First thing first,
What are worker proposals?
To sustain the EOS blockchain, we have 4%
inflation dedicated towards worker proposal,
i.e proposal of community projects funded by
4% inflation on the basis of community votes.
I was going through a number of questions asked by the community members regarding worker proposal on EOS and how will they look like? Most question goes unanswered as the channel is currently focusing on the questions itself.
"Often the worst thing you can do with a difficult question is to try to answer it too quickly." - A More Beautiful Question, page 34
The concept of worker proposal system or self-sustaining blockchain is taken from the DASH ecosystem. If you have a look in here, you will see a number of projects (even another cannabis blockchain) voted by the DASH community.
It raises questions like,
- What is the aim of Work Proposal System, when B1 is eating it's own dog food?
- What kind of projects will be funded by the community?
- Will there be an additional forum to vet the proposals?
- Will all the communities like ECAF and Worker Proposal Forum be paid by the worker proposal?
- Will worker proposal address the problems of community member? for instance, a poor member scammed by a dApp looking for few EOS to fill the arbitration bond. If not, how will he get justice?
- How the budgets allocated will be verified?
- How will the worker proposal administrators be elected?
- Won't most of the members/investors start voting for burning the inflation tokens?
But the most important question is "will we always be dependent on inflation funds for sustaining the block-chain?''
Why not inflation?
The EOS is like a new nation emerging on the internet, the economy depends on the number of businesses growing on the platform plus the value given to it by the speculators/investors.
Sources of direct revenue for EOS community are -
- The RAM Marketplace.
- Name Auctions.
- Dormant Account Auction.
Indirect Revenue -
- dApp developed on the platform.
- Users attracted to use the Block-chain.
Expenditure -
- Block Producers
- Worker Proposal Funds.
As the economy grows, we may have more forums/communities establishing on the platforms using funds from worker proposal. Maybe hiring more employs to manage users and using more resources.
But what if for certain reason the economy goes down? Won't the complete dependence on the inflation and tokens affect the working of forums like ECAF? What if @Dan leaves B1 (I know he won't but. .) to develop a next disruptive blockchain or somewhere Takasoto Moshi is working on some next consensus model?
The thing is as a community we will need time and resources in the worst period, complete dependence on token prices may lead to complete failure in the times of crises.
The money spent well on the proposals today may help us to achieve the complete independence, stable economy and security in the times of crises. How?
Let's try to solve the problem using the worker proposal itself-
I propose a community/EOS Fund (Reserves) which will fund money into mainstream profit-generating businesses (not the dApps on EOS) making additional sources of revenue for the community.
4 Per cent of today market price is $500201969.76, which in itself is a huge amount and a single per cent invested in an initial year may help to burn the inflated token in coming years itself.
The opportunities of investing in the Regular mainstream businesses are enormous, (new startups and product based businesses) acquiring them and distributing the profit generated to further develop EOS community will help to sustain the economy of EOS.
The EOS Fund will be spent using the voting mechanism as the community, the business and acquisition may be put in open among the community members.
Who will maintain the funds and reserves?
The Forum like ECAF, members elected by the voting of BPs, Arbitrators and the community.
Where be the reserves stored?
The tokens may act as the securities as well if we acquire an insurance business and puts money in exchanges of tokens the value and dividend could be stored on the wallets itself.
I haven't given it much of the thought as of now, but the idea of having introduced additional revenue systems for the blockchain looks like a great idea to me.
It solves two problems, reduce the dependency from inflation or decrease the inflation and second, it brings blockchain business close to new mainstream business raising money in exchange of token as securities totally disrupting IPOs.
Instead of community voting to burn the tokens, we could work on developing and taking the EOS economy forward. :)
What do you think? Please put your thoughts in the comments :)
Thank you!