The EOS Worker Proposal System (WPS) introduced by the top block producer EOS Nation, has passed stage one of the implementation process. This first approval is the first of 4 planned multi-signature (MSIG) approvals.
EOS WPS Scales First Approval Milestone
In a tweet published on Tuesday (March 24, 2020), EOS Nation announced the completion of the first approval stage of the EOS WPS proposal. A total of 34 Block Producers (BPs) both active and standby, participated in the approval process.
According to the leading block producer, 34 BPs supporting the WPS was record-breaking, as the figure showed the “strongest consensus” achieved for any EOS mainnet proposal. Out of the 34 who voted, 19 out of 21 top BPs voted in favor of the proposal, which was higher than the required 15 top BPs; while the remaining 15 came from stand by block producers.
However, Block.one co-founder and CEO, Brendan Blummer, initially expressed concerns about the EOS WPS. Although Blummer praised the efforts of those working to grow the EOS ecosystem, the Block.one CEO said the proposal may be risky, make room for corruption, and attract external scrutiny.
With the first MSIG scaling the first stage, three more MSIG proposals need approval. After the second MSIG approval, 50,000 EOS tokens will be moved to eosio.wps accounts after activating the EOS WPS system. Furthermore, the third and fourth stages will see the deployment of the WPS smart contract to the new account and initialization of the new system respectively.
The EOS WPS is the latest event in a flurry of developmental activities for EOS. As reported by BTCManager January 2020, Block.one released a new version of the EOSIO software, the EOS version 2.0, to improve scalability and security.
Democratizing the EOS Dev Process
Recently, EOS Nation introduced the EOS Worker Proposal System to give BPs the opportunity to vote specific projects brought forward by EOS account holders.
An excerpt from the official document reads:
“This decentralized voting & distribution mechanism is governed by the rules coded within the WPS smart contracts, which allows any EOS account to propose a budget for their specific project and Block Producers elected by token holders to vote on them. Each proposal that passes is paid directly from the eosio.wps account to the EOS account that proposed the work.”
To be eligible to submit a draft proposal, a proposal fee of 100 EOS which is non-refundable, is paid to eosio.wps. An MSIG approval must be supported by 15 out of 21 top BPs to transfer funds to the new EOS WPS account.
Also, for proposals to scale through, at least 20 net positive votes will be gotten from eligible votes and the collective budget of all proposals will not surpass the planned 25,000 EOS. In addition, each voting period will last for 30 days.
The proposal is the latest in the trend of blockchain networks trying to democratize their consensus architecture. Back in May 2019, DASH announced the near-completion of the DASH Investment Foundation, which seeks to close the gap between blockchain networks and legal and financial systems.
Published at Wed, 25 Mar 2020 23:00:28 +0000