Polygon, a well-known Ethereum scaling solution, recently proposed a new decentralized governance model aimed at enhancing the security, upgradeability, and robustness of its network.
The proposal revolves around the establishment of an “ecosystem committee” that will redefine how the system’s smart contracts are Get managed and upgraded.The proposal suggests continuing Strike the perfect balance between community-driven governance and efficient decision-making in a decentralized network.
A New System of Decentralized Governance
System smart contracts represent an essential element of blockchain infrastructure.They can directly or indirectly affect user funds and . An important aspect of these contracts is their upgradability, allowing seamless migration to improved versions in specific cases.The importance of this capability is evident in various Layer 2 (L2) solutions such as , and where there is a need for an efficient way to patch bugs and upgrade critical architectural components.
According to the proposal, the Ecosystem Council would be composed of technically proficient and value-aligned individuals, elected and recalled by the community. This committee will be responsible for time-limited upgrades to system smart contracts across the Polygon network, such as Polygon PoS and zkEVM.
For example, in the case of non-emergency or routine proposals, the council will propose proposals and time lock them as usual. On the other hand, if user funds are at risk due to potential vulnerabilities in smart contracts, the council will enact a state of emergency, freezing transactions to protect assets.
The Polygon community will be empowered with three abilities: elect and recall members of the Ecosystem Council, the ability to exit the emergency state, and the power to veto any upgrades proposed by the Ecosystem Council. This model promises to increase community engagement while retaining a level of control to prevent malicious activity.
Ecosystem Council: Balancing Efficiency and Decentralization
The proposed model suggests the creation of an ecosystem council composed of reputable, skilled and value-aligned individuals. These people will be democratically elected by the community and can also be removed by them. The committee’s primary responsibility is to perform time-bound upgrades to system smart contracts across the Polygon network, including Polygon PoS and zkEVM.
The governance model will enable the council to handle both routine and sensitive proposals. In the case of routine proposals, the Council will make proposals and follow standard time-locked protocols. However, if a potential vulnerability poses a risk to user funds, the council will enact a state of emergency, freezing transactions to protect funds.
In order to maintain a balance between efficiency and community participation, Polygon proposes to empower the community with several capabilities. These include the power to elect and remove members of the Ecosystem Council, the ability to exit emergency states, and the power to veto any escalations proposed and arranged by the Ecosystem Council. By empowering the community with these powers, Polygon hopes to increase overall community engagement while maintaining a degree of centralized control to prevent malicious activity.
Navigating the Transition: Inviting Community Input
While the proposed model promises improved governance and security, its rollout must be gradual and well-planned, especially given the real-time nature of blockchains. To ensure a seamless transition, the Polygon team invited its community to participate in the process, providing feedback and helping answer open questions.
Community contributions are especially encouraged regarding Build a robust and secure voting mechanism into the model. Decisions around these aspects, such as general design principles, voting rights proxy, and architecture, are critical to the success of the model.The team is also considering using As a voting proxy, this will provide broad ecosystem inclusion and legitimize the Ecosystem Council.
Polygon’s proposed Ecosystem Council represents an exciting step towards more robust, efficient, and community-driven smart contract governance of the system. By integrating elements of centralized and decentralized decision-making, this model aims to bring the best of both worlds to the Polygon network. The move could help Polygon maintain its reputation as a leading Layer 2 solution, offering an improved governance framework that values efficiency, security, and community inclusion.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.