The upcoming Polygon 2.0 upgrade, designed to position the Polygon network as a “Value Layer of the Internet”, will also introduce a new governance framework to the network and its community members.
Polygon Labs, the software solutions company behind Polygon, took to Twitter to update community members on the new development. In a series of tweets, Polygon Labs explained the framework’s structure, noting that the new framework will focus on the three main governance aspects. The framework will be built in collaboration with the Polygon community to prioritise decentralisation.
As Polygon 2.0 attempts to reimagine the entire Polygon network, changing the ecosystem’s governance model is also necessary, Polygon Labs explains in a recent blog post. The three governance pillars of the new structure include Protocol governance, System smart contacts governance and Community treasure governance.
Protocol governance is a Polygon Improvement Proposal (PIP) framework that provides an open coordination platform for developing Polygon protocols. It imitates the frameworks utilized by IETF, Python, Bitcoin and Ethereum.
The framework is already live and fully functional on the Polygon network and is being utilized by internal and external actors to propose upgrades.
On Polygon 2.0, the PIP framework will expand and cover the Polygon permissionless stack. This will go on to provide a formal research pattern for the community and propose upgrades that could eventually become a part of the network’s protocols.
On the other hand, the System smart contacts governance pillar seeks to facilitate the upgrade of protocol components implemented as smart contracts. Although the PIP framework can enable these protocols, the structure of Ethereum smart contracts requires additional governance of the upgrade process.
“To ensure the ongoing upgradeability of the aforementioned protocol components, we’re proposing the introduction of the Ecosystem Council, a community-governed body responsible for upgrading system smart contracts.” The blog post stated.
Polygon recognizes that its network and the broader Web3 industry are still in the beginning stages of development and adoption. As such, sustaining growth on the network and in the industry will require continuous long-term support. This is where the Community treasury comes in. The treasury, a self-sustainable ecosystem fund, was proposed in a tokenomics whitepaper. The funding will be used to support programs for emerging ecosystem projects and initiatives while also being utilized for public goods.
