Our mission is to secure EOSIO blockchains with reliable infrastructure and to build a global community empowered with the tools and resources to thrive. We’re committed to leading and contributing to projects that add value to the ecosystem.
It has been a long time coming and we knew it would arrive, just not when. As I pointed out in my previous post Light at the End of the Tunnel: EOS Token Burn, WPS, and Governance Featuring Ryan Bethem of Chintai.io, according to Yves Larose of EOS Nation, the EOS token burn was a prerequisite to a Worker Proposal system (WPS) that has been collaborated upon and under development for some time by EOS NATION and ATTIC LAB. Although we had a hint that this proposal did not require inflation or savings the more finite details remained a mystery until today.
General Overview of the EOS Worker Proposal System
"The EOS Worker Proposal System (WPS) is a funding mechanism for the EOS Public Network, enabling developers and other value creators to seek funding from the EOS blockchain for their projects outside of EOS block rewards. It’s modeled closely after the DASH Budget Proposal System, which has been successfully funding projects benefiting the DASH ecosystem for over 5 years.
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 vote on them. Each proposal that passes is paid directly from the eosio.wps account to the EOS account that proposed the work."
Voting Periods and Funding
"A maximum budget of 50000.0000 EOS will be made available for each 30-day voting period . The period budget and duration are settings within the WPS smart contract that can be adjusted by MSIG approval from 15 of the top 21 Block Producers.
eosio.wps is funded from the fees accumulated in the eosio.names and eosio.ramfee accounts prior to the deployment of REX. Prior to REX, these accounts accumulated roughly 3.5 million EOS from EOS premium name auctions and RAM purchase fees. An MSIG approval from 15 of the top 21 Block Producers is required to move those funds to eosio.wps.
Any on-going fees being collected by `eosio.names` & `eosio.ramfee` will continue to flow to REX holders and shall not be transferred to `eosio.wps`. Funds flowing into REX will not be affected by this proposal.
We’ll propose to transfer 50,000 EOS, or two periods worth, to the eosio.wps account upon activation of the EOS WPS system. We’ll propose a top-up of another 25,000 EOS one month ahead of each period. This gives the top 21 the flexibility to discontinue the WPS system at any time by simply not funding it."
* For fast testing purposes on Jungle, the parameters are set to lower thresholds, faster cycles and higher amounts. The cap per 30 day cycle will actually be 25,000 EOS.
So, about 3.5 million EOS at present should the proposal be accepted ‘as is’ by 15 of the top 21 Block Producers is available to be utilized at aprox. 25,000* EOS per month. That works out to about 140 months worth, or about 11.6 years not including future top up’s of the EOSIO Names and Ramfree accounts. For reference the recently approved savings token burn was ~34 million EOS, or about 10 times the amount of the new proposal. Yes it’s more, but in the grand scheme of things a decade seems like plenty of time to build this thing we call EOS out.
Add to this the ability of the top 21 'to discontinue' at any time by not voting to remove funds and it seems as though if the system ever becomes inefficient then there seems little reason to not approve this for a trial run.
"Any Block Producer who meets the 100-EOS-per-day vote pay reward threshold on the EOS Public Network within the last 24 hours is considered an eligible voter. All eligible voters have an equal vote weight and can cast a plus 1 (+1), minus 1 (-1), or abstain (0) vote for each proposal.
The proposal threshold, eligible voter requirements, and vote weights are all settings within the WPS smart contract that can be adjusted with an MSIG approval from 15 of the top 21 Block producers."
"Any account on the EOS Public Network can submit a draft proposal. To limit spam, a non-refundable fee of 100 EOS must be paid to eosio.wps to publish a proposal."
Considering "the 100 EOS fee goes back into the eosio.wps account to be redistributed to passing proposals", this seems a fair price to pay and will hopefully ensure that only those that are both serious and confident in their proposal will submit.
Whether a proposal is accepted or not depends upon a number of factors, primarily of course is whether or not it meets the 'proposal threshold' at the end of the active voting period.
It seems as though the proposals will not be carried over to the next proposal round in any case, so timing on this may be very important. Such things as filing a proposal very late into the 30 day proposal period may not meet the minimum required votes to obtain a 2 net positive. It's also possible that a proposal did meet the first condition of the proposal threshold gaining the required votes, but so did many others, in which case the proposal may also not be granted depending upon their voting rank. Lot's of scenarios could be at play in this one, but the rules seem to be explicitly stated and well defined so at least there should be no unanticipated surprises.
Proposals can also be divided across up to 6 30-day proposal cycles, and all filed at once for a one time fee of the 100 EOS. Payment however is still subject to each periods voting threshold whereby "votes for multi-period proposals roll over to subsequent voting periods... [and] payment will only be transferred during periods where the proposal meets the proposal threshold." Should a threshold for one of these periods not be met for any reason however, the proposal will stay in the cue remaining active for all subsequent voting periods for which it was initially proposed.
As per the terms of the conditions set out in the original WPS proposal proposed by EOS Nation and ATTIC LAB, once a proposal is submitted it cannot be changed in any way shape or form for any reason. Best to make sure that proposals are well thought out on all levels including financials and time periods as to not be surprised by the 'unforeseen' at a later date. Simply stated, once a proposal goes live there is a strict non negotiation policy in place to prevent potential complications regarding future adaptations.
Of course this is just a brief run-down by a third party viewer of what has officially been presented by EOS Nation and ATTIC LAB in their EOS Worker Proposal System proposal, so for the complete rundown including answers to FAQ's be sure to check out the the EOS WPS homepage. In addition the EOS Worker Proposal System (WPS) EOS Nation video linked below does a great job of breaking down and simplifying the key points of the proposal as well as pointing out answers to some of the most common questions and concerns.
Of course all of this is information that is free for the whole community to find, review, and let their thoughts about be known should they so choose. On this one, I'm just a messenger on what I have uncovered and considering the potential impact of this on the EOS main net development and framework thought it good to get the word basics out there into the community as best I could. Should you have any questions I'm positive that those with the knowledge over in the EOS NATION and ATTIC LAB telegram groups would be happy to assist, so don't hesitate to pop on in to confirm your suspicions before you either condone or condemn.
Until that time again then, the happiest of trails to you all.
Jimmy D (KansaiKrypto)