EOS Community Votes on its Worker Proposal System (WPS) to Incentivize Innovation
- Simply put, the core advantage of WPS is to help “incentivize innovation” within the EOS ecosystem.
- At press time, around 68% of EOS’ community members have voted in favour of keeping the WPS framework.
As some of our regular readers may be aware of, a lot of people within the EOS community are currently divided in their opinions regarding the platform’s Worker Proposal System [WPS].
However, before we get into all that, it is worth pointing out that the EOS platform self creates an inflation bubble of around 5% per annum. Out of this figure, 1% is dedicated to the network’s Block Producers while the other 4% goes into the WPF (Worker Proposal Fund).
The WPF is essentially a money bank that can be used by members to fund various community-driven ideas within this burgeoning space. Additionally, it also bears mentioning that any person who contributes to the community using WPS is paid a small incentive bonus.
More About the WPS
As with any operational protocol, the Worker Proposal System [WPS] has its up/downsides. For example, while it is true that the WPS allows for community driven ideas to flourish, it also allows for a misuse of funds (since there is very little accountability involved).
On the subject, a spokesperson for EOS New York was quoted as saying,
“Accountability, centralization, honey pot, fund misuse or abuse… these are words that were used to reject first Worker Proposal attempt. While it may not have been perfect, the conversation died there. The result is that some talent is submitting grants to build elsewhere.”
EOS New York’s first attempt to create a WPS type framework was called CDF. The proposal was rejected from the get go and could not find any backers within the EOS community.
As per a Twitter poll hosted by the EOS NY top brass, nearly 70% of the respondents claimed that the lack of a Worker Proposal could possibly “induce a potential brain drain of talent within the project’s ecosystem.”