Polygon 2.0 to Decentralize Governance

 

The expansion will include all blockchains and applications on the Polygon network, democratizing the upgrade process and encouraging community participation.

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Polygon Labs is currently working on an expansion to encompass all blockchains and applications on the Polygon network. The goal is to democratize the upgrade process and foster community participation.



On July 19, the developers of Polygon presented a proposal to revamp the governance mechanism for the upcoming Polygon 2.0 roadmap. The proposal aims to establish multiple layer 2s on the network.

Polygon’s Innovative Governance Structure:

Aligned with the proposal, the developers introduced a comprehensive and innovative governance structure based on “three main pillars,” each serving specific functions within the Polygon ecosystem.

The first pillar involves expanding the Polygon Improvement Proposal (PIP) framework, allowing users to propose and research upgrades for Polygon protocols. This expansion will include all blockchains and applications on the Polygon network, democratizing the upgrade process and encouraging community participation.

 

Granting community members the power to conduct research and propose upgrades enables the Polygon ecosystem to tap into diverse insights and potential improvements that could be integrated into the protocols governing its operations.

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

The second pillar of the proposed governance structure focuses on “System Smart Contracts Governance.” Its objective is to streamline the implementation of upgrades for protocol changes or software serving as smart contracts. This pillar involves a specialized ecosystem council, consisting of community-elected and governed members, to oversee these changes.



The third aspect of the proposed governance structure focuses on establishing a “Community Treasury” mechanism crucial for fostering the growth of the Polygon ecosystem and funding various projects. Initially managed by an independent community treasury board, the treasury aims to transition gradually toward community-driven governance.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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