After a new proposal for a WPS system on EOS was published, Brendan Blumer didn't take long to express his doubts about the potential effects such a system could have on a public network as the EOS mainnet. Why does the CEO of Block.One think so?
"Even if the amount is nominal, socially authorising the BP’s to direct token-holder funds into projects without without a clear or measurable return of value is risky, and may open the door to corruption and external scrutiny. #EOS"
Such a system could give too much power to block producers without an objective way to evaluate projects and direct token-holder funds. This could lead to corruption events between projects that require funding and block producers.
"Further, the WPS system may alienate #EOS from some others in the blockchain community and media, and therefore potentially stake it’s future largely on the success of the WPS system itself. I am concerned about the risk profile and odds of this bet."
A WPS could put the EOS mainnet in a bad light by the crypto community. According to Brendan, the WPS is a too risky bet.
"Decentralized funding is new and exciting, and I’m very supportive of specific projects that explore how such models can out-compete legacy models, but I believe without sustainability, enforcement capability, and measurable returns, they have a bad prognosis. #EOS"
Brendan believes, however, that the idea of a WPS can have great potential, but it must have objective criteria when assessing projects and providing possible funding.
"I worry it tempts corruption through the arbitrage of perceived value for actual value creation and trades short term excitement for long term credibility. That said, if intent stays good and it matures and iterates successfully, it could be revolutionary." - tweet
"Some of those involved in the #EOS WPS reached out to me, and we’ve been discussing the concerns and opportunities of the current proposal, and potential future maturity path. I’m going to continue some of these discussions and further consider pros and cons" - tweet
"I am cautious but open minded, and if implemented, I’ll remain hopeful in the direction of its maturity, and potentially help in that process" - tweet