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Following Polygon June announcement that it was moving to protocol version 2.0, an on-chain framework also needed to be redefined in relation to the decision-making processes of crypto project stakeholders in response to security and upgradeability needs Yesterday, with PIP-29, the Ethereum layer-2 community proposed the establishment of a “protocol board” to manage and govern regular and emergency updates with variable expiration of the Polygon system’s smart contracts This is an important step forward toward achieving scalable, decentralized governance that minimizes the trust required toward a single entity and maximizes the deliberative power of the community. The proposal will be formalized in the coming days. Polygon: the proposal for a “protocol council” to update smart contracts in the crypto ecosystem  On 12 June 2023, Polygon shared with its community the idea of a new decentralized ecosystem architecture 2.0, with which the foundation was laid for the creation of the next “value layer of the internet,” capable of bringing unlimited scalability and unified liquidity within the crypto world. However, the Polygon team’s innovative vision required reinventing some aspects of the protocol, including some issues related to so-called “governance 2.0” in line with the principles of the call for proposal called “Polygon’s three pillars of governance” published by contributor Mateusz Rzeszowski. Just yesterday, as a first step toward achieving centralized and scalable governance, the same community was called upon to determine which project body should take responsibility for executing certain updates to the smart contracts implemented on Ethereum. PIP-29 responds to this need by proposing the establishment of a “Protocol Council,” charged precisely with the task of managing these kinds of changes on the Polygon infrastructure, subject to the attainment of the collective consensus of the network’s participants. All this represents an incredible achievement for the community of the crypto project, which…

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Filed under: News - @ October 20, 2023 2:20 pm