Polygon, the popular Ethereum Layer-2 scaling solution has taken a significant step forward with the inauguration of its Protocol Council, a significant step forward in the journey towards advancing Polygon 2.0.
Tasks Before the Polygon Protocol Council
The news of the Polygon Protocol Council’s formation was officially shared on the X social media platform by Polygon Labs. This update marked a pivotal moment in the project’s ongoing mission to achieve a decentralized, community-led governance structure for the various protocols under the @0xPolygon umbrella.
The foundation for this monumental step lies in PIP-29, which is now live and actively proposes the creation of the Polygon Protocol Council. This proposal signifies the next chapter in Polygon’s evolution and its commitment to embracing the principles of decentralization and inclusivity, at the heart of blockchain technology.
As part of the broader Polygon 2.0 movement, the establishment of the Polygon Protocol Council is essential to guarantee ongoing security while enabling the adaptability and improvement of the network. This new community-governed body will consist of 13 distinguished members, each playing a crucial role in ensuring the proper functioning of Polygon’s ecosystem.
The primary responsibility of the Polygon Protocol Council is to oversee timelock-limited upgrades to the Polygon system’s smart contracts. These smart contracts represent the fundamental components of the Polygon protocols, which are implemented on the Ethereum blockchain.
The timelock feature provides an additional layer of security by enforcing a waiting period before upgrades can be executed. This mechanism ensures that all changes to the network are carefully considered, minimizing the risk of hasty or potentially detrimental modifications.
The Council Members
The 13 individuals appointed to the Polygon Protocol Council are notable figures in the blockchain and crypto space. Jordi Baylina, co-founder of Polygon and tech lead of Polygon zkEVM development, is at the top of the list.
Additionally, Coinbase’s Victor Bunin, ETHCC host Jerome De Tychey, Least Authority’s Liz Steininger, Sigma Prime’s Mehdi Zerouali, Daily Gwei’s Anthony Sassano, and Ethereum Foundation’s Justin Drake will hold seats on the Polygon Council.
Furthermore, famed pseudonymous on-chain detective ZachXBT and Polygon Labs CISO Mudit Gupta will be involved in the council’s operations.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.