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Polygon 2.0 begins with the foundations for decentralized governance

Published on

July 20, 2023
Read Time:1 Minute, 39 Second

Polygon Labs has began work on an extension that may embody all blockchains and functions working on the Polygon community, searching for to democratize the improve course of and encourage group participation.

On July 19, the corporate's builders offered a Suggestion to revise the governance mechanism for the forthcoming Polygon 2.0 roadmap, with the intention of creating a number of layer 2s within the community.

In keeping with the proposal, the builders launched a complete and progressive governance construction based mostly on "three primary pillars", every tailor-made to particular capabilities inside the Polygon ecosystem.

The primary pillar revolves across the extension of the present Polygon Enchancment Proposal (PIP) framework, which permits customers to suggest and analysis upgrades to Polygon protocols. This growth goals to incorporate all blockchains and functions working on the Polygon community, democratizing the improve course of and inspiring group participation.

Associated: Why is Polygon (MATIC) worth up immediately?

By permitting group members to conduct analysis and counsel upgrades, the Polygon ecosystem opens up various insights and potential enhancements that would in the end be integrated into the protocols that govern its operations.

Screenshot of a visible illustration of the three pillars of the brand new governance construction. Supply: Polygon

The second pillar of this newly proposed governance construction is devoted to “System Good Contracts Governance”, which goals to streamline the implementation of upgrades to protocol modifications or software program appearing as sensible contracts. Underneath this pillar, a specialised Ecosystem Council, made up of members elected and ruled by the group, will oversee modifications.

The third facet of the proposed governance construction focuses on the institution of a "group treasury" mechanism, which performs a vital function in fostering the expansion of the Polygon ecosystem and offering funding for numerous initiatives. The Treasury will initially be managed by an impartial group treasury board, however the intention is to regularly transition to community-driven governance.

Journal: ZK rollups are 'the tip sport' for scaling blockchains: Founders of Polygon Miden

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : July 20, 2023
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