Polygon 2.0 begins groundwork for decentralized governance

Web 3.0 Projects and Upgrade Process

Polygon Labs has started work on an expansion of the Polygon network, which will include all blockchains and applications. This is intended to make the upgrade process more accessible and to encourage community participation.

On July 19, the developers presented a plan to revamp the governance system of the upcoming Polygon 2.0 roadmap, with the aim of setting up several layer 2s on the network.

To this end, they proposed a comprehensive and innovative governance structure based on three main pillars, each of which is designed to serve a specific purpose within the Polygon ecosystem.

The first pillar focuses on the expansion of the existing Polygon Improvement Proposal (PIP) framework, which allows users to suggest and research upgrades for Polygon protocols. This expansion is intended to include all web 3.0 crypto projects and applications running on the Polygon network, making the upgrade process more democratic and encouraging community involvement.

Exploring the Polygon Ecosystem Governance Structure

The Polygon ecosystem is leveraging the power of Web 3.0 crypto projects to enable community members to conduct research and propose upgrades. This allows for a wide variety of insights and potential improvements that can be integrated into the protocols governing its operations.

The second pillar of the new governance structure is dedicated to System Smart Contracts Governance, which seeks to simplify the implementation of protocol modifications and smart contract software. This will be overseen by an Ecosystem Council comprised of members elected and governed by the community.

The third aspect of the proposed governance structure is the Community Treasury, which plays a key role in promoting the growth of the Polygon ecosystem and providing funding for various projects. Initially, this will be managed by an independent Community Treasury Board, but it is intended to eventually transition to community-driven governance.

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