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Brendan Blumer, the CEO and co-founder of Block.one — the corporate behind Eos (EOS), took to Twitter to specific his concerns relating to the recommended ‘EOS Employee Proposal System’ (WPS) on March 15.
Builders at EOS Nation and Attic labs revealed particulars concerning the WPS in a YouTube video on March 9.
WPS builders search assist from Eos block producers
At the moment in testnet, the WPS permits EOS token holders to recommend or vote on funding proposals. After a 30-day voting interval, funds shall be distributed to successful proposals by sensible contracts.
The WPS builders are at the moment looking for assist from Eos’ 21 block producers.
Block.One CEO: many DeFi undertaking have a “dangerous prognosis”
Regardless of expressing his gratitude in the direction of these engaged on the proposed system, Blumer tweeted that he’s involved concerning the sort of influence the WPS could have on the EOS community.
He warns that authorizing EOS’ block producer to direct token-holder funds towards initiatives “with no clear or measurable return of worth” carries many dangers, together with “open[ing] the door to corruption and exterior scrutiny.” Blumer states:
“Additional, the WPS system could alienate EOS from some others within the blockchain group and media, and due to this fact probably stake it’s future largely on the success of the WPS system itself. I’m involved concerning the threat profile and odds of this guess.”
Although he expressed his assist for “particular initiatives” within the decentralized finance (DeFi) area, Blumer believes that “with out sustainability, enforcement functionality, and measurable returns,” many DeFi initiatives have a poor prognosis.
WPS proposed in unique Eos whitepaper
The WPS was first described within the unique EOS whitepaper, printed in 2017. It has taken two years to achieve traction as a proposal, nevertheless, because the group waited for EOS’ inflation to drop to 1%.
50,000 EOS have already been designated for WPS — at the moment price roughly $95,000. This can be elevated to 75,000 EOS ($142,000) in future.
Eos customers looking for to request funds for a undertaking might want to pay a 100 EOS payment and conform to voting and budgetary requirements to forestall spam.
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