Polygon proposes a 13-member ‘protocol council’ to oversee smart contract upgrades. In this direction, the altcoin project introduced PIP-29, a new governance proposal. According to the proposal, the Protocol Council will have 13 members responsible for overseeing Polygon’s smart contract upgrades.
Altcoin Polygon creates Protocol Council!
cryptokoin.comAs you follow from , although the bear market puts a strain on the projects, the strong ones continue on their way. Polygon Labs has introduced a new governance improvement proposal called PIP-29, which aims to create a Protocol Council to guide changes to its underlying smart contracts. The Protocol Council will consist of 13 members tasked with overseeing changes Polygon will make to its system-level smart contracts. The proposal identifies several influential individuals and organizations planned to take part in the Protocol Council.
The upgrade feature in smart contracts is very important for the system architecture of Altcoin Polygon. Considering this situation, the Protocol Council will play a very important role in ensuring both security and smooth transitions to current versions. The list of council members in the proposal also includes on-chain detective ZachXBT. Also on the list are Polygon chief information security officer Mudit Gupta, Coinbase’s protocol operations leader 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. There’s Tychey, security consultant Least Authority CEO Liz Steininger, on-chain risk auditor Gauntlet, data provider L2Beat.
The role of the Protocol Council what will happen?
The council will oversee time-locked changes to these smart contracts on the altcoin Ethereum network, related to both current and future Polygon 2.0 protocols. Meanwhile, according to the plan, the Polygon 2.0 upgrade will occur in the first half of 2024. The core team is developing a decentralized network consisting of multiple ZK-based Layer-2 Blockchains. A regular change to Polygon’s smart contracts will require 7/13 consensus signatures from Protocol Council members with a 10-day time lock. The protocol will use this consensus for all regular configuration changes to the contract. According to the proposal, in an emergency, an amendment would require a 10/13 consensus from the Protocol Council. But there will be no time lock.
The team will implement changes affecting the infrastructure of the altcoin Polygon through a Gnosis Safe contract. According to an official statement, procedures for such changes are ready. Accordingly, changes will be transparent and in accordance with the framework included in Polygon improvement proposals. This governance mechanism will operate independently of the current community-led governance determined through on-chain voting.
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