Polygon, the popular Ethereum scaling solution, has announced the launch of Polygon 2.0, which will lay the groundwork for a decentralized governance system.
This move is aimed at giving the Polygon community more control over the future development of the network, as well as improving transparency and accountability.
Polygon is recommending the creation of the Polygon Ecosystem Council, a community-governed body in charge of upgrading system smart contracts, to ensure the continued upgradeability of certain protocol components.
The Polygon team has been working hard to build a scalable and user-friendly platform that can support a wide range of decentralized applications (dApps) and use cases.
The many parts of Polygon 2.0 will be covered in detail by Polygon. Discussions about the Polygon Proof-of-Stake (PoS) chain’s future, the development of the Polygon token, and the move towards better community governance and treasury management are all included in this.
The ZK technology-based strategy for Polygon’s transformation into the Value Layer of the Internet will place an emphasis on unrestricted scalability and unified liquidity.
With the launch of Polygon 2.0, the team is taking another step towards achieving this goal. In this article, we’ll explore the details of the Polygon 2.0 upgrade and what it could mean for the future of decentralized governance.
Polygon 2.0: Empowering the future with new governance model
Three pillars—Protocol Governance, System Smart Contracts Governance, and Community Treasury Governance—form the foundation of the governance structure.
These pillars describe the key Polygon ecosystem elements that necessitate governance and offer a framework for suitable decision-making procedures.
Smart Contracts for Systems facilitates the implementation of protocol elements as smart contracts will be made easier by governance.
Simply put, smart contracts are blockchain-based programmes that execute when certain criteria are met. They are often used to automate the implementation of an agreement so that all parties can be certain of the conclusion right away, without the need for an intermediary or additional delay.
They can also automate a workflow such that when circumstances are met, the following action is executed.