Polygon wants to maintain the spirit of open and inclusive governance of Ethereum, involving the crypto community in all aspects related to Polygon 2.0
Developers at Polygon Labs have unveiled the latest in a series of proposals created for the development of Polygon 2.0, a new blockchain aimed at unlocking the true value layer of the internet.
In this last proposal, the main focus is the GovernanceAccording to Polygon developers, the current governance model of the Polygon Network needs to be restructured and adapted to the needs of the new blockchain, while maintaining the spirit of open and inclusive governance existing in Ethereum. In this way, the network developers want Involve the community in all aspects and decisions related to Polygon 2.0, before and after its development. To achieve this, they propose 3 pillars of governance that involve validators and users, infrastructure providers, dApp developers and other ecosystem participants.
The Pillars of Polygon 2.0 Governance
The 3 pillars of governance that Polygon Labs developers describe to move towards a community-based, decentralized and participatory future are: Protocol Governance, Smart Contract Governance System y Community Treasury Governance.
The first of these, the Protocol Governance, is focused on the development of the Polygon protocol, from discussing improvement proposals to developing new updates. The second, the Smart Contract Governance System is intended to address updates related to protocol components that are implemented as or through smart contracts; while the third pillar, the Community Treasury Governance focuses on funding the ecosystem and managing the protocol's public assets.
Through this governance proposal, Polygon Labs wants to further integrate the community that is part of the protocol, increasing its commitment and responsibility and, at the same time, create a new governance framework where each individual can play a role according to their functions in each space.
Defining decision makers
According to Polygon Labs, every aspect of governance of the Polygon 2.0 protocol must be decided in a community-based manner, taking into account the appropriate decision makersTo this end, the three pillars of governance proposed in this new framework for community and participatory government have been designed.
The 3 pillars of governance serve as a topology of all governable objects in the Polygon ecosystem, allowing for the definition of appropriate decision makers and mechanisms for decision making, the protocol developers explained. Furthermore, the developers also pointed out that the separation of powers and competences within the protocol will allow for the creation of scalable and more efficient governance mechanisms that minimize and compartmentalize the overall governance process of Polygon 2.0.
What is Polygon 2.0?
Polygon 2.0 is the new blockchain developed by Polygon Labs for democratizing access to the global economy through the webThe developers’ goal with Polygon 2.0 is to offer users a new protocol that allows “anyone, anywhere, to create, program, and exchange value.”
So far, Polygon Labs has presented two proposals related to this new network. The first, zkEVM Validum, proposes the creation of a second layer (L2) chain secured by Zero Knowledge (ZK) technology and optimized for the Internet's value layer. Polygon Labs also proposed the creation of a new token, called POL, which will be hyper-productive and will allow the team to consolidate its efforts to continue building the Internet’s value layer. POL is presented as a third-generation token that will allow its holders to stake and become validators on the multiple blockchains of the Polygon ecosystem.
Continue reading: Polygon Introduces V2 to Build the Internet's Value Layer
