Polygon Labs has launched an expansion project to upgrade the governance system for the upcoming Polygon 2.0. The aim is to establish multiple layer-2s within the network and incorporate every blockchain and application operating on the Polygon network. Here are the key points:
1. Broadening the Polygon Improvement Proposal (PIP) system: This expansion will include every blockchain and application operating on the Polygon network, making the upgrade process more democratic and encouraging community participation.
2. System Smart Contracts Governance: The goal is to make it easier to apply upgrades for protocol alterations or software acting as smart contracts. A council of community-elected members will oversee these modifications.
3. Community Treasury mechanism: This mechanism is essential for promoting the growth of the Polygon ecosystem and allocating resources to different initiatives. Initially, an independent community treasury board will manage the treasury, but the plan is to shift towards a governance model steered by the community.
Overall, Polygon Labs aims to bring democratic principles to the upgrade process of Polygon 2.0 by incorporating various viewpoints and encouraging community participation. This expansion project is an important step in enhancing the governance infrastructure of the Polygon network.
Hot Take: Polygon Labs’ expansion project showcases their commitment to inclusivity and community-driven decision-making. By incorporating every blockchain and application operating on the Polygon network and empowering community members with the ability to suggest enhancements, Polygon is creating a more democratic and decentralized ecosystem.
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