Polygon Labs has introduced a groundbreaking governance improvement proposal, known as PIP-29, with the aim of establishing a Protocol Council to oversee pivotal changes to its core smart contracts.
The Protocol Council, comprised of 13 distinguished members, is tasked with the crucial role of supervising alterations to Polygon’s system-level smart contracts. This proposal highlights a lineup of influential personalities and organizations poised to join this instrumental council.
Given the paramount significance of smart contract upgradability within Polygon’s system architecture, the Protocol Council is poised to assume a pivotal role in guaranteeing security and facilitating seamless transitions to updated versions.
The proposed council members include:
Name | Position/Organization |
---|---|
ZachXBT | On-chain Investigator |
Mudit Gupta | Chief Information Security Officer, Polygon |
Viktor Bunin | Protocol Operations Lead, Coinbase |
Zaki Manian | Founder, Sommelier Finance |
Anthony Sassano | Host, The Daily Gwei |
Justin Drake | Ethereum Foundation Researcher |
Jordi Baylina | Co-Founder, Polygon zkEVM |
Jerome de Tychey | President, Ethereum France |
Liz Steininger | CEO, Least Authority (Security Consultancy) |
Gauntlet | On-chain Risk Auditor |
L2Beat | Data Provider |
Others | Various Distinguished Individuals |
Role of the Protocol Council
The Protocol Council will oversee time-locked modifications to these smart contracts on the Ethereum network, essential to both the present and forthcoming Polygon 2.0 protocols.
In anticipation of the Polygon 2.0 upgrade slated for the first half of 2024, the core team is diligently crafting a decentralized network featuring multiple ZK-based Layer 2 chains.
For standard adjustments to Polygon’s smart contracts, consensus will be reached through 7 out of 13 signatures from Protocol Council members, coupled with a 10-day time lock. This consensus mechanism will be the cornerstone for all routine configuration changes within the contract. In the event of an emergency, changes will necessitate a 10 out of 13 consensus from the Protocol Council, sans any time lock, as outlined in the proposal.
Alterations affecting Polygon’s infrastructure will be executed through a Gnosis Safe contract, adhering to the guidelines set forth in the Polygon improvement proposals. The procedures for such changes will be transparent, as emphasized in an official statement.
It’s important to emphasize that this governance mechanism will operate autonomously, separate from the existing community-led governance determined through on-chain voting.