Home Web3 Optimism proposes decentralized Security Council for Web3 | CryptoTvplus

Optimism proposes decentralized Security Council for Web3 | CryptoTvplus

by Sophie Smith

Optimism, a leading Web3 firm, is making waves in the world of governance with its latest proposal to establish a Security Council. The firm is calling on its community to provide feedback and help shape this important initiative.

The main goal of Optimism’s proposal is to create a future where no single entity holds unilateral authority over system upgrades, rollup state changes, or transaction censorship. As a Layer 2 scaling solution for Ethereum, Optimism utilizes optimistic rollups to increase the throughput of Ethereum’s base layer. This approach processes transactions off-chain, improving processing speeds and reducing computation on the main Ethereum chain.

What sets optimistic rollups apart from other scaling solutions like sidechains or plasma chains is that they derive their security from Mainnet by publishing transaction results on-chain. This makes Optimism a cost-effective and popular choice for users, alongside other Layer 2 solutions like Arbitrum. The governance of Optimism is carried out using its native token, OP.

The proposed structure of the Security Council aligns with the Stage 1 decentralization requirements, with a strong emphasis on safety. This ensures a robust and secure framework for the Superchain Network. If the proposal goes through, the Security Council will consist of a minimum of 8 members, and decisions will require a 75% signing threshold.

These significant changes will be implemented through a series of governance votes, marking a crucial moment in Optimism’s evolution. The Security Council will function as a co-signer alongside the existing OP Mainnet multi-sig, forming a 2/2 signing arrangement. A governance proposal will be presented to transfer exclusive control of the multisig to the Security Council.

All votes are expected to be cast on October 12, including the ratification of the initial Security Council members and a protocol upgrade necessary for the Council’s full implementation. It is crucial for all community members and delegates to engage with the proposal and provide feedback as it will play a pivotal role in shaping the decentralized future of the Collective.

In conclusion, Optimism’s proposal to establish a Security Council is a significant step towards decentralization and ensuring that no single entity has unchecked authority. With the involvement and feedback of its community, Optimism is paving the way for a future where governance is more inclusive and transparent, setting a new standard for Web3 firms.

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