Polygon (MATIC) Shows What We Know About Upgradable Smart Contracts


Polygon Labs’ governance facilitator Mateusz Rzeszowski presents an idea set for streamlining and optimising the governance structure of Polygon (MATIC).

The most widely used EVM blockchain could improve its technological architecture more quickly and democratically if the community accepted the new idea. However, the unique hybrid governance model has too many unanswered problems concerning power distribution. Polygon Labs gathered together fans to talk about them.

Mateusz Rzeszowski recently took to Twitter to discuss the proposed improvement to the governance model. It might offer the Ecosystem Council, a group of committed persons in the Polygon (MATIC) scene, the authority to undertake certain modifications.

The Second Pillar of the Proposal is Smart Contracts in the Polygon System. The Ecosystem Council, envisioned by governance, is set to be able to update upgradable system smart contracts across both Polygon networks, Polygon PoS, and Polygon zkEVM within a timelock-limited window.

Users, validators, and developers will all benefit from Ecosystem Council’s ability to update the smart contracts governing Polygon’s networks. To ensure the network does not become whale-dominated, the community of Polygon (MATIC) token holders will be able to monitor Ecosystem Council policies.

This hybrid approach has the added benefit of being more cost-effective since it is not too complex and may inspire more people to become involved in local government.

Requirements for active governance are reduced, voter weariness and indifference are lessened, and possible attack vectors associated with periodic elections are prevented.

Polygon PoS and Polygon zkEVM will be addressed separately by the Ecosystem Council. Rzeszowski posed a number of issues for the community to consider before beginning the transition to the new governance structure—most of the concerns centre on whether or not the decentralised voting method can be implemented successfully.

U.Today reported that days after the SEC declared Polygon (MATIC) security, Polygon Labs published its grandiose Polygon 2.0 concept.

According to the paper, the Polygon (MATIC) blockchain will eventually become a universally applicable value layer for the web. In addition to bolstering Polygon’s technological superiority, this move is expected to hasten the widespread adoption of Web3.

Also Read: Crypto restrictions are discussed by Mark Cuban and a former member of the SEC

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