Polygon will create a decentralized autonomous organization

Aug 19, 2021 | CoinTelegraph News | 0 comments

polygon-will-create-a-decentralized-autonomous-organization

“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products,” said the platform.

Ethereum scalability infrastructure developer Polygon said it will form a decentralized autonomous organization, or DAO, for all of its community members as well as projects in decentralized finance. 

In a Thursday announcement, Polygon called on its members to express their views on the platform forming a DAO. According to Polygon, it plans to create committees to promote discussion between projects including QuickSwap, Sushi, and Aave and others to “bring DeFi to the next million users.”

“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products,” said the project. “Voting for elections of new members could be implemented in multiple ways like by using staked MATIC on PoS or via the DAO tokenholders.”

Polygon said the DAO could offer a solution to scale projects on the software development kits, or SDKs. Other benefits could include “anyone building tooling, integrations and projects” on Layer2 rollups.

Related: Polygon announces scalable data availability infrastructure Avail

The announcement comes less than a week after Polygon said it would be merging Hermez Network into its ecosystem for $250 million. The merger was part of Polygon’s expansion into zero-knowledge proofs.

News Source from CoinTelegraph.com

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