Polygon Labs has taken a significant step forward in its governance framework with the introduction of a new proposal, PIP-29, aimed at establishing a Protocol Council to oversee changes to its core smart contracts. The proposed council, consisting of 13 members, will play a pivotal role in supervising modifications to Polygon’s system-level smart contracts, ensuring security, and facilitating smooth transitions to updated versions, Polygon said in an announcement on X.
The proposal identifies key individuals and organizations set to join the Protocol Council, including on-chain sleuth ZachXBT, Polygon’s Chief Information Security Officer Mudit Gupta, Coinbase’s Protocol Operations Lead 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 de Tychey, Security Consultant Least Authority’s CEO Liz Steininger, on-chain risk auditor Gauntlet, data provider L2Beat, and others.
With a focus on the upgradeability of smart contracts within Polygon’s system architecture, the Protocol Council is poised to become a crucial entity, ensuring the security of smart contracts and facilitating seamless transitions during updates.
The proposed governance structure outlines that regular changes to Polygon’s smart contracts will require a 7/13 consensus from Protocol Council members, accompanied by a 10-day timelock. This consensus will be utilized for standard configuration changes in the contract. In the event of an emergency, a change would necessitate a 10/13 consensus from the Protocol Council, without a timelock, as specified in the proposal.
As Polygon prepares for its anticipated Polygon 2.0 upgrade in the first half of 2024, featuring a decentralized network of multiple ZK-based Layer 2 chains, the establishment of the Protocol Council aligns with the project’s forward-looking vision for robust governance in the evolving landscape of blockchain technology.
