Polygon 2.0 begins groundwork for decentralized governance

Polygon Labs has begun work on a growth intended to include all applications and blockchains running on the Polygon network, and seeks to democratize the upgrade procedure and encourage community participation. On July 19, the companys designers provided a proposal to revamp the governance mechanism for the forthcoming Polygon 2.0 roadmap, with the goal of developing a number of layer 2s on the network. In line with the proposal, the designers presented a thorough and ingenious governance structure underpinned by “3 primary pillars,” each customized to serve specific functions within the Polygon ecosystem.The initially pillar revolves around broadening the existing Polygon Improvement Proposal (PIP) framework, which enables users to propose and research study upgrades for Polygon procedures. This growth is set to incorporate all applications and blockchains running on the Polygon network, democratizing the upgrade procedure and fostering neighborhood participation. Related: Why is Polygon (MATIC) rate up today?By granting neighborhood members the ability to perform research and propose upgrades, the Polygon environment opens itself to diverse insights and possible improvements that could eventually be integrated into the procedures governing its operations. Screenshot of a visual representation of the three pillars in the brand-new governance structure. Source: PolygonThe 2nd pillar of this freshly proposed governance structure is devoted to “System Smart Contracts Governance,” which intends to streamline executing upgrades for protocol changes or software application operating as wise agreements. Under this pillar, a specialized ecosystem council, making up members elected and governed by the neighborhood, will supervise modifications. The third aspect of the proposed governance structure is centered around establishing a “Community Treasury” system, which plays an essential function in fostering the growth of the Polygon environment and providing funding to various jobs. The treasury will at first be under the management of an independent community treasury board, however it is meant to slowly shift toward community-driven governance.Magazine: ZK-rollups are the endgame for scaling blockchains: Polygon Miden founder