December 6, 2023

The developers behind Polygon Labs have proposed changes to its governance system as an integral part of its upcoming Polygon 2.0 roadmap, which aims to build multiple layer 2 networks on top of the Polygon platform.

new Proposed Governance Structure It will consist of “three pillars”, each with a different function.

new governance

The first pillar involves expanding polygon The Improvement Proposal (PIP) framework, currently limited to the Polygon PoS chain, applies to all applications and blockchains running on the Polygon network. This adjustment will allow community members to propose and research upgrades that may become part of the protocol.

The second pillar is called “system smart contract governance” and aims to facilitate the upgrading of software implemented as smart contracts.The developers suggest creating a Ecosystem Committeea body elected by the community to oversee these changes.

The third pillar is the “Community Treasury”, designed to support the growth of the Polygon ecosystem and fund projects. Initially, the treasury will be managed by an independent community treasury committee before transitioning to community governance.

Community input will play a vital role in determining the final form of the governance plan. As such, Polygon Labs encourages developers, network validators, and other stakeholders to participate in discussions about the proposal.

Community consultation and the three pillars of governance

Polygon 2.0 is a reimagining of the current Polygon ecosystem.Proposals for a new governance structure aim to address the complexities of blockchain governance and propose a decentralized decision-making framework Polygon Protocol and Ecosystem.

The proposal draws on elements of existing successful blockchain governance models, including Ethereum’s open and inclusive governance ethos. The “Three Governance Pillars” aim to provide governance over the entire Polygon ecosystem and define appropriate decision makers for each pillar.

Protocol Governance and System Smart Contract Governance

The first pillar, protocol governance, involves the extension of the PIP framework to cover all of Polygon’s permissionless stacks. The goal is to provide a formal way for the community to propose upgrades that may become part of the protocol.

The second pillar is system smart contract governance, and it is proposed to establish an ecosystem committee to upgrade system smart contracts.Council will ensure continued upgrades Protocol components implemented as smart contracts.

Community treasury governance

The third pillar is community treasury governance, which proposes the creation of a self-sustainable ecosystem fund, the community treasury. The fund will support the growth of the Polygon ecosystem and fund projects and initiatives.

The potential transformation outlined in the Polygon 2.0 governance proposal reflects the platform’s commitment to decentralization and community empowerment. In this sense, community-driven governance models are increasingly becoming a key component of key platforms such as Polygon.

If this governance restructuring is adopted, it may effectively position Polygons as Heralds In a new stage of blockchain development. Ultimately, however, it is community acceptance and engagement that will determine whether this vision is realized. Through this initiative, Polygon may pave the way for a future where the community takes control of blockchain protocols and fosters a truly decentralized ecosystem.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.