Polygon 2.0 is not a reality yet, but it will soon be. Polygon has hinted that the launch is just a few days away. In the recent announcement, it has talked about the way in which Polygon 2.0 will differ when it comes to Governance. While the official announcement builds on the technicalities, it can simply be explained by stating that it will be open and fair in terms of making a decision and making amendments.
The community will be taken into consideration by seeking feedback from them. Participants here will include members, developers, and builders of decentralized applications, among many others. They will have all the control over decisions. This is not something that Polygon is planning to do with the recent launch. The team has indeed been following this mantra since its inception. It takes center stage in the latest announcement only because ownership and decentralization have become the means to move forward in the industry.
It is only when Polygon 2.0 or other players strengthen their stand or make updates on these aspects that the community gains confidence in them.
Polygon 2.0 is based on a model that has been tested with time and has proved valuable. It includes the Governance ethos of Ethereum, allowing Polygon technology to expand that by building a flourishing community. Polygon 2.0 Governance is basically built on three pillars – Protocol Governance, System Smart Contract Governance, and Community Treasury. It is likely to help everyone in getting familiar with the framework of Governance and understand the ongoing research.
A series of forum posts have already been published to prepare the ground for Polygon 2.0 Governance. Participants to have sent their feedback are validators, users, and others from the community.
Protocol Governance receives an open coordinated platform for development from the PIP, that is, Polygon Improvement Proposal. It has been modeled after the framework that is deployed by Python, Ethereum, Bitcoin, and IETF. It is live on the Polygon PoS chain that is being used by actors to propose upgrades. It is expected to expand the Polygon permissionless stack.
System Smart Contracts Governance is a pillar that will facilitate the upgrades of protocol components that are implemented as smart contracts. These require additional Governance as they are based on the nature of Ethereum smart contracts. The Ecosystem Council has, therefore, been proposed. The Council is a body that is governed by the community and is responsible for upgrading smart contracts.
Community Treasury Governance has been proposed to boost the tokenomics whitepaper. It is a self-sustainable ecosystem fund that will be used for the public good and also to support the programs that could later help initiatives and projects.
The initial roadmap for Governance is in two phases. It begins with the establishment of an independent Community Treasury Board. Then moves on to increasing community-driven Governance.
Moving forward, Polygon has sought its community members to participate in the development. This contributes to decentralization while making sure that the decisions are taken with the consent of the community.