The Polygon team has taken a significant step towards enhancing the decentralization of its ecosystem by announcing a new governance model.
In line with its roadmap for Polygon 2.0, which focuses on zero-knowledge-powered Layer 2 chains, the team aims to empower stakeholders to actively shape the network’s future.
This new governance framework is designed to foster community collaboration and decision-making, drawing inspiration from Ethereum’s successful governance models.
The cornerstone of the new governance model will be built upon “three governance pillars.” The first pillar will oversee the governance of the core protocol, ensuring a transparent and efficient decision-making process.
The second pillar will focus on smart contract governance, empowering developers to propose and implement improvements to the protocol.
Lastly, the third pillar will manage the community treasury governance, allocating funds to support promising ecosystem projects.
With Ethereum’s governance models serving as a source of inspiration, Polygon aims to integrate the ethos and community-building techniques that have contributed to Ethereum’s success.
This approach is intended to create a vibrant and engaged community of stakeholders, including validators, dApp developers, and users, who will play an active role in shaping the network’s future.
As part of the new governance model, Polygon will expand its Polygon Improvement Proposal (PIP) framework. This will provide a formal process for proposing and implementing changes to the protocol, allowing for greater transparency and community input in decision-making.
A key feature of the governance model is the introduction of the “ecosystem council.” This council will oversee system smart contract upgrades, ensuring that changes are well-vetted and align with the community’s interests.
The council’s formation will bring together a diverse group of stakeholders, fostering inclusive decision-making and representation.
The two-phase community treasury governance will play a crucial role in funding projects that contribute to the ecosystem’s growth and development.
This innovative approach will allow the community to direct funds towards initiatives that best align with Polygon’s long-term vision and goals.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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