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blockchain, blockchain technology, Crypto, Cryptocurrency, DeFi, MATIC price, MATICUSD, MATICUSDT, Polygon, Polygon 2.0, Polygon Co-Founder, Polygon Ecosystem, Polygon Labs, Polygon network

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.

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 contracts. Extensive testing, auditing, and public scrutiny will precede the activation of each component of Polygon 2.0, mitigating potential risks associated with the upgrade.

Per the announcement, the Protocol Council represents a crucial initial step towards the broader vision of Polygon 2.0 governance. 

Future proposals will aim to formalize an on-chain, trust-minimized, and community-based decision-making framework. This initiative is expected to empower the Polygon community and facilitate efficient governance of all future Polygon 2.0 system smart contracts.

As the protocol’s ecosystem continues to evolve, introducing Governance 2.0 through the Protocol Council sets the stage for a more decentralized and inclusive decision-making process. 

The proposal highlights the commitment of Polygon and its community to create a secure and adaptable infrastructure that can support the growth and innovation of decentralized applications on the network.

MATIC’s stable price action on the daily chart over the past 24 hours. Source: MATICUSDT on TradingView.com The native token of Polygon, MATIC, is trading at $0.5163, exhibiting a stable price trend over the past 24 hours. However, when considering the broader market recovery, it is worth noting that MATIC has experienced a decline of 4.9% over the past 30 days. 

Furthermore, in a year-to-date comparison, MATIC has witnessed a significant drop of 41%.

Featured image from Shutterstock, chart from TradingView.com 

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