Interesting readings taken from “The Limits of Crypto-economic Governance” by Daniel Larimer:
Firstly, EOS Mainnet Launch is about Governance.
There are three incontrovertible premise which EOS Economic Model is based on:
1. The vast majority of people have good intentions
2. You cannot prove a negative
3. There is no such thing as a closed economic system
“I, on the other hand, am looking to create tools to be used by competing groups of good people where at least 2/3 are honest. I believe people are fundamentally good. Let’s look at the practical reality. The more effective a group is at maintaining its integrity as it grows, the larger the group will grow.”
Secondly, EOS Blockchain as a Radio Station, is for Consensus and Stability
A EOS blockchain can be viewed as a radio station that everyone in the world subscribes to and records. On this radio station anyone can broadcast cryptographic statements and everyone will process these statements via a deterministic state machine to arrive at consensus.
Proof of Work systems as used by Bitcoin and Ethereum rely upon the loudest transmitter. Those with the most money have the power to broadcast over everyone else. Those without access to the physical resources to broadcast (power generation and transmission towers), must buy the air time from those with the resources. Furthermore, those with 51% of the transmitter power can jam those with 49%. Those with 51% of the stake can ignore those with 49%. This is rule by plutocracy.
However in EOS Delegated Proof of Stake systems give each stakeholder the power to vote for the people who control the transmitter. This voting process is also stake weighted, but due to the nature of approval voting simply having a large stake is not sufficient to guarantee you some control over the transmitter. You must have approval by the majority of the voting stake to have control over the transmitter, this is a significantly higher threshold of approval than pure proof of stake. Unlike, pure Proof of Stake, it is possible for the voters to create a system where airtime cannot be purchased, but where the elected transmitters are expected to give everyone their fair share of air-time based upon their stake.
There is a clear separation between those with control of the transmitter and those with stake and no one gets monopoly power to charge bribes to use the transmitter. Attempts to take bribes (fees) will result in loss of community support and removal. Stakeholders who support the corrupt transmitters can also be removed from the community.
Lastly, Security and Trust. The goal of all consensus algorithms is to determine the order of events. Due to the limits of speed of light and space time, every person will see events in a unique order. Two events generated at the same absolute time will be perceived at two different times depending upon how far away they originated. This means that all consensus depends upon selecting certain people to testify to an order of events. These people can be the ones with the largest transmitters, the ones with the most stake, the ones with the most stake-weighted votes, or the ones with the most democratic votes. They could be a benevolent notary, a committee, or any other group that people can agree on.
The limits of objective proofs and accept reality that each community might have its own definition of “right and wrong” which can only be measured by a poll of the subjective opinions of community members. The true goal is to lower the barrier to entry for the creation of new communities and allow free market competition to reward the most effective communities and punish the most corrupt.
The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad.
Why EOS Mainnet Launch with Voting is important? “The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers.”
Block producers currently are running extensive tests on the Mainnet and as Block Producer candidates determine whether Mainnet launches in the next coming or days. Everyone in the EOS Community must agree on extensive private security testings, with updates, no go and more updates. Until we have a yes, we have “to go and to vote” because everyone wants a secure chain.
Governance, Consensus and Stability, Security and Trust, giving the power to the ordinary people instead to the elite which are what I want in the EOS Mainnet Launch. Is the new EOS Mainnet ready to go? EOS BIOS, EOS Core and EOS Security and Voting. Yes, we shall arrive there soon. Are you excited?
In Part 5, Airdrops.