• Sun. May 19th, 2024

Polygon Proposes PIP 29 Protocol, Push for Decentralized Governance Style

Steve Kornacki

BySteve Kornacki

Oct 19, 2023

Launching The Polygon Protocol Council

The Ethereum Layer-2 scaling solution, Polygon, has revealed a new plan to ensure total decentralization. The network intends to create the “Polygon Protocol Council” to enhance decentralized governance decisions.

Accordingly, the Polygon network has chosen 13 members for this Council, including key figures from Coinbase and the Ethereum Foundation. According to an official statement, the plan, known as PIP 29, will concentrate on small, time-limited changes to Ethereum smart contracts for current and upcoming Polygon projects.

The move represents a significant step toward decentralized governance and ensuring that the decision-making processes on the network are fairer and more open. It also implies that a broader group of experts from various parts of the industry can make critical decisions regarding governance and operations rather than limiting it to a few big players.

Furthermore, the move is part of a more considerable effort to improve the utilities of cryptocurrencies like Ethereum. Making governance more decentralized helps ensure that technology benefits a more extensive group than a select few.

Preparing For Future Upgrades

The announcement disclosed that the newly formed Council will spearhead the community-led process to begin upcoming improvements, particularly those suggested in the early stages of Polygon 2.0, known as the Frontier phase. The committee consists of prominent people from various parts of the blockchain community.

They include Viktor Bunin, Zaki Manian, Justin Drake, and Jordi Baylina. Baylina is one of the top executives at Polygon Labs, the leading developer supporting the Polygon project. Moreover, the move ensures that changes are made with the input and expertise of diverse people with extensive knowledge of the blockchain space.

The initiative is part of a larger strategy to improve the functionality of crypto assets to increase inclusivity and equity in decision-making. A shift toward decentralized governance is expected to enhance transparency and fairness, benefiting the broad crypto community.

Integrating The Gnosis Safe Contract

According to the press release, the appointed members will use a Gnosis Safe contract to implement changes to the Polygon blockchain. This announcement is part of the Polygon 2.0 plan, a set of proposals and upgrades to transform the blockchain’s fundamental structure.

Furthermore, the concept of a “community-controlled Ecosystem Council security model” was first introduced in a post by a Polygon Labs representative in June. In a separate blog post, Polygon described this proposal as the first step toward advancing decentralized governance for Polygon protocols, focusing on security and responsible decision-making.

The post added that its community would provide direct feedback to shape the Council’s membership and terms. They will also be pivotal in suggesting PIP proposals and voting online or offline.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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