PANews reported on November 27 that the Eigen Foundation introduced the first part of EigenLayer's governance system EigenGov in its official blog. The core of EigenGov V1 is its council. The power of EigenGov will be held by a network of councils composed of trusted high-context field experts, authorized by token holders to make decisions on behalf of the community and take responsibility through a system of checks and balances. The council will have powers in specific areas to make decisions and take actions on the EigenLayer protocol and EigenGov. In addition, EIGEN holders will have the right to veto council decisions. The Eigen Foundation is implementing an incubation concept for creating, appointing and managing councils to ensure a resilient, transparent and decentralized council network. The council governance design includes: 1. Council incentives: rewarding council members for continuous, high-quality and long-term value creation; 2. Council coordination: reducing agency problems by creating new systems to support decentralized coordination of decision makers and protocol needs; 3. Council accountability: making decision makers accountable to token holders through checks and balances, transparency and reporting.