Polygon Proposes Revised Governance Framework for Model 2.0 of Protocol
Ethereum scaling resolution Polygon unveiled a series of proposed adjustments to its recent governance draw as fragment of its transition to ‘Polygon 2.0.’ The glossy version of the protocol used to be launched final month, with developers announcing the planned upgrades would reimagine every aspect of Polygon, from architecture to governance.
In a weblog put up on Wednesday, Polygon’s developers outlined a forward-taking a witness framework as fragment of the 2.0 roadmap, defining three governance pillars pertaining to the critical aspects of the Polygon ecosystem.
Basically the most predominant pillar pertains to protocol governance and can lengthen the Polygon Enchancment Proposal (PIP) framework past the Proof-of-Stake chain to all blockchains constructed on Polygon infrastructure.
This growth of PIP is anticipated to give the community a formal contrivance to envision and imply upgrades, leading the contrivance for them to potentially be implemented in the protocol itself.
The 2nd pillar concerns draw smartly-organized contract governance, which is prepared to manipulate how protocol upgrades are implemented as smartly-organized contracts. Builders proposed the introduction of an “Ecosystem Council” bustle by the community to oversee these upgrades via a veto and election job.
“A migration to the initial Ecosystem Council will be proposed as a PIP soon, one with critical consensus requirements and a revered attach of members to indicate the ecosystem on this initial fragment,” mentioned the Polygon developers.
The third, and supreme, governance pillar requires setting up a community treasury which is prepared to feature as a self-sustainable ecosystem fund. The funding would be extinct for every public items and ecosystem-centered initiatives.
The treasury would be enacted in two phases, with the first racy the initial setup of the board and relevant transparency measures, and the 2nd introducing say community resolution-making via strategies cherish quadratic resolution making and self-sovereign identities to ensure Sybil resistance.
Polygon also plans to revamp its native token MATIC with a series of technical upgrades and a rebranded identification “POL.” In a whitepaper revealed final week, Polygon’s founders laid out plans for POL as a “hyperproductive token” that enables validators to manufacture rewards on a pair of chains.
Source credit : unchainedcrypto.com
