The planned Polygon 2.0 second layer networks are scheduled to create an ecosystem council as part of Ethereum’s vision with the goal of decentralizing control inside the platform . The key responsibility of the council will be to supervise the systems’ smart contract adjustments.
Governance Pillars and Treasury Management
In order to promote honesty and improve community interaction a transparency dashboard will be built. Thanks to this open source program the community will be able to track upgrade transactions and their endurance which will provide them with additional information about the councils activities .
The environment council will be consisting of these three significant pillars of governance. The council will be responsible for upgrading smart contracts as well as developing basic protocols and Treasury management . In the latter a two stage voting procedure is set up so that the neighborhood may contribute to project finance . What specifically will be used in this voting mechanism is still mystery.
Community Collaboration and Polygon 2.0 Tokenomics
The teamwork aspect of creating Ethereum communities has been underlined by Polygon 2.0’s creators. All interested parties including validators, dapp creators and users have been asked to take part in creating the ecosystem council’s rules.
The tokenomics criteria for the following iteration were published by Polygon Labs in July 2023 and one of them calls for replacing the MATIC utility tokens with Polygon (POL).
Introducing Polygon 2.0 Architecture and Understanding Governance Tokens
The Polygon 2.0 architecture was revealed a month earlier by the developers of Polygon . The purpose of this upgrade is to increase scalability and to provide better user experience in general.
Previously ForkLog gave a summary of the differences between governance tokens and utility tokens and illuminated their unique functions and purposes.
The inclusion of the ecosystem council and other governance tools inside Polygon 2.0 paves the way for a more decentralized and collaborative ecosystem which is in line with Ethereum’s philosophy of community-driven development . This is accomplished through empowering community governance and encouraging transparency.