Polygon Labs Unveils Proposed Governance Overhaul for Polygon 2.0 Roadmap

Developers of Polygon Labs have unveiled a proposal for the restructuring of the governance mechanism for the highly anticipated Polygon 2.0 roadmap. Polygon 2.0 aims to introduce multiple layer-2 solutions on the network, requiring an evolved governance model to ensure the continued success of the ecosystem.

Polygon 2.0 represents a comprehensive reimagination of the Polygon ecosystem, and the proposed governance framework aims to reflect this evolution. The developers emphasize the importance of community involvement and state that the community will have the final say on all proposals related to Polygon 2.0. They recognize that ongoing community engagement and governance will be crucial for the project’s future success.

The proposed governance framework draws inspiration from proven blockchain governance models, with Ethereum’s governance ethos serving as a significant influence. The Ethereum model has demonstrated its value in maintaining, developing, and adopting the protocol. The developers of Polygon aim to extend this ethos and create a flourishing community through their proposed governance framework.

To lay the groundwork for Polygon 2.0 governance, the developers have initiated a series of forum posts, community calls, and public discussions. They have received positive feedback from various participants, including validators, users, infrastructure providers, and dApp developers, who have expressed support and interest in collaborating on Polygon 2.0 governance.

Transparency and collaboration with the community are central to the governance vision proposed by Polygon. They have created an interactive vision board, a repository for the Polygon 2.0 governance vision, where anyone can familiarize themselves with the framework, ongoing research, and contribute to the conversation and governance processes.

The proposed governance framework revolves around the concept of Three Governance Pillars. These pillars represent different aspects of the Polygon ecosystem that require governance, allowing for appropriate decision-making mechanisms.

The first pillar, Protocol Governance, introduces the Polygon Improvement Proposal (PIP) framework. This open coordination platform enables the development of Polygon protocols and mirrors effective frameworks used by established projects such as IETF, Python, Bitcoin, and Ethereum. In Polygon 2.0, the PIP framework aims to cover the entire permissionless stack, empowering the community to propose upgrades and participate in protocol research and development.

The second pillar, System Smart Contracts Governance, focuses on the governance of protocol components implemented as smart contracts. Upgrades to these components require additional governance due to the nature of Ethereum smart contracts. The proposal suggests the introduction of the Ecosystem Council, a community-governed body responsible for upgrading system smart contracts. The council would follow a tailor-made governance framework, combining community veto and elections, built on advanced token holder governance.

The third pillar, Community Treasury Governance, recognizes the need for ongoing support for the Polygon ecosystem’s growth and development. The proposal suggests the establishment of a self-sustainable ecosystem fund called the Community Treasury. This fund would be used for public goods and support programs for promising ecosystem projects and initiatives. The governance of the Community Treasury would evolve from an initial independent board to increased community-driven decision-making, facilitated by novel governance mechanisms.

The developers emphasize the importance of community participation in the governance processes outlined in the proposal. They encourage community members, ecosystem participants, and subject matter experts to collaborate on the governance framework and actively engage in shaping the future of Polygon. The establishment of clear lines of communication and transparency, such as community funding proposals and board transparency reports, will foster a symbiotic relationship between the board and the wider community.

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