According to Cointelegraph, Polygon Labs, a blockchain platform, has started to expand its operations and expects to include all blockchains and applications running on the Polygon network. It is expected that they might democratise the upgrade process and increase involvement in community participation.
Sources revealed that on July 19, 2023, the company’s developers presented a proposal to update the governance mechanism for the upcoming Polygon 2.0 strategy, with the aim of establishing several layer 2 on the network, Cointelegraph added.
With insights from the proposal, the developers introduced a comprehensive and innovative governance structure which is supposed to include “three main pillars,” each created with the strategy to serve specific functions within the Polygon ecosystem, Cointelegraph highlighted.
It is believed that by allowing the community members to conduct research and propose upgrades, the Polygon ecosystem expects to get insights and potential improvements which could eventually be included into the protocols governing its operations, Cointelegraph concluded.
(With insights from Cointelegraph)