Polygon 2.0 begins groundwork for decentralized governance
Polygon Labs have begun work on an expansion that’s intended to include all blockchains and applications running on the Polygon network, seeking to democratize the upgrade process and encourage community participation.
On July 19 the company’s developers presented a proposal for the revamping of the governance mechanism for the forthcoming Polygon 2.0 roadmap, with the aim of establishing several layer-2s on their network.
In line with their proposal, the developers introduced a comprehensive and innovative governance structure, underpinned by “three main pillars,” each tailored to serve specific functions within the Polygon ecosystem.
The first pillar revolves around expanding the existing Polygon Improvement Proposal (PIP) framework, which currently enables users to propose and conduct research on upgrades for Polygon protocols. This expansion is set to encompass all blockchains and applications running on the Polygon network, thereby democratizing the upgrade process and fostering community participation.
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By granting community members the ability to conduct research and put forth upgrade proposals, the Polygon ecosystem opens itself to a diverse array of insights and potential improvements that could ultimately be integrated into the protocols governing its operations.
The second pillar of this newly proposed governance structure is dedicated to “System Smart Contracts Governance,” which aims to streamline the process of implementing upgrades for protocol changes or software functioning as smart contracts. Under this pillar, a specialized Ecosystem Council, comprising members elected and governed by the community, will take charge of overseeing these crucial changes.
The third aspect of the proposed governance structure is centered around the establishment of a “Community Treasury” mechanism, which plays a vital role in fostering the growth of the Polygon ecosystem and providing funding for various projects. This Community Treasury will be under the management of an independent Community Treasury Board initially, but is intended to gradually transition towards community-driven governance.
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