Polygon 2.0 begins groundwork for decentralized governance

Amaka Nwaokocha14 hours agoPolygon 2.0 begins groundwork for decentralized governanceThe expansion will encompass all blockchains and applications running on the Polygon network, democratizing the upgrade process and fostering community participation.5236 Total views33 Total sharesListen to article 0:00NewsJoin us on social networksPolygon Labs has begun work on an expansion intended to include all blockchains and applications running on the Polygon network, and seeks to democratize the upgrade process and encourage community participation.

On July 19, the company’s developers presented a proposal to revamp the governance mechanism for the forthcoming Polygon 2.0 roadmap, with the aim of establishing several layer 2s on the network. 

In line with the proposal, the developers introduced a comprehensive and innovative governance structure underpinned by “three main pillars,” each tailored to serve specific functions within the Polygon ecosystem.

The first pillar revolves around expanding the existing Polygon Improvement Proposal (PIP) framework, which enables users to propose and research upgrades for Polygon protocols. This expansion is set to encompass all blockchains and applications running on the Polygon network, democratizing the upgrade process and fostering community participation.

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

By granting community members the ability to conduct research and propose upgrades, the Polygon ecosystem opens itself to diverse insights and potential improvements that could ultimately be integrated into the protocols governing its operations. Screenshot of a visual representation of the three pillars in the new governance structure. Source: Polygon

The second pillar of this newly proposed governance structure is dedicated to “System Smart Contracts Governance,” which aims to streamline implementing upgrades for protocol changes or software functioning as smart contracts. Under this pillar, a specialized ecosystem council, comprising members elected and governed by the community, will oversee changes.

The third aspect of the proposed governance structure is centered around establishing a “Community Treasury” mechanism, which plays a vital role in fostering the growth of the Polygon ecosystem and providing funding to various projects. The treasury will initially be under the management of an independent community treasury board, but it is intended to gradually transition toward community-driven governance.

Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine:ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder# Blockchain# Cryptocurrencies# Decentralization# DeFi# PolygonAdd reactionAdd reactionRelated NewsHow to check an Ethereum transactionUS law protects institutions and exposes retail investors — Rep. Torres7 most in-demand programming languages to learnCrypto needs better self-custody: This platform is solving itOver $204M lost to DeFi hacks and scams in Q2: Finance RedefinedDeSo offers $1M bounty for building decentralized Reddit