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Polygon Labs Charts Course for Decentralized Governance

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In a bid to redefine the governance of its blockchain network, Polygon Labs is advancing its governance mechanism with the proposed Polygon 2.0 upgrade, an announcement read. As revealed on July 19, this innovative roadmap intends to cover all blockchains and applications within the Polygon ecosystem, presenting a three-tier system to govern its operations.

1/ The final announcement of Polygon 2.0 proposes a new governance framework, built in collaboration with the community.

The framework focuses on three main governance aspects — the three pillars of future development and growth of the Polygon ecosystem. pic.twitter.com/tWQ2dvuLDO

— Polygon (Labs) (@0xPolygonLabs) July 19, 2023

The first tier in this model involves the enhancement of the Polygon Improvement Proposal (PIP) framework. By extending the scope of PIP, Polygon aims to give all community members the opportunity to propose and research upgrades for the protocols, thus cultivating a diverse range of perspectives and insights that may potentially be integrated into the system:

“The PIP framework is intended to expand to eventually cover the entirety of the Polygon permissionless stack, giving the community a formal way to research and propose upgrades which may eventually become part of protocols.”

Following this, the second tier, known as System Smart Contracts Governance, is geared toward simplifying the process of protocol modifications and smart contract software upgrades. A specialized council, composed of community-elected representatives, will supervise these changes, emphasizing the role of the community in influencing key operational decisions “to arrive at the fully-enabled, community-controlled governance model which ensures efficiency

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Author: Emily Tonelli

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