Polygon 2.0 begins groundwork for decentralized governance

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Polygon Labs has launched expansion work aimed at including all blockchains and applications running on the Polygon network, aiming to democratize the upgrade process and encourage community participation.

On July 19th, the company’s developers suggestion Revamp governance mechanisms for the upcoming Polygon 2.0 roadmap, with the goal of establishing multiple Layer 2s on the network.

In line with this proposal, the developers have introduced a comprehensive and innovative governance structure underpinned by “three main pillars”. Each pillar is tailored to fulfill a specific function within the Polygon ecosystem.

The first pillar revolves around extending the existing Polygon Improvement Proposal (PIP) framework to allow users to propose and research upgrades to the Polygon protocol. The expansion is set to encompass all blockchains and applications running on the Polygon network, democratizing the upgrade process and encouraging community participation.

Related: Why is Polygon (MATIC) price increasing today?

By giving community members the ability to conduct research and make upgrade suggestions, the Polygon ecosystem opens itself up to a range of insights and potential improvements that can ultimately be integrated into the protocols governing its operations.

The second pillar of this newly proposed governance structure is dedicated to “System Smart Contract Governance” and aims to streamline the process of implementing protocol changes and upgrades to software acting as smart contracts. Under this pillar, a dedicated Ecosystem Council, composed of members elected and governed by the community, will be responsible for overseeing these significant changes.

The third aspect of the proposed governance structure centers around the establishment of a “community treasury” mechanism that will play a key role in fostering the growth of the Polygon ecosystem and funding various projects. This Community Treasury will initially be under the control of an independent Community Finance Commission, but will gradually transition to community-led governance.

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