- Polygon has unveiled a protocol council that will help define a framework of decentralized, community-led governance for existing and future Polygon protocols.
- Polygon continues to make adjustments and upgrades that will lead to the full realization of Polygon 2.0.
Polygon Labs, the growth and development team behind the Polygon blockchain, has announced the creation of a protocol council. According to the team, this is the next step in the development of Polygon 2.0 and its goal to be a decentralized, community-led governance of Polygon protocols. The committee consists of 13 people including officials from Coinbase and the Ethereum Foundation.
The members include Viktor Bunin, a 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, among others. Their introduction came through a proposal, known as PIP 29, which Polygon states will be “responsible for the narrow-in-scope, timelock-limited changes to system smart contracts implemented on Ethereum for existing and future Polygon protocols.”
PIP-29 is now live, proposing the creation of the Polygon Protocol Council.
This is the next step towards the vision of a decentralized, community-led governance of @0xPolygon protocols, introduced as a part of the wider Polygon 2.0 movement.
To ensure ongoing security while… pic.twitter.com/CtUvMXTG0t
— Polygon (Labs) (@0xPolygonLabs) October 19, 2023
The recent development is part of the Polygon 2.0 roadmap unveiled back in June. The Polygon 2.0 vision is a set of upgrades that will revolutionize nearly every aspect of the existing Polygon blockchain. The creation of the protocol council is part of a revamped governance structure for Polygon 2.0. The idea was initially a “community-controlled Ecosystem Council security model” and was initially floated in June by a representative of Polygon Labs.
The new blog notes;
Going forward, the community will help steer membership and terms of the Council through direct feedback, PIP proposals, as well as off- and on-chain voting components.
The blog adds that for a proposal/regular changes, it would require a 7/13 consensus of the Council Gnosis Safe contract with a 10-day timelock. This reflects a majority, rule and will entail a transparency report, and community veto checks on upgrades.
Polygon 2.0 will usher in a new era for the network, developers, and its community. This could drive greater adoption and a host of new applications for the ecosystem. The new launch will also drive renewed interest in Polygon’s native token, MATIC.
As CNF recently reported, Polygon has released a massive update to Miden VM with game-changing upgrades. MidenVM launched version 0.7, packed with improvements in assembly language and the development library. The upgrade further offers support for nested modules and module aliases, simplifying coding.
At the time of press, MATIC is exchanging for $0.52 after a nearly 5 percent change in the last 24 hours. This is in line with the bullish wave sweeping the wider market ahead of the weekend. In the last 2 years, the digital asset has lost nearly 80 percent of its value after peaking at $2.92 in 2021. Investors are optimistic that as the project continues to build, MATIC will record huge gains in the upcoming bull run.
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