Polygon 2.0 begins groundwork for decentralized governance

Polygon Labs has begun work on an expansion aimed at democratizing the upgrade process and encompassing all blockchains and applications running on the Polygon Network in order to encourage community participation.

On July 19, the company’s developers submitted a proposal to improve the governance mechanism for the upcoming Polygon 2.0 roadmap, with the goal of allowing multiple Layer 2 installations on the network.

According to the proposal, the developers introduced a comprehensive and innovative governance structure supported by “three core 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 allows users to research and propose upgrades to the Polygon protocol. This expansion includes all blockchains and applications running on the Polygon network, democratizing the upgrade process and fostering community participation.

Connected: Why did Polygon (MATIC) price rise today?

By providing community members with the ability to suggest research and upgrades, the Polygon ecosystem opens itself up to diverse insights and potential improvements that can eventually be integrated into the protocols that govern its operations.

Screenshot of a visual representation of the three pillars in the new governance structure. Source: Polygon

The second pillar of this newly proposed governance structure is dedicated to “system smart contracts governance”, which aims to streamline the implementation of protocol change upgrades or software acting as smart contracts. Under this pillar, a special Ecosystem Council, made up of community-elected and governed members, will oversee the changes.

The third aspect of the proposed governance structure is centered around the establishment of a “community treasury” mechanism, which plays a key role in fueling the growth of the Polygon ecosystem and providing funding to various projects. Initially the treasury will be managed by an independent Community Treasury Board, but the intention is to gradually move towards community-driven governance.

magazine: ZK Rollup is the ‘end game’ for blockchain scaling: Polygon Maiden founder

Stay Connected With Us On Social Media Platforms For Instant Updates, Click Here To Join Us Facebook

For the latest news and updates, follow us on Google News

Read the original article here

Show More
Back to top button

disable ad blocker

please disable ad blocker