Polygon Labs Introduces PIP-29: Creating a Protocol Council for Enhanced Governance

By 0xGorki 10/19/23 1:58 PM

In a significant move aimed at bolstering the governance of its core smart contracts, Polygon Labs has unveiled a pioneering proposal known as PIP-29. This proposal seeks to establish a Protocol Council tasked with overseeing alterations made to Polygon’s system-level smart contracts, thus paving the way for a more robust and secure ecosystem.

The Protocol Council, set to consist of 13 prominent members, will take on the crucial role of supervising changes to Polygon’s smart contracts. This development comes in response to the growing need for enhanced governance and security measures within the Polygon ecosystem.

The proposal highlights the importance of having influential individuals and organizations involved in the Protocol Council, ensuring that the decision-making process is inclusive and comprehensive. This diverse group will be responsible for overseeing essential modifications that are vital for both the security and seamless transitions to updated versions of Polygon’s smart contracts.

*Inaugural members of Polygon’s ‘Protocol Council’ (Polygon)*

Members of the Protocol Council include industry experts with a wealth of experience in blockchain technology. Notable names such as Viktor Bunin, a protocol specialist at Coinbase; Justin Drake, a researcher at the Ethereum Foundation; Zaki Manian, co-founder of Sommelier Finance; and Jordi Baylina, a technical lead at Polygon Labs, are among the key individuals set to play a pivotal role in shaping the future of Polygon’s governance.

The proposal reflects the commitment of Polygon Labs to establishing a community-driven Ecosystem Council security model. This model emphasizes the importance of community involvement in decision-making processes, aiming to enhance transparency and inclusivity in Polygon’s governance.

One of the primary responsibilities of the Protocol Council will be to oversee time-locked changes to smart contracts on the Ethereum network, with implications for both the current and future Polygon 2.0 protocols. Polygon Labs has outlined ambitious plans for a Polygon 2.0 upgrade, scheduled for the first half of 2024. This upgrade will introduce a decentralized network of multiple ZK-based Layer 2 chains, designed to enhance scalability and performance.

The introduction of PIP-29 and the formation of the Protocol Council mark a significant step forward in the evolution of Polygon’s governance structure. By bringing together experts from the blockchain community, Polygon is poised to ensure the security, robustness, and adaptability of its smart contracts in the rapidly evolving world of blockchain technology.

The decision to involve prominent individuals and organizations in the governance process reflects Polygon’s commitment to maintaining a leading position in the blockchain ecosystem and providing a secure and scalable platform for its users. With the Protocol Council in place, Polygon is poised to usher in a new era of smart contract governance, one that is rooted in transparency, community involvement, and cutting-edge technology.