The most popular EVM blockchain will be able to modify its technological architecture more quickly and democratically if the new idea is accepted by the community. But there are just too many unanswered problems regarding the power dynamics in the unique hybrid governance approach. To discuss them with the community, Polygon Labs invited interested parties.
Polygon (MATIC) might activate novel governance mechanism
Mateusz Rzeszowski recently detailed the rationale behind the conceivable improvement to the governance paradigm in a thread on Twitter. It may provide the Ecosystem Council, a group of committed members of the Polygon (MATIC) scene, the authority to carry out some changes.
The Second Pillar: Polygon System Smart Contracts proposal In order to conduct timelock-limited updates to upgradable system smart contracts across both Polygon networks, Polygon PoS and Polygon zkEVM, governance anticipates the establishment of the Ecosystem Council.
To the mutual benefit of their users, validators, and developers, Polygon’s networks’ smart contracts will be upgraded by the Ecosystem Council. The Ecosystem Council’s policy will be available for review by the community of Polygon (MATIC) token holders, allowing them to prevent the network from continuing to be dominated by whales.
This hybrid approach is not overly complex, more cost-optimized, and able to attract more people to actively participate in community governance:
This kind of government can reduce the need for active regulation, voter drowsiness and indifference, as well as possible attack points related to, say, regularly scheduled elections.
The Polygon PoS and Polygon zkEVM agendas for the Ecosystem Council will be distinct.
Polygon (MATIC) publishes ambitious road map as SEC attacks altcoins
Before the transition to the new governance model begins, Rzeszowski published a list of issues that the community should debate. They mostly concern decentralisation procedures and the technological feasibility of the innovative voting system.
Days after the SEC declared that Polygon (MATIC) is a security and needs to be regulated properly, Polygon Labs unleashed a bombshell by presenting its grandiose Polygon 2.0 concept, as previously reported by U.Today.
The Polygon (MATIC) blockchain will develop into a new value layer for the whole internet, according to the whitepaper. In addition to bolstering Polygon’s technological dominance, it is expected to hasten Web3 adoption on a worldwide scale.
