Polygon 2.0 Proposes a New Governance Structure

Polygon 2.0 Proposes a New Governance Structure
Table of Contents

The team of developers of Polygon (MATIC), Polygon Labs, has announced plans of restructuring the governance mechanism for the Polygon 2.0 roadmap. The restructured plan will focus on the creation of several layer 2s on the network. Moreover, the platform is aiming to democratize the upgrade process by ensuring the participation of all blockchains and applications on the platform. Through this, the platform will also be able to encourage community participation.

In the announcement, the developers emphasized that every point of the proposal is open to discussion on respective forums. The community will have the final say on the proposal. Plus, Polygon 2.0 will seek community involvement and governance in the future as well.

Three Governance Pillars For Polygon 2.0

In its proposal, the platform has introduced three main governance pillars. Each of these pillars is set to serve particular functions within the network. As per further details, the first pillar focuses on the expansion of the Polygon Improvement Proposal (PIP) framework. This framework allows users to come up with proposals for the protocol. As a result, users will feel more inclusive in the ecosystem and its decision-making. The Polygon network will have a chance to look into different improvements within the network.

The second pillar will focus on the System of Smart Contracts Governance. It will look to streamline upgrades within the protocol and in the smart contracts. These changes will be monitored by an Ecosystem Council. It will be elected and governed by the most reputed members of the network’s community.

Three Governance Pillars For Polygon 2.0

The third and last pillar of the governance structure will focus on the creation of a Community Treasure to support the growth of the project. The treasury will collect and issue funds for the most promising projects. First, the treasury will be managed by an independent community treasury board. However. It will be governed by the network’s community in the longer run. The creation of the Community Treasury will be based on two phases.

The governance proposal is in talks within the community. However, the platform believes it is working towards a ‘Future by and for the Community’. Polygon has also previously encouraged its community to engage in meaningful discussion over the scope of the proposal In the forum, vision board, and the upcoming community calls.


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews