💙 Are you a DApp? We are helping DApps reach out to more users with our promotion service Contact us now!
2020-03-26

Brendan Blumer: WPS is a very high risk direction

bb-wps-high-risk

After the block producers on EOS approved the first out of 4 MSIGs to integrate the Worker Proposal System designed by EOS Nation and AtticLab, Brendan Blumer returned to twitter to reinforce his doubts about the effectiveness of this system.

According to Brendan one of the main problems concerns the fact that are Block Producers who vote for the projects that receive the funds. From his point of view "it would work better if they were voted on by token holders directly ".

Yves La Rose, CEO of EOS Nation, immediately replied that he had already tried a WPS model focused on token holders on BOS, another big EOSIO chain, but it didn't work because "the incentives aren't aligned". According to Yves, the new model that probably will be implemented on EOS, will be able to align token holders and network validator incentives.

Understand what's going on with the previous WPS news:


Relevant Tweets:

"The proposed #EOS Worker Proposal System is a very high risk, very high reward direction. If the community decides to go ahead with it, we must get it right. We need learn from mistakes and double down on success. I’m up for whatever challenge lays ahead" - Brendan Tweet


"I agree it would work better if they were voted on by token holders directly, so that the BP’s can stay in touch with token holder sentiment more accurately." - Brendan Tweet

.

"We tried this with the BOS Ecosystem Program (WPS) and the EOS referendum. The incentives aren't aligned and it doesn't work. The genius behind DPoS is that it aligns token holders and network validators. This is exactly what we leverage in the WPS design." - Yves Tweet

.

"Agreed it doesn’t change alignment, but it does change the outcome. It leverages the intelligence of 21 to invest in the ecosystem as opposed to the public. The collective intelligence becomes indirect as opposed to direct. Further it’s much less engaging for the public. It misses the opportunity to draw them into the process, where they would take much more ownership for the success of each grant, and leaves opportunity for BP’s to more easily obfuscate connected transactions" - Brendan Tweet

.

"One of biggest lessons learned from the data we gathered in systems like the one you are proposing is that the largest token holders are not accessible to the majority of proposers - so stagnation prevails. BPs are public entities that are held accountable by the token holders." - Yves Tweet


Sources:

telegram_shareJoin Telegram