Polygon 2.0 lays the groundwork for decentralized governance

Polygon Labs has begun work on an expansion that aims 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 developers of the company presented a Proposal Revamping the governance mechanism for the upcoming Polygon 2.0 roadmap, with the aim of having multiple Layer 2 setups on the network.

In line with the proposal, the developers introduced a comprehensive and innovative governance structure based on “three core pillars”, each of which is tailored to serve specific functions within the Polygon ecosystem.

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

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By providing community members with the ability to conduct research and propose upgrades, the Polygon ecosystem opens itself up to diverse insights and potential improvements that can eventually be integrated into the protocols governing its operations.

The second pillar of this newly proposed governance structure is dedicated to “system smart contracts governance”, which aims to streamline implementation of protocol changes or upgrades to software that act as smart contracts. Under this pillar, a special Ecosystem Council, consisting of members elected and governed by the community, will oversee the changes.

The third aspect of the proposed governance structure focuses on establishing a “community treasury” mechanism, which will play a key role in fostering the growth of the Polygon ecosystem and providing funding to various projects. Initially the treasury will be under the management of an independent Community Treasury Board, but the aim is to gradually transition towards community-driven governance.

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