Introduction
Should the new proposal be adopted by the community, the most popular EVM blockchain will be able to upgrade its technical design faster and do it in a more democratic manner. However, there are too many questions about the balance of power in the novel hybrid governance model. Polygon Labs invited community enthusiasts to discuss them together.
Potential Governance Model Upgrade
In a recent Twitter thread by Mateusz Rzeszowski, he explained the motivation behind the potential governance model upgrade. It might give the power to implement some upgrades to the Ecosystem Council, a body of dedicated individuals of the Polygon (MATIC) scene.
The Second Pillar: Polygon System Smart Contracts Governance
The proposal dubbed “The Second Pillar: Polygon System Smart Contracts Governance” envisions the creation of the Ecosystem Council, which is poised to be able to perform timelock-limited upgrades to upgradable system smart contracts across both Polygon networks, Polygon PoS, and Polygon zkEVM. The Ecosystem Council will be able to upgrade smart contracts of Polygon’s networks for the mutual benefit of their users, validators, and developers. The community of Polygon (MATIC) token holders will be able to check the policy of the Ecosystem Council in order to prevent the network from stopping being whale-dominated.
Benefits of the Hybrid Governance Model
Besides being more cost-optimized, this hybrid model is not too sophisticated and is able to encourage more individuals to actively participate in community governance: This type of governance can minimize requirements for active governance, voter fatigue, and apathy, as well as potential attack vectors connected to, for example, regularly held elections. The Ecosystem Council will have separate agendas for Polygon PoS and Polygon zkEVM.
Community Discussion and Road Map
Rzeszowski shared a list of questions that should be discussed with the community before the migration toward the new governance model starts. Largely, they are about mechanisms of decentralization and the technical viability of the novel voting scheme. As covered by U.Today previously, Polygon Labs dropped a bombshell by publishing its ambitious Polygon 2.0 vision days after SEC claimed that Polygon (MATIC) is a security and should be regulated accordingly.
Conclusion
With the potential adoption of this new governance model, Polygon (MATIC) could revolutionize its technical design and enhance community participation. The proposed Ecosystem Council would play a crucial role in the upgrade of smart contracts, ultimately benefiting the entire Polygon ecosystem and its stakeholders.
