Polygon, a recognized blockchain firm, has announced its reimagined ecosystem that introduces the need for a refined governance model. This model grants the community full control over the network and allows them to make final decisions on proposals.
Inspired by successful blockchain governance models, particularly Ethereum, a forward-thinking framework for decentralized ownership and decision-making is being proposed. The development of Polygon 2.0 governance has involved substantial community engagement, including forum posts, community calls, and public discussions.
Feedback has been overwhelmingly positive, with strong support and interest from validators, users, dApp developers, and other ecosystem participants. The governance vision presented takes this valuable input into account, aligning with the industry's ethos of collaboration and public construction.
According to the developers, the new Polygon governance structure will comprise "three governance pillars", focusing specifically on the administration of the network's core protocol, smart contracts, and community treasury management. These pillars establish the objects of decision-making and suitable decision-making mechanisms. The separation of powers and competencies aims to create scalable and efficient governance processes.
Phase 1 involves setting up an independent Community Treasury Board tasked with funding ecosystem growth and public goods. The board members will be selected from the Polygon community, ensuring strategic execution and fostering a transparent and communicative relationship with the participants. Transparency reports and community funding proposals will facilitate dialogue and collaboration.
Phase 2 sees the governance model evolving towards more community-driven decision-making, including community involvement in the Treasury Board and the Treasury itself, enabled by novel governance mechanisms. Strategies such as quadratic token voting, self-sovereign identities, and reputation-based decision-making are being considered to ensure efficiency and resilience.
With this proposed governance framework, Polygon aims to extend the successful Ethereum governance ethos and foster a thriving community. The vision is collaborative, open, and adaptable, designed to involve the community in decision-making for years to come.
