Polygon, the popular Ethereum scaling solution, recently proposed a new decentralized governance model aimed at improving the security, scalability, and robustness of its network.
This proposal, which revolves around the creation of an “Ecosystem Council”, will redefine how system smart contracts within the are maintained and updated. This proposition indicates the continuity finding the perfect balance between community governance and effective decision-making in a decentralized network.
A new system of decentralized governance
The system’s smart contracts represent a fundamental part of the blockchain infrastructure. They can directly or indirectly influence user funds and . A crucial aspect of these contracts is their scalability, which allows seamless migration to enhanced versions under specific circumstances. The importance of this feature is evident in various Layer 2 (L2) solutions, such as , And where an efficient way to fix bugs and upgrade pivot architecture components is required.
According to the proposal, the Ecosystem Council would consist of technically competent and values-aligned individuals elected and recallable by the community. This council will be responsible for performing time-limited upgrades to system smart contracts on Polygon networks, such as Polygon PoS and zkEVM.
For example, in the case of non-urgent or routine proposals, the board will make a proposal and proceed with the time blocking as usual. On the other hand, if there is a perceived threat to user funds due to potential vulnerabilities in smart contracts, the council will enact a state of emergency, freezing transactions to protect assets.
The Polygon community will have three powers: the election and removal of members of the Ecosystem Council, the ability to exit a state of emergency, and the power to veto any upgrades proposed by the Ecosystem Council. This model should increase community engagement while maintaining a level of control to prevent malicious activity.
The Ecosystem Council: balancing efficiency and decentralization
The proposed model suggests the creation of an Ecosystem Council, a group made up of reputable, technically competent and values-aligned individuals. These people would be democratically elected by the community and could also be removed by the community. The board’s primary role would be to perform time-limited upgrades to system smart contracts on Polygon networks, including Polygon PoS and zkEVM.
The governance model will allow the board to manage both routine and sensitive proposals. In the case of routine proposals, the board will make a proposal and proceed with standard time lock protocol. However, if a potential vulnerability poses a risk to users’ funds, the council will enact a state of emergency, freezing transactions to protect funds.
To maintain a balance between efficiency and community engagement, Polygon proposes to equip the community with several skills. These include the power to elect and remove members of the Ecosystem Council, the ability to exit the state of emergency, and the power to veto any upgrades proposed and scheduled by the Ecosystem Council. By granting these powers to the community, Polygon hopes to increase overall community engagement while maintaining a centralized level of control to prevent malicious activity.
Navigating the transition: inviting the community to participate
While the proposed model promises improved governance and security, its deployment should be gradual and well-planned, especially given the living nature of blockchain. To ensure a smooth transition, the Polygon team invites its community to participate in the process, providing feedback and helping answer open-ended questions.
The community is particularly encouraged to contribute ideas regarding in the model and the establishment of a robust and secure voting mechanism. Decisions on these aspects, such as general design principles, proxy voting, and architecture, will be critical to the success of the model. The team is also considering the use of as a proxy for voting power, which would provide broad ecosystem inclusion and legitimize the Ecosystem Council.
Polygon’s proposed Ecosystem Council represents an exciting step towards more robust, efficient, and community-focused governance of the system’s smart contracts. By integrating elements of centralized and decentralized decision-making, the 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, providing an improved governance framework that values efficiency, security, and community inclusion.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.