Polygon 2.0, the groundbreaking project aimed at building a more decentralized governance over blockchain applications, is laying out its foundations. Polygon Labs, the developers behind this expansion, intend to include all applications and blockchains running on the Polygon network. This is an ambitious project looking to democratize the upgrade process and stimulate community participation.
As announced on July 19, the developers proposed the overhaul of the currently existing governance mechanism as part of the upcoming Polygon 2.0 roadmap. They plan to install several layer-2s on their network, backed by an innovative and comprehensive governance structure. This structure is anchored on ‘three main pillars’ each crafted to fit specific roles within the Polygon ecosystem.
The first pillar is dedicated to broadening the existing Polygon Improvement Proposal (PIP) framework. Presently, PIP allows users to propose and carry out research on upgrades for the Polygon protocols. The expansion aims to include all applications and blockchains operating on the Polygon network, thereby, promoting community involvement and equalizing the upgrade process. This move not only opens up the Polygon protocols to varied insights and potential improvements but also secures the operations of its protocols.
The second pillar, captioned as ‘System Smart Contracts Governance,’ focuses on streamlining the implementation process for upgrades, either for protocol changes or software operating as smart contracts. The Ecosystem Council, chosen and overseen by the community, will spearhead this pillar by being at the forefront of these critical changes.
The final pillar revolves around setting up a ‘Community Treasury,’ which is instrumental in growing the Polygon ecosystem and funding various projects. Initially, the Community Treasury will be under the supervision of an independent Community Treasury Board. However, the goal is to progressively shift towards community-guided governance.
Despite the dedication to decentralization and community involvement, there are valid concerns. Prominent among these reservations is whether an entirely community-led process might lead to some sort of a ‘free for all’, potentially daubing chaos over the efficiency of operations. Moreover, whether the goal of total community-driven governance is realistically achievable in the long run.
Regardless of the concerns, the foundational idea of a decentralized and community-driven framework might prompt significant change within the crypto industry, particularly with regards to governance mechanisms in blockchain operations. The coming months will undoubtedly permit us a peek into the realization, effectiveness, and potential success of this grand initiative.
Source: Cointelegraph
