Proposing a governance system
Polygon Labs, which develops software for the crypto asset (virtual currency) Polygon (MATIC), announced on the 19th about a new governance system.
This is the last announcement of the new development plan “Polygon 2.0” that was announced in advance. He proposes to establish three pillars of governance for the development and growth of the Polygon ecosystem.
1/ The final announcement of Polygon 2.0 proposes a new governance framework, built in collaboration with the community.
The framework focuses on three main governance aspects — the three pillars of future development and growth of the Polygon ecosystem. pic.twitter.com/tWQ2dvuLDO
— Polygon (Labs) (@0xPolygonLabs) July 19, 2023
connection: New development plan “Polygon 2.0” announced, layer 2 network utilizing ZK technology
Polygon Labs explained that these three pillars were created in collaboration with the community over several months. By dividing the governance into three, it is said that it will be a mechanism with high efficiency and scalability. The three pillars are as follows.
- Protocol governance
- System smart contract governance
- Governance of community funds
Overview of each governance
Governance of the first protocol is responsible for decentralized management and development of polygon technology. Currently, we will expand the polygon improvement proposal “PIP (Polygon Improvement Proposal)” operated in the “Polygon PoS chain” and eventually take charge of the operation of the entire technology.
The second governance manages protocol upgrades that run as smart contracts. It will introduce a community-controlled ecosystem council, leveraging community checks to increase efficiency and security, and build decentralized governance.
The third is governance of how funds are used for ecosystems and public goods. We are proposing a model in which decision-making power over funding is clearly transferred to the community gradually.
It’s not like we’ve already decided to introduce these mechanisms, Polygon Labs asked the community to first check the content and provide feedback and discussions.
What is a polygon
A project to tackle the scalability problem of Ethereum. They are developing multiple solutions such as “Polygon PoS” and “Polygon zkEVM”.
connection: Polygon announces proposal to upgrade virtual currency “MATIC” to “POL”
connection: Polygon to discuss proposal to upgrade ‘Polygon PoS’ to ‘zkEVM Validium’