Polygon 2.0: The time for decentralized governance has come

Polygon promised a complete overhaul of the blockchain and the elements that make up its ecosystem. To achieve this, its developers offer a governance model where the community will actively participate. To this metamorphosis, they gave the name “Polygon 2.0″. And these ” three main pillars will be presented in this article.

The Basics of a Decentralized Polygon 2.0

The advent of Polygon 2.0, the long-awaited metamorphosis of this bespoke platform conducive to the creation of custom sovereign blockchains, is near. When that time comes, most of the sidechains and apps orbiting around the ex-Matic Network will experience a very important upgrade. This will materialize in particular by the migration from MATIC to POL, and also by the establishment of a internet “value layer”.

As promised, the Polygon team addressed the governance issue for the week of July 17.

I’article published on his blog entitled ” Polygon 2.0: Governance says a lot on the subject.

The proposed governance model for Polygon 2.0

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

The framework focuses on three main aspects of governance – the three pillars of future development and the growth of the Polygon ecosystem. »

In this Twitter thread, the Polygon Labs team highlighted the three pillars in question.

These three pillars are:

– there protocol governance

– there governance of smart contracts of the system

– and the treasury governance.

The three pillars of Polygon’s development

To arrive at such a proposal, Polygon had to sting some ideas at Ethereum.

The proposal is inspired by proven blockchain governance models, foremost among which is Ethereum. The ethics of open and inclusive governance of Ethereum has proven to be incredibly valuable for the maintenance, development and adoption of the protocol. Polygon technology is already expanding Ethereum’s block space; the proposed governance framework aims to extend Ethereum’s ethos and proven model of building a thriving community “, can we read on the Polygon blog.

The three pillars of Polygon 2.0 governance

Protocol governance

This model is based on a full user participation in the proposal and searches for protocol upgrades on Polygon. To do this, the team provides them with the framework Polygon Improvement Proposal (PIP). This device is ” currently alive and fully operational on Polygon’s PoS chain “.

It should also be noted that a PIP platform will soon be launched. It will be used to promote support for community growth, education and accessibility.

System smart contract governance

The smart contract governance model for Polygon 2.0

5/ Smart contract system: The governance facilitates protocol component upgrades which are implemented as smart contracts.

An evolution towards an Ecosystem Council model is proposed, allowing efficient, secure and decentralized governance through the use of community verifications. »

Note also that this Ecosystem Council will be offered in the coming days as a PIP.

Community treasury governance

This pillar will be based on an autonomous fund for the ecosystem. It will thus be used to finance public goods and will support projects and initiatives aimed at the development of Polygon 2.0.

To erect it, Polygon planned theestablishment of an independent Community Treasury Board where transparency and dialogue will reign. The transfer of the management of this council into the hands of the community will crown this type of governance.

In short, we couldn’t help but think of Marc Cuban’s solution to thwart the SEC’s attacks on Filecoin. In his view, the future is being played out in a ” real decentralization “, especially concerning cash.

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