Introduction
Polygon Labs has embarked on an ambitious expansion plan, aiming to include all blockchains and applications running on the Polygon network. Their mission is to democratize the upgrade process and foster community participation. Recently, on July 19, the company’s developers presented a proposal to revamp the governance mechanism for the forthcoming Polygon 2.0 roadmap, specifically focusing on establishing several layer 2s on the network.
The Three Pillars of Polygon 2.0 Governance
In line with the proposal, the developers introduced a comprehensive and innovative governance structure underpinned by “three main pillars,” each serving distinct functions within the Polygon ecosystem.
Pillar 1: Expanding Polygon Improvement Proposal (PIP) Framework
The first pillar aims to expand the existing Polygon Improvement Proposal (PIP) framework, which currently allows users to propose and research upgrades for Polygon protocols. With this expansion, the PIP framework will encompass all blockchains and applications on the Polygon network, promoting a decentralized upgrade process and encouraging active community participation.
Empowering community members to conduct research and propose upgrades will unlock diverse insights and potential improvements that can be integrated into the protocols governing the network’s operations.
Pillar 2: System Smart Contracts Governance
The second pillar focuses on “System Smart Contracts Governance.” The goal is to streamline the implementation of upgrades for protocol changes and software functioning as smart contracts. A specialized ecosystem council, comprising members elected and governed by the community, will oversee these changes. This approach ensures that the network upgrades align with the community’s interests and requirements.
Pillar 3: Community Treasury Mechanism
The third aspect of the proposed governance structure revolves around establishing a “Community Treasury” mechanism. This mechanism plays a pivotal role in fostering the growth of the Polygon ecosystem and providing funding for various projects.
Initially, the treasury will be managed by an independent community treasury board. However, the long-term goal is to transition towards community-driven governance, allowing the community to have a say in how funds are allocated and supporting initiatives that align with their vision for the network’s future.
Conclusion
Polygon Labs’ vision for Polygon 2.0 decentralized governance is a significant step towards a more inclusive and community-driven blockchain ecosystem. By expanding the Polygon Improvement Proposal framework, implementing System Smart Contracts Governance, and establishing a Community Treasury mechanism, Polygon aims to empower its community members and ensure that future upgrades and decisions are made collectively, benefiting the entire network.
Ecosystem
Research
News Network
About