Polygon (MATIC), the Layer 2 scaling solution for Ethereum (ETH), has introduced a improvement proposal (PIP-29) to establish a Protocol Council responsible for executing upgrades to the system’s smart contracts. The proposed council consists of thirteen 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 primary role of the council will be to make regular and emergency changes to the Polygon 2.0 components to ensure the security and upgradeability of the smart contracts. This proposal is a significant step towards implementing Governance 2.0 on the Polygon network, addressing the need for a robust governance framework that can adapt to evolving circumstances and enhance the security of Polygon’s ecosystem.
The Protocol Council aims to make informed decisions aligned with Ethereum’s principles and the wider Web3 ethos by involving representatives from the community. 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. To optimize security and efficiency, the proposal introduces a dual-route approach for changes to the smart contracts, requiring a consensus among council members for regular changes and a higher consensus for emergencies. The proposed governance framework highlights backward compatibility and extensive testing to mitigate risks associated with upgrades. Moving forward, the goal is to formalize an on-chain, trust-minimized, and community-based decision-making framework for Polygon 2.0 governance, empowering the Polygon community and facilitating efficient governance of future system smart contracts.
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