- Polygon 2.0 ushers in the proposal of a community-led Protocol Council consisting of 13 esteemed members.
- This council aims to manage time-locked upgrades to Polygon’s system smart contracts on Ethereum, bolstering security and adaptability.
The Evolution of Governance: Polygon’s Protocol Council Unveiled
With the advent of Polygon 2.0, the realm of decentralized, community-driven governance has been redefined. It’s this ethos that led to the inception of PIP-29, endorsing the establishment of the Polygon Protocol Council. The proposal resonates with the underlying spirit of decentralized governance, a cornerstone of the Polygon 2.0 vision.
PIP-29 is now live, proposing the creation of the Polygon Protocol Council.
This is the next step towards the vision of a decentralized, community-led governance of @0xPolygon protocols, introduced as a part of the wider Polygon 2.0 movement.
To ensure ongoing security while… pic.twitter.com/CtUvMXTG0t
— Polygon (Labs) (@0xPolygonLabs) October 19, 2023
Zooming into the Protocol Council’s Mandate
A culmination of feedback and community insights, the Protocol Council embodies a group of 13 members entrusted with a nuanced responsibility. Their primary objective centers on implementing time-locked, narrow-scope alterations to the system smart contracts on Ethereum. These contracts are pivotal components of the current and upcoming Polygon protocols.
To lend clarity, smart contracts facilitate transactions and agreement terms autonomously without third parties. Particularly, L1 smart contracts are core components of the Polygon framework on the Ethereum network. The notion of upgradeability is vital to ensure these contracts’ security and adaptability. This calls for an external entity capable of judicious interventions, the role envisioned for the Protocol Council.
Operational modalities involve the Protocol Council leveraging the Gnosis Safe contract, a renowned platform for managing digital assets on Ethereum, to enact modifications on the Polygon blockchain infrastructure. It’s worth noting that these modifications will adhere to the broader community’s voice, encapsulating feedback and proposed changes from the Frontier phase of Polygon 2.0.
Integrating Governance with Community
Selecting the Protocol Council’s members required a meticulous approach, centered on three pillars:
- Alignment with the Ethos: An unyielding commitment to the principles of Ethereum, L2 ecosystems, and the expansive Web3 domain.
- Diverse Resilience: An ensemble that reflects geographical, organizational, and identity diversity.
- Demonstrated Expertise: A proven track record in Web3 governance, security councils, and a deep-rooted involvement in Ethereum and L2 spaces.
The proposed members, who exemplify these attributes, include notable figures such as @jbaylina, @zachxbt, @ViktorBunin, and ten other luminaries.
In terms of its functioning, the Protocol Council, via its Gnosis Safe contract, can effectuate regular and exigent changes to future Polygon 2.0 system smart contracts. Regular modifications would require a 7/13 majority consensus with a 10-day time-lock. On the other hand, pressing changes necessitate a 10/13 consensus, with no time-lock.
It’s evident that the Protocol Council embodies a strategic blend of community-driven autonomy and structured governance, setting the stage for a more inclusive and decentralized Polygon ecosystem. As we journey forth, the onus rests on the community to steer this voyage by participating actively in discussions, proposals, and votes, truly shaping the course of Polygon’s future.