engagement and commitment to the Ethereum ecosystem and the L2 space. The council’s composition emphasizes resilience through jurisdictional diversity, organizational diversity, and a mix of public figures, anonymous contributors, and companies. Dual Consensus Routes For Smart Contract Upgrades To optimize for security and efficiency, the proposal introduces a dual-route approach for changes to the smart contracts. Regular changes will require a 7/13 consensus (55%) among council members, with a 10-day timelock period to allow community feedback and exit options. In emergencies, where immediate action is necessary, a high 10/13 consensus (77%) will be required to execute changes without a timelock. The proposed governance framework emphasizes backward compatibility, ensuring a smooth transition for existing Polygon…
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