The EOS Worker Proposal System (WPS) introduced by the leading block producer EOS Nation has gone through the first phase of the implementation process. This first approval is the first of 4 planned multiple signature (MSIG) approvals.
EOS WPS is scaling first approval milestone
In one tweet published on Tuesday (March 24, 2020), EOS Nation announced the completion of the first phase approval of the EOS WPS proposal. A total of 34 block producers (BPs) took part in the approval process, both actively and on standby.
According to the leading block producer, 34 BPs supporting the WPS were a record-breaking number as the number showed the “strongest consensus” achieved for any EOS mainnet proposal. Of the 34 eligible voters, 19 out of 21 top BPs voted for the proposal, which was above the required 15 top BPs; the remaining 15 were from block producers.
The co-founder and CEO of Block.one, Brendan Blummer, however, initially expressed Concerns about the EOS WPS. Although Blummer praised the efforts of those working to expand the EOS ecosystem, Block.one’s CEO said the proposal could be risky, create space for corruption and attract external scrutiny.
As the first MSIG scales the first tier, three more MSIG proposals need to be approved. After the second MSIG approval, after activating the EOS WPS system, 50,000 EOS tokens will be moved to eosio.wps accounts. In addition, in the third and fourth phases, the WPS smart contract is provided for the new account or the new system is initialized.
The EOS WPS is the latest in a series of development activities for EOS. As reported by BTCManager January 2020, Block.one released a new version of the EOSIO software, EOS version 2.0, to improve scalability and security.
Democratization of the EOS development process
Recently, EOS Nation introduced the EOS Worker Proposal System to give BPs the opportunity to vote on specific projects submitted by EOS account holders.
An excerpt from the official document reads:
“This decentralized voting and distribution mechanism is subject to the rules encoded in the WPS Smart Contracts, which allow each EOS account to propose a budget for its specific project and to vote on block producers chosen by the token holders. Any proposal that is passed on is paid directly from the eosio.wps account to the EOS account that proposed the work. “
In order to be able to submit a draft proposal, a non-refundable proposal fee of EOS 100 is paid to eosio.wps. An MSIG approval must be supported by 15 out of 21 top BPs in order to transfer funds to the new EOS WPS account.
So that the proposals can be scaled, at least 20 positive net votes will be received from eligible votes and the total budget of all proposals will not exceed the planned 25,000 EOS. In addition, each voting period lasts 30 days.
The proposal is the latest in the trend of blockchain networks trying to democratize their consensus architecture. Already in May 2019, DASH announced the near completion of the DASH Investment Foundation, which aims to bridge the gap between blockchain networks and legal and financial systems.
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