Polygon Proposes Innovative Governance Model for Polygon 2.0
Polygon, the well-known firm behind the popular blockchain network, has unveiled its ambitious plan for Polygon 2.0, accompanied by a reimagined governance model. Emphasizing community involvement, the proposed governance structure empowers users to take charge of decision-making processes, aligning with successful blockchain governance models such as Ethereum.
Community-Driven Decision-Making Takes Center Stage
With the launch of Polygon 2.0, the community will wield significant influence over the network, playing a crucial role in making final decisions on various proposals. To achieve this, Polygon has developed a forward-looking governance framework, seeking inspiration from established blockchain governance models that have proven successful, like Ethereum.
Extensive Community Engagement Shapes Polygon 2.0 Governance
Polygon’s development of its new governance model involved extensive community engagement, including active participation through forum posts, community calls, and public discussions. The feedback received from validators, users, dApp developers, and other ecosystem participants has been overwhelmingly positive, expressing strong support and keen interest in the upcoming changes.
Three Governance Pillars for a Scalable Ecosystem
Polygon’s reimagined governance structure will be built on “three governance pillars” with a specific focus on the administration of the network’s core protocol, smart contracts, and community treasury management. These pillars provide clear guidance for decision-making processes, fostering scalability and efficiency in governance.
Phase 1: Establishing the Community Treasury Board
In the initial phase, Polygon aims to establish an independent Community Treasury Board responsible for funding ecosystem growth and public goods. The board will be composed of Polygon community members, ensuring strategic decision-making and cultivating a transparent and communicative relationship with stakeholders. Reports on transparency and community funding proposals will facilitate constructive dialogue and collaboration.
Phase 2: Increasing Community-Driven Decision-Making
As Polygon’s governance model evolves, the emphasis on community-driven decision-making grows. This includes enabling community involvement in the Treasury Board and the Treasury itself through innovative governance mechanisms. Polygon is considering approaches like quadratic token voting, self-sovereign identities, and reputation-based decision-making to ensure efficiency and resilience.
Embracing the Ethereum Governance Ethos
Polygon’s vision for its governance model reflects a commitment to extending the successful Ethereum governance ethos to its ecosystem. The proposed framework fosters a flourishing community that collaborates openly and adapts to evolving needs. By placing decision-making power in the hands of its users, Polygon aims to create a thriving and decentralized ecosystem for years to come.