Polygon Labs charts course decentralization

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An announcement read that Polygon Labs is advancing its governance strategy with the proposed Polygon 2.0 update to redefine blockchain network governance. As announced on July 19, this innovation roadmap plans to cover all blockchains and applications in the Polygon ecosystem, a three-tier system that manages its operations.

1/ The final announcement of Polygon 2.0 provides a new governance framework in collaboration with the community.

The framework focuses on three main aspects of governance – the three pillars of the future development and growth of the polygon ecosystem. pic.twitter.com/tWQ2dvuLDO

— Polygon Labs (@0xPolygonLabs) July 19, 2023

The first step in this model involves updating the Polygon Improvement Proposal (PIP) framework. By extending the scope of the PIP, Polygon aims to give all community members the opportunity to propose and explore improvements to the protocols, developing different perspectives and insights that can be integrated into the system:

“The PIP framework is intended to eventually expand to cover the licenseless polygon stack, providing a formal way for the community to explore and propose improvements that may eventually become part of the protocols.”

Following this, the second phase, known as System Smart Contract Management, aims to simplify the process of protocol updates and smart contract software updates. A special council of elected representatives of the community oversees these changes, “emphasizing the role of the community in key operational decisions to arrive at a community-controlled governance model that ensures efficiency and security.”

The final step involves establishing a community treasury. This mechanism is designed to stimulate the development of the Polygon ecosystem by providing funds for various projects. An independent board will initially oversee the treasury, with the goal of eventually transitioning to a community management model.

In two phases, Polygon will establish a Community Treasury Board aimed at promoting the development of Polygon through support and funding for ecological and public goods. Then, the second chapter focuses on the development of both the community treasury board and the treasury itself towards greater community governance.

“A variety of models and scenarios can be considered including, but not limited to: Quadratic token voting; Auto-sovereign identities to ensure Sybil resistance; Reputation-based decision-making, etc.

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