Polygon (MATIC) Presents Upgradable Smart Contracts: What We Know
Should the new proposal be adopted by the community, the most popular EVM blockchain will be able to upgrade its technical design faster and do it in a more democratic manner. However, there are too many questions about the balance of power in the novel hybrid governance model. Polygon Labs invited community enthusiasts to discuss them together.
Polygon (MATIC) might activate novel governance mechanism
In a recent Twitter thread by Mateusz Rzeszowski, he explained the motivation behind the potential governance model upgrade. It might give the power to implement some upgrades to the Ecosystem Council, a body of dedicated individuals of the Polygon (MATIC) scene.
🏛️ Polygon Governance Pillars: System Smart Contracts
Following the first pillar, we present an approach to upgradeable contracts in Polygon protocols, including a potential governance model which allows for both security and decentralization.https://t.co/cIxSswU2dD
🧵1/12 pic.twitter.com/RqENUIz5qo
— Mateusz Rzeszowski (@matrzeszowski) June 15, 2023
The proposal dubbed The Second Pillar: Polygon System Smart Contracts Governance envisions the creation of the Ecosystem Council, which is poised to be able to perform timelock-limited upgrades to upgradable system smart contracts across both Polygon networks, Polygon PoS and Polygon zkEVM.
The Ecosystem Council will be able to upgrade smart contracts of Polygon’s networks for the mutual benefit of their users, validators and developers. The community of Polygon (MATIC) token holders will be able to check the policy of the Ecosystem Council in order to prevent the network from stopping being whale-dominated.
Besides being more cost-optimized, this hybrid model is not too sophisticated and is able to encourage more individuals to actively participate in community governance:
This type of governance can minimize requirements for active governance, voter fatigue and apathy, as well as potential attack vectors connected to, for example, regularly held elections
The Ecosystem Council will have separate agendas for Polygon PoS and Polygon zkEVM.
Polygon (MATIC) publishes ambitious road map as SEC attacks altcoins
Rzeszowski shared a list of questions that should be discussed with the community before the migration toward the new governance model starts. Largely, they are about mechanisms of decentralization and the technical viability of the novel voting scheme.
As covered by U.Today previously, Polygon Labs dropped a bombshell by publishing its ambitious Polygon 2.0 vision days after SEC claimed that Polygon (MATIC) is a security and should be regulated accordingly.
As per the document, the Polygon (MATIC) blockchain will evolve into a new value layer for the entire internet. Besides strengthening Polygon’s technical supremacy, it is set to accelerate Web3 adoption globally as a whole.