25 April, 2024

Polygon Labs Unveils Three Pillars: A Novel Governance Approach

19 Jul, 2023

21 Nov, 2023

The blockchain platform Polygon has proposed a new governance framework, unveiling three pillars of future growth and development of the ecosystem, as part of the network’s transition to Polygon 2.0. The three major governance aspects include Protocol Governance, System Smart Contracts Governance, and Community Treasury Governance.

In a series of Twitter threads, Polygon Labs shared a detailed sketch of the new governance framework, a “result of a month-long collaboration with the community across the Polygon ecosystem”.

In a blog post, Polygon Labs shed light on the novel governance approach, intended at extending “Ethereum’s ethos and the proven model for building a flourishing community”. The platform asserted that the three pillars are focused on the development of a network of Layer 2 chains built on zero-knowledge (zk) technology. The post cited:

The Polygon technology already expands Ethereum’s blockspace; the proposed governance framework seeks to extend Ethereum’s ethos and the proven model for building a flourishing community.

As per the platform’s statement, the Protocol Governance “facilitates the decentralized maintenance and development of the Polygon tech stack”, whereas, the System Smart Contracts Governance is in charge of the upgrade of the smart contract protocol components.

While providing an expansive explanation of the third pillar, Polygon Labs stated:

Community Treasury Governance facilitates ecosystem and public goods funding, supporting development and growth of the Polygon ecosystem. An initial model is proposed, with the intention to gradually introduce explicit community decision-making over the Treasury.

In addition, the platform has also announced its plan to launch a new native token POL substituting MATIC. As per the official post, the new token would be seen as “a technical upgrade of the native asset of the Polygon network”, designed to be an aid for the coordination and growth of the ecosystem, finally leading to the “vision of the Value Layer of the Internet”.

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