A well-known firm, Polygon has announced its reimaged ecosystem, and with it comes the need for an evolved governance model. The community will have complete control over the network and will make final decisions on proposals.
A forward-looking framework for decentralized ownership and decision-making is being proposed, drawing inspiration from successful blockchain governance models like Ethereum.
To shape the Polygon 2.0 governance, extensive community engagement has taken place, including forum posts, community calls, and public discussions.
The feedback received so far has been positive, with strong support and interest from validators, users, dApp developers, and other ecosystem participants.
The governance vision presented incorporates this valuable input, aligning with the industry’s ethos of collaboration and building in public.
According to the developers, the new Polygon governance structure would consist of “three governance pillars,” with a particular emphasis on the administration of the network’s core protocol, smart contracts, and community treasury management.
These pillars define the objects of decision-making and appropriate decision-making mechanisms. This separation of powers and competencies aims to create scalable and efficient governance processes.
Phase 1 involves the establishment of an independent Community Treasury Board responsible for funding ecosystem growth and public goods.
The board members will be selected from the Polygon community, ensuring strategic execution and fostering a transparent and communicative relationship with the participants.
Transparency reports and community funding proposals will facilitate dialogue and collaboration.
In Phase 2, the governance model evolves towards increased community-driven decision-making.
This includes community involvement in the Treasury Board and the Treasury itself, facilitated by novel governance mechanisms.
Approaches such as quadratic token voting, self-sovereign identities, and reputation-based decision-making are being considered to ensure efficiency and resilience.
Also Read: Polygon Proposes MATIC Upgrade to Protocol Token POL
With this proposed governance framework, Polygon aims to extend the successful Ethereum governance ethos and foster a flourishing community.
The vision is collaborative, open, and adaptable, to involve the community in decision-making for years to come.
