I hesitated to this video… But I feel like it needs to be talked about. We are on the brink of losing some of the most important resources in our ecosystem. Our reserve block producers.

In this video, I explain the idea of the referendum to provide equitable and reasonable pay to block producers. It may not be the perfect solution but if we don’t act and the market continues to fluctuate we’re in trouble.

If we don’t find a solution, we are in trouble. Please distribute this video and feel free to join the discussion in the comments below.

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Responses

  1. Dukefish

    I think you made some really valid points on the reality of overheads for BP’s and that they are not all just printing money and EOS every day. You are right that this a view a lot of uninformed community members seem to have.

    No one expected the market to take such a downward turn so I think this is a shock not just to EOS and it’s BP’s but the whole of the crypto space is taking a big hit. I feel those who are running a more robust business would have some contingency plans for when the price declined.

    To reference Dan Larimer’s sentiment “producers should have secondary business’s to supplement some of the costs” is the right mentality. This is a world of money, and if you as a company/BP/business did not prepare for such a scenario as this, then in this free market you are going to fail.

    Now like you said this will mean the loss of some great projects and infrastructure I think it is a real learning point for those involved and a chance to adapt for the future.

    With regards to your referendum proposal I think you may find some opposition as the counter argument is why not just vote out poor performing BP’s and vote these independents with big ideas in.

    I also feel that an arbitrary value (even if based of a smart contract and sliding scale) to fund BP’s would only increase the odds of malicious players exploiting this system and result in some BP’s taking these funds and not producing anything meaningful for the community.

    This is a BIG problem and by highlighting and speaking out I think you have made the right move to stimulate this debate. I want EOS to succeed and we need to address these issues as a community asap.

    (3)
    1. Ian Jeffreys @DNAian

      “why not just vote out poor performing BP’s and vote these independents with big ideas in.” This should always be the case. A problem is that big whales have too much voting power and vote themselves and other BP that are “friends”. Maybe put an upper limit to how much vote power each BP can have. Just like how Trybe has an upper limit to how much your vote on a post is worth.

      (1)
      1. Dukefish

        Oh I totally agree, I was playing devil’s advocate. Indeed in any POS network, whales are going to have the voting power in there favor. It is what happened to Steem, lots of colluding and cartels for votes.

        If you look at the voter proxies there are a few with large volumes of votes and a handle of accounts attached to them. While those with lots of small investors (investingwad comes to mind) has considerable less votes even though it is many people.

        People need to be encouraged to vote, and i think REX will help but not be the final solution, also your suggestion on a upper limit on voting power would be a great idea!

        (2)
        1. Ian Jeffreys @DNAian

          Yes Steemit has a big problem with whales and bot voting abuse. Tyrbe has solved a lot of the problem Steem has, (post review, upper limits to vote power etc.) this is why I think Trybe will do well. You are absolutely right when you say people need to be encouraged to vote.

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          1. Dukefish

            I also think that voter decay needs to be addressed too. Especially if you are using a proxy, the decay should be considerably less as the whole point of a proxy is to negate the constant updating of your votes.

            I think a lot of people who are hodling, voted initially at first but then have not engaged or realized that there is such a thing as vote decay.

            (1)
            1. Ian Jeffreys @DNAian

              Yes good point indeed. Thanks for reminding me I should renew my votes. Since many people keep the same BP when they replenish their votes, there should be an option of automatically revote after “x” days. Maybe I’ll recommend this feature to GenerEOS Australia the creators of Eostoolkit.io

              (1)
  2. CryptosDecrypted

    Important and thought-provoking post-Matt. 100% behind your referendum floor / ceiling is a great possible solution. Will Worbli and Telos help somewhat by adding revenue? DPoS, as it stands, is fragile at least at this moment in the market. Anyway, great work on behalf of EOS. Hope this post gets the high profile it deserves.

    (2)
  3. Gen

    Thanks for making the video. I don’t think its going get better until it becomes much much more user friendly. That probably won’t happen until people feel comfortable that the government will Allow them to have these Coins.

    Even setting up my account on Trybe is extremely difficult. I’m having to go through TokenPocket. It is slow. I haven’t had time to play with it again. Working on getting my Trybe coins.

    Another example would be, I tried to vote on TokenPocket at least seven or eight times and keep getting error messages. I gave up so I’m sure this is happened to many people. That’s the problem.

    (2)
  4. Gen

    As far as paying block producers, I think one of the Requirements for getting paid should be making how-to videos on youtube on EOS and blockchain. And they have to promote each other’s Dapps.

    I’m an online marketer if anybody needs help with this I’d be interested in joining a block producer team.

    (2)
  5. Ian Jeffreys @DNAian

    Matt thanks for bringing up the reality that nobody seems to want to talk about. Yes a referendum is a possible solution, and definitely the rewards for Block Producers ( and backup Block Producers) should be on a sliding scale depending on the value of EOS.

    (2)
  6. Gen

    I have a suggestion for you as well. Make the links for post on trybe, that we share on Facebook and other social media sites have our affiliate links tied in.

    For example. If i click the botton for FB or Twitter the link that is being shared is to your post and has my affiliate tag. It is possible. Developers will know how to do.

    (2)
  7. peter S

    Thanks for this Matt, I will distribute it. But in my view there is still something missing. The EOS sphere was the best ICO ever, raining 4 B$. So there must be a warchest out there with very substantial stake holders for project development. Sounds to me that the basic machinery (i.e. a healthy BP and resBP community) is the most important project of them all. Shouldn’t part of it be used as an emergency fund to survive the inevitable dips?

    (1)
  8. Conceptskip

    Thank you for discussing this important issue. As regards value adding projects, why not use the worker proposal fund for that, so good ideas are rewarded irrespective of producing blocks, which is just one set of deliverable for the ecosystem?

    (1)