Polygon 2.0 Lays the Foundation for Decentralized Governance Initiatives

Polygon Labs is embarking on a significant expansion to include all blockchains and applications operating on the Polygon network, with a primary focus on democratizing the upgrade process and enhancing community involvement.

On July 19, developers from Polygon presented a proposal outlining the revamped governance mechanism for the upcoming Polygon 2.0 roadmap, which aims to establish multiple layer 2 solutions within the network.

The proposal introduces an innovative governance structure built on “three main pillars,” each designed to fulfill specific roles within the Polygon ecosystem.

The first pillar emphasizes the expansion of the existing Polygon Improvement Proposal (PIP) framework. By extending its scope to encompass all blockchains and applications on the Polygon network, this expansion allows users to propose and research upgrades for Polygon protocols. Empowering the community to actively participate in the upgrade process fosters inclusivity, enabling diverse perspectives and potential enhancements to be integrated into the network’s governing protocols.

The second pillar is dedicated to “System Smart Contracts Governance,” which streamlines the implementation of upgrades for protocol changes or software that acts as smart contracts. To oversee these changes, a specialized ecosystem council, elected and governed by the community, will be established. This approach enhances transparency and accountability while ensuring a more inclusive decision-making process.

The third aspect of the proposed governance structure centers around the establishment of a “Community Treasury” mechanism. The Community Treasury plays a crucial role in nurturing the growth of the Polygon ecosystem and providing funding for various projects. Initially, an independent community treasury board will manage the treasury’s funds, but the ultimate goal is to transition to community-driven governance gradually.

By implementing this comprehensive and innovative governance framework, Polygon seeks to create an open, inclusive, and community-driven network. The Polygon 2.0 initiative aims to empower users, developers, and stakeholders to actively participate in shaping the network’s future, driving innovation, and unlocking the full potential of the Polygon ecosystem. As the groundwork for decentralized governance is laid, Polygon is positioning itself as a leading force in the evolving landscape of blockchain technology.

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