EOS needs an Asian dude who likes METH(no drug addicts here)
METH stands for: Make EOSians Think Harderthis quote is not from Yang.
- Achieve regional diversity on block production activity.
- Easy to understand model. (Accessible to everyone)
- Minimal modification to current system. (Fast implementation)
What We Won’t Modify
- Up to 30 votes per EOS account.
- Keep 21 active block producing teams.
What We Will Change:
- Separate current block producer reward into two components.
- Mechanism for selecting these 21 active block producing teams.
Often times the solutions to the most complicated problems are the simplest.
The Two Components of BP Reward:
The current BP reward can be seen as reward for community contribution and reward for block production. When we look at the rewards for ranking 20~23, the reward are as follows:
#20: 782 EOS (community contribution + block production)
#21: 778 EOS (community contribution + block production)
#22: 442 EOS (community contribution)
#23: 439 EOS (community contribution)
From this data, we can see there is an implied block production reward of around 330 EOS.
Reward Should be the Same for Block Production:
Since the block producing job description is the same. Each team should be rewarded 330 EOS for producing blocks.
Community Contribution (ex. block producing) Reward:
Currently, the total daily BP reward is about 27,700 EOS.
6,930 EOS ( 21 teams x 330 EOS/team ) is the block production reward, which means community contribution reward is 20,770 EOS.
In short, in today’s environment:
Total block producer reward (100%) = community contribution reward (75%) + block production reward (25%).
In our proposal, we are multiplying 75% to existing block producer daily reward to arrive the community contribution reward for the same BP ranking list.
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Let There Be Light & Regional Diversity on Block Production:
This is the core design of our proposal. We will ensure block production is regionally diversified. For our proposal, we divide the world regions into the following along with population allocation in percentage:
- Asia. 59%
- Africa. 16%
- European Union + Eastern Europe. 10%
- North America. 8%
- South America + Central America + The Caribbean. 6%
- Oceania. 1%
There will also be 21 block production teams in our proposal, we’ll enforce that every region is represented, with team numbers loosely resembles population allocation.
- 10. Asia.
- 2. Africa.
- 3. European Union + Eastern Europe.
- 3. North America.
- 2. South America + Central America + The Caribbean.
- 1. Oceania.
Each of these block production team will be rewarded 330 EOS per day for producing blocks.
Though not exactly the same, this proposal shares similarities with US presidential election process.
Highest popular votes don’t guarantee block production (presidency). Each region (state) contributes pre-defined block producing teams (electoral votes) to perform system operation (determine the next president)
Shiny New Look on BP Reward and Block Production:
So, the voting process is still the same. Let’s imagine through voting, we arrive at the below BP ranking:
Instead of pulling out hair trying to reinvent how voting works, we can redirect focus to how we select block production teams from the voting results.
We can see that with this new proposed system, even in scenarios where Asian block producer teams occupy 29 of the top 30 spots, we can still have exactly desired regional distribution on block production.
Furthermore, we clearly identify exactly the block production reward and community contribution reward. By clearly displaying these rewards, voters can allocate votes to reward the BPs that they believe are making actual contribution to the EOS community.
With seemingly growing influence of voting reward maximalists, by implementing this proposed system, we will see more votes going to non-Asian BPs. Gradually, select non-Asian BPs will rise through BPs rankings and achieve top 21 positions by vote count.
- EOS has already designed in token supply, token inflation, smart contract, CPU/RAM/NET system, voting system. EOS needs to design in block production diversity (currently a working system is missing).
- BP region verification process has to be bullet-proof.
- If one African man, sets up an office in Beijing, business is registered in Sydney, uses AWS as BP infrastructure, and spends his time physically in London. Will this BP be considered: African (nationality), Asian (office location), Oceanian (business registration), North American (infrastructure), or European (team presence).
- For voter reward maximalists, they will vote more for non-Asian BPs, as only 10 Asian BPs can produce blocks and 11 non-Asian BPs can produce blocks. Reward for block production is 330 EOS per day.
- For non-Asian BPs, they will have less competition on block production. Instead of competing with all candidates to be “top 21” (by vote count), they only need to compete with other BPs in their region and doesn’t have to be a “top 21”.
- This system can effective combat those who say EOS mainnet is run by Chinese.
About The Author:
Peter Chen is the cofounder of Moran, cofounder of EOSwriter Chinese Site, and a founding member of Real World Coupon.
Before joining the EOS community, Peter worked 10 years on Wall Street, at legendary hedge fund SAC Capital Advisors and investment bank Goldman Sachs. Peter was also the China president at Leap Motion, a top Silicon Valley technology startup with funding from Andreessen Horowitz and Peter Thiel’s Founders Fund.
Peter Chen, CFA, holds MS in Financial Engineering from Columbia University, FINRA Series 7, 63, 55 certificates.
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