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Crypto News

Polygon 2.0 Lays The Foundation For Decentralized Governance

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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All Polygon network-based blockchains and applications will be included in the expansion, which will democratize the update process and encourage community involvement.

In order to democratize the upgrading process and promote community involvement, Polygon Labs has started work on an expansion that will encompass all blockchains and applications that are now using the Polygon network.

The company’s developers revealed a plan to update the governance framework for the next Polygon 2.0 roadmap on July 19 in order to construct a number of layer 2s on the network.

According to the proposal, the creators unveiled a comprehensive and cutting-edge governance framework supported by “three main pillars,” each of which was created to fulfill a certain purpose within the Polygon ecosystem.

Expanding the Polygon Improvement Proposal (PIP) architecture, which enables users to suggest and investigate enhancements for Polygon protocols, is the first pillar of the project. All blockchains and applications now using the Polygon network will be included in this expansion, which will democratize the upgrade process and encourage community involvement.

The Polygon ecosystem opens itself up to a variety of insights and prospective upgrades that could eventually be incorporated into the protocols governing its operations by allowing community members to conduct research and suggest changes.

This newly proposed governance structure’s second pillar, dubbed “System Smart Contracts Governance,” attempts to simplify the process of deploying protocol updates or software that serves as smart contracts. A specialized ecological council, made up of people chosen and managed by the community, will supervise improvements under this pillar.

The establishment of a “Community Treasury” mechanism, which is crucial to promoting the expansion of the Polygon ecosystem and providing funds for various projects, is the focus of the third part of the proposed governance structure. An independent community treasury board will initially oversee the treasury, but it is planned to eventually move toward community-driven governance.