On its road to Polygon 2.0, the development team begins works on enhancing community governance.
Polygon Labs has launched an ambitious plan to embrace every application and blockchain within the Polygon network.
With this plan, Polygon aims to democratize the process of upgrades and encourage community engagement at each step.
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As a part of this plan, on July 19th, Polygon Labs’ developers unveiled a comprehensive proposal to redefine the governance procedures for the imminent launch of Polygon 2.0.
The proposed plan brings into play an elaborate governance model hinged on "three foundational principles." Each principle is tailored to address distinct roles and functions within the broad Polygon ecosystem.
The first principle seeks to augment the current Polygon Improvement Proposal (PIP) framework. The PIP is an instrumental mechanism that enables users to suggest and scrutinize potential enhancements to the Polygon protocols. The envisioned expansion aims to integrate all applications and blockchains currently operational on the Polygon network, thus, promoting community participation and creating a more inclusive upgrade process.
The second principle focuses on the governance of "System Smart Contracts." This principle aims to smoothen the process of implementing protocol amendments or software functioning as smart contracts. A dedicated ecosystem council, elected and governed by the community, will oversee this process, signifying an empowered role for the Polygon community.
The third and final principle pertains to the creation of a "Community Treasury." This treasury aims to stimulate growth within the Polygon network by providing essential funding to various projects. While the treasury's administration will initially be in the hands of an independent community treasury board, the ultimate goal is to transition towards a fully community-governed system.
Polygon Labs' vision of decentralization, showcased through these proposed modifications, embodies a democratic, inclusive, and community-focused approach, signaling a revolutionary shift in the network's evolution.
As a part of its move to shift to Polygon 2.0, Polygon has recently unveiled a proposal to revamp its token MATIC into POL, making it a versatile entity that can validate multiple chains.
