Polygon has announced its intention to create a new governance architecture under its Polygon 2.0 roadmap. The team’s goal is to establish a futuristic framework that facilitates distributed ownership and decision-making throughout the entire Polygon ecosystem.
In a blog post published on July 19, 2023, the Polygon team outlined their vision for the new governance structure, and it involves active participation from various stakeholders, such as validators, dApp developers, and users. The team noted that their aim is to achieve a higher degree of decentralization by implementing a network of Layer 2 chains powered by zero-knowledge (zk) technology.
The proposed governance framework introduces three key elements:
- Expanding the Polygon Improvement Proposal (PIP) framework to facilitate increased community involvement in decision-making processes.
- Establishing an “ecosystem council” to oversee updates to the platform’s smart contracts.
- Introducing a two-phase community treasury governance mechanism to provide funding for promising projects within the ecosystem.
By actively involving validators, dApp developers, and users in the decision-making processes, Polygon aims to create a more transparent, collaborative, and community-driven governance system. This approach will enable a wider range of voices to be heard and considered, ultimately leading to a more robust and resilient ecosystem.
Polygon’s inclusive approach emphasizes the importance of incorporating diverse perspectives and interests. The team is committed to engaging stakeholders and ensuring that governance decisions reflect the desires of those involved. Their vision is to establish a governance model that goes beyond traditional centralized decision-making structures, empowering stakeholders to contribute meaningfully to the ecosystem’s governance.
With this futuristic framework, Polygon aims to strengthen decentralization and foster community involvement in shaping the direction of the ecosystem. By drawing inspiration from Ethereum’s governance structures and incorporating community-building strategies, Polygon seeks to create a governance system that is responsive, inclusive, and reflective of the needs of its participants.
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