In a bold move, the creators behind Polygon Labs shared their plans on Wednesday to overhaul the governance of the upcoming Polygon 2.0 roadmap. This, they claim, would involve constructing multiple layers within the network. The foundation of this revamp lies in an innovative structure designed around what they call the “three primary pillars” – each allocated to a specific function.
The first pillar resonates with the idea of democratization of the system. Developers propose that the Polygon Improvement Proposal (PIP) framework, a structure allowing users to propose and explore enhancements for Polygon protocols, should extend to every blockchain and applications operating on the Polygon network. This moulds a dynamic ecosystem where community members can investigate and put forward upgrades for potential inclusion in the protocols.
The second pillar revolves around “System Smart Contracts Governance.” This mechanism intends to provide a seamless path for protocol changes or software refurbishments that are implemented as a smart contract. To guarantee transparency and ensure credibility, these amendments would be managed by an Ecosystem Council. This council is envisaged to be an elected body, essentially governed by virtuous members selected by the community.
The final pillar introduces us to the “Community Treasury” governance schema. Its primary function would be to fuel the growth of the Polygon ecosystem and financially back viable projects. This treasury would initially be overseen by a separate Community Treasury Board and would, in due course, merge into a governess model led by the community.
Polygon Labs invites the ecosystem’s stakeholders – the developers, and network validators among others, to deliberate on these revisions brought forth in governance plans. The captivating part? These strategies hinge on the approval of the community.
While the general public has yet to fully embrace this bold strategy, MATIC tokens in the Polygon sphere experienced a 1.1% drop within 24 hours of the announcement, trading at 74 cents.
This whole initiative begs the question – can community-driven, democratic models truly provide superior governance in a rapidly evolving technological landscape? The jury is still out on that. As we continue to move deeper into the world of blockchain and cryptocurrencies, it indeed raises interesting debates about the frameworks which govern them. On one hand, we have the pure belief in decentralization, and on the other, the need for fast, decisive changes managed by a trusted few. Only time will tell where the balance will eventually rest.
Source: Coindesk
