In an announcement made on X, the Web3 firms called on its community to share their valuable feedback on the inaugural governance proposal.
Optimism’s proposal aims to create a future where no single entity has 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.
By processing transactions off-chain, optimistic rollups significantly improve processing speeds while reducing computation on the main Ethereum chain.
Unlike other scaling solutions like sidechains or plasma chains, optimistic rollups derive their security from Mainnet by publishing transaction results on-chain.
Optimism is much cheaper to use than Ethereum, and it’s increasingly becoming popular along with other Layer 2 solutions, such as Arbitrum. It is governed by its token, OP, which is used for governance.
According to Optimism, the proposed structure of the Security Council aligns with the Stage 1 decentralization requirements, with a primary emphasis on safety.
This approach ensures a robust and secure framework for the Superchain Network.
Furthermore, if the proposal pulls through, the Security Council will consist of a minimum of 8 members, and decisions will require a 75% signing threshold.
These vital changes will be implemented through a series of governance votes, marking a pivotal moment in Optimism’s evolution.
It also said that the Security Council will function as a co-signer alongside the existing OP Mainnet multi-sig , effectively forming a 2/2 signing arrangement.
Subsequently, 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, which will include the ratification of the initial Security Council members and a protocol upgrade necessary for the Council’s full implementation.
Optimism urges all community members and delegates to engage with the first proposal, emphasizing the pivotal role of community feedback in shaping the decentralized future of the Collective.