- Optimism (OP) is creating a Security Council to meet decentralization criteria.
- On October 12, 2023, the Token House will conduct a vote to determine the approval or rejection of this modification.
- At press time, OP was worth $1.46 after its price surged by more than 6% over the past day.
On September 29, 2023, the Optimism (OP) team announced on X that it is taking the first steps toward creating a Security Council, aimed at facilitating the collective’s progression towards a Superchain Network that is more decentralized. The main objective of this decision by Optimism was to create a “world” where no single person has unilateral control.
According to Optimism’s post, the suggested framework for the Security Council is specifically crafted to meet the criteria for Stage 1 decentralization, placing particular emphasis on prioritizing safety over liveness. It was also revealed that the Security Council will consist of a minimum of eight members, requiring a 75% majority agreement.
Any decisions will also be executed by a series of governance votes. During the initial stages, the Security Council will act as a co-signer alongside the existing OP Mainnet multisig, resulting in a 2/2 signing arrangement. Subsequently, a future governance proposal will be presented to transfer sole control of the multisig to the Security Council.
Optimism’s announcement on X concluded with them stating that, on October 12, 2023, the Token House will conduct a vote to determine the approval or rejection of this modification to OP Mainnet’s security framework. So far, it seems like the cryptocurrency community has responded well to Optimism’s latest news.
OP was able to secure the 19th spot on CoinMarketCap’s trending list after its price rose by more than 6% over the past 24 hours alone. This left the altcoin trading hands at $1.46, which was a new daily high price.
Along with its price success, the token’s 24-hour trading volume experienced a more than 70% uptick since yesterday, which left it standing at around $108,734,871 at press time. Additionally, OP’s price performance over the past day boosted its weekly performance up to +15.34%. The token was also up by more than 10% in its monthly time frame.
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