EOS Nation have announced their intentions to deploy a Worker Proposal System (WPS) on EOS. The WPS will be the funding mechanism for individuals, developers, projects, and any other entities that are looking to get funding in order to make valuable contributions to the EOS ecosystem.
Block Producers (BP) that have been elected by token holders will bear the responsibility of voting for the most valuable proposals. Each BP’s vote is equal to 1 and they can either upvote (+1), downvote (-1) or abstain (0) on any given proposal.
The EOS WPS will be governed by the rules encoded into the WPS smart contracts. These rules allow for any EOS account to submit its own worker proposal and to also set the budget for the proposal. Funds to pay for these proposals will come from the ‘eosio.wps‘ account and sent directly to the EOS account of the approved proposal.
But where do funds in the ‘eosio.wps’ account come from?
Great question! Prior to the deployment of EOS’ Resource Exchange (REX), the accounts ‘eosio.names‘ and ‘eosio.ramfee‘ had accumulated roughly 3.5 million EOS from EOS premium name auctions and RAM purchase fees. If approved by at least 15/21 of the active BPs, then these funds would be moved to the ‘eosio.wps’ account.
The proposal to BPs with regards to transferring funds to the ‘eosio.wps’ account, is to set a fixed amount for each duration of the voting period. In other words, the proposal is for the initial amount of 50,000 EOS to be sent to the ‘eosio.wps’ account in order to ensure that there’s enough funds to cover for two voting periods. Each voting period lasts for 30 days with a maximum of 25,000 EOS allocated to funding worker proposals.
To learn more about this Worker Proposal System please check out the video from EOS Nation below.
Also there’s a dedicated website to familiarize yourself with the EOS WPS including voting periods and funding, passing proposals, proposer requirements, and frequently asked questions. The video below explains how to best interact with this resource.
EOS Nation is a Top 21 Block Producer on a mission to secure EOSIO blockchains with reliable infrastructure and to build a global community empowered with the tools and resources to thrive. It is one of the more active Block Producers, both on social media and in contributions to the network. You can follow them on Twitter – @EOS_Nation.
Until the next one,
EOS to the Moon!
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