The Proposed Governance Changes for Polygon 2.0
Polygon Labs has introduced proposed changes to their governance system as part of their forthcoming Polygon 2.0 roadmap. The new governance structure will be comprised of three main pillars, each serving a distinct function.
1. Expansion of the Polygon Improvement Proposal (PIP) Framework
The first pillar aims to expand the PIP framework to include all applications and blockchains on the Polygon network. This will allow community members to propose and research upgrades for the protocols.
2. System Smart Contracts Governance
The second pillar proposes the creation of an Ecosystem Council elected by the community. This council will oversee upgrades for software implemented as smart contracts, ensuring the ongoing upgradeability of the protocol components.
3. Community Treasury
The third pillar focuses on the creation of a Community Treasury to support the growth of the Polygon ecosystem and fund projects. Initially, an independent Community Treasury Board will manage the treasury before transitioning to community governance.
Polygon Labs encourages developers, network validators, and other stakeholders to engage in discussions regarding the proposed governance changes to ensure community input plays a key role in shaping the final plans.
The Three Governance Pillars and Their Functions
Polygon 2.0 seeks to reimagine the current ecosystem and establish a decentralized framework for decision-making. The three governance pillars are as follows:
1. Protocol Governance
Expanding the PIP framework to cover the entire Polygon stack, enabling the community to propose upgrades for the protocols.
2. System Smart Contracts Governance
Creating an Ecosystem Council to oversee upgrades for system smart contracts, guaranteeing the ongoing upgradeability of protocol components.
3. Community Treasury Governance
Establishing a self-sustainable ecosystem fund, the Community Treasury, to support the growth of the Polygon ecosystem and fund projects and initiatives.
Polygon’s Commitment to Decentralization and Community Empowerment
The proposed governance changes align with Polygon’s dedication to decentralization and community participation. By adopting this restructured governance model, Polygon aims to position itself as a leader in blockchain development. However, the success of these changes relies on community acceptance and active engagement. With this vision, Polygon has the potential to pave the way for a truly decentralized ecosystem where the community holds the reins of blockchain protocols.
Disclaimer: This article is for informative purposes only and does not constitute legal, tax, investment, financial, or other advice.
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