Crypto: Polygon Labs' plan to revolutionize governance

Polygon Labs seems particularly committed to improving the relevance of its platform in the crypto ecosystem, particularly that of Ethereum. This is evidenced by the recent news around its native crypto which recently got a makeover from MATIC to POL. This time, Polygon Labs is introducing a new concept which promises a metamorphosis of the current mode of governance of the platform.

Crypto firm Polygon Labs offers PIP-29 to improve governance

This Thursday, October 19, Polygon Labs, the company behind the crypto Matic, now POL, took a further step in the development of its platform. The company introduced a governance proposal called PIP-29.

The initiative pursues an objective. Namely that of establishing what the promoters call for protocol advice. The idea behind this concept consists of setting up a committee of 13 members, all crypto specialists.

Together, their main responsibility will be to supervise the evolution of Polygon’s basic smart contracts. At the same time, their mission will be to guarantee the security and seamless transitions associated with updated versions of the platform.

The latter also identifies key people and organizations called to join this committee. These include luminaries such as ZachXBT, renowned for his blockchain research. We also cite Viktor Bunin, head of protocol operations at Coinbase, and distinguished firms like Gauntlet and L2Beat.

Polygon Labs presents PIP-29, a new proposal to improve governance

How would PIP-29 improve governance?

Concretely, the role of PIP-29 is focused on the governance of modifications related to smart contracts on the Ethereum network. In particular, those which will impact the current and future Polygon 2.0 protocols, the upgrade of which is announced for the first half of 2024.

As a prelude to this evolution, the Polygon core team is actively developing a decentralized network of multiple layer 2 blockchains based on Zero-Knowledge (ZK) crypto technology.

For routine changes to Polygon smart contracts, PIP-29 governance rules require consensus to be achieved. This is valid if it reaches the quorum of 7 out of 13 members. This consensus is mandatory for cases of ordinary configuration changes in smart contracts to be executed within 10 days.

In case of emergency, the agreement of 10 out of 13 members is required to achieve consensus. This is for configuration changes to be executed without delay. An implementation carried out through a contract with Gnosis Safe, particularly when the planned modifications may impact Polygon’s blockchain infrastructure.

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