Polygon Labs, the company behind Polygon (MATIC), has unveiled an innovative governance proposal known as PIP-29. This proposal aims to establish a Protocol Council, consisting of 13 distinguished members, to oversee smart contract updates on the Polygon network.
Members of the Protocol Council
Polygon Labs has introduced PIP-29, a groundbreaking proposal designed to create a Protocol Council responsible for guiding changes in smart contracts. This council will comprise renowned individuals and organizations within the industry and play a vital role in overseeing changes to Polygon’s system-level smart contracts.
- On-chain analyst ZachXBT
- Polygon’s Chief 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
- Least Authority CEO Liz Steininger
- On-chain risk auditor Gauntlet
- Data provider L2Beat
Role of the Protocol Council
The Protocol Council will be tasked with overseeing time-locked changes in both existing and future smart contracts on the Ethereum network, including the anticipated Polygon 2.0 upgrade set for the first half of 2024. For regular changes in Polygon’s smart contracts, a 10-day time lock period will be enforced among council members, requiring at least 7 approvals. In the event of an emergency change, a minimum of 10 approvals will be necessary without a time lock.
The governance proposal emphasizes that these procedures will align with the framework outlined in Polygon improvement proposals and will maintain transparency. It is important to note that this governance mechanism will operate independently from the existing community-led governance based on on-chain voting.