Polygon Eyes Governance Restructure For 2.0 Roadmap $POL $MATIC

The developers behind Polygon Labs have proposed changes to their governance system, with proposed changes that are integral to their forthcoming Polygon 2.0 roadmap, which aims to establish multiple layer-2 networks on the Polygon platform.

The new proposed governance structure will be comprised of “three main pillars”, each catering to a distinct function.

A New Approach to Governance

The first pillar involves the expansion of the Polygon Improvement Proposal (PIP) framework, currently limited to the Polygon PoS chain, to all applications and blockchains that run on the Polygon network. This adjustment will allow community members to propose and research upgrades that could potentially become part of the protocols.

The second pillar, termed “System Smart Contracts Governance,” is designed to facilitate upgrades for software implemented as smart contracts. The developers propose the creation of an Ecosystem Council, a body elected by the community, to oversee these changes.

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

Community input will play a crucial role in determining the final shape of the governance plans. Therefore, Polygon Labs has encouraged developers, network validators, and other stakeholders to engage in discussions regarding the proposals.

Community Deliberation and the Three Governance Pillars

Polygon 2.0 is a reimagination of the current Polygon ecosystem. The proposal for the new governance structure seeks to address the complexities of blockchain governance and proposes a decentralized framework for decision-making over all Polygon protocols and the ecosystem.

The proposal borrows elements from existing successful blockchain governance models, including Ethereum’s open, inclusive governance ethos. The “Three Governance Pillars” are designed to provide governance over the entire Polygon ecosystem and define suitable decision makers for each pillar.

Protocol Governance and System Smart Contracts Governance

The first pillar, Protocol Governance, involves the expansion of the PIP framework to cover all of Polygon’s permissionless stack. The goal is to give the community a formal way to propose upgrades that could potentially become part of the protocols.

The second pillar, System Smart Contracts Governance, proposes the creation of an Ecosystem Council to upgrade system smart contracts. The Council will ensure the ongoing upgradeability of the protocol components implemented as smart contracts.

Community Treasury Governance

The third pillar, Community Treasury Governance, 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, ommunity-driven governance models are increasingly becoming as critical components of key platforms such as Polygon.

This governance restructure, if adopted, may effectively position Polygon as a forerunner in this new phase of blockchain development. However, it is the community’s acceptance and participation that will ultimately determine the realization of this vision. With this plan, Polygon could potentially pave the way for a future where the community holds the reins of blockchain protocols, fostering a truly decentralized ecosystem.

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