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RE: Inflation, Centralization, and DPoS

in #eos • 6 years ago (edited)

Hi, Jesta, tks for analysis.

  1. we understand that inflation is a way to pay BPs as they have spend their resources like fiat and time, etc for running the network. Their earned EOS will be used. Thus the current situation is not same as your example as Alice earn without doing anything.

  2. EOS can be centralized if you are rich enough to buy a certain amount of EOS or like B1 since EOS is not one vote one person democratic system.

  3. BPs can buy votes either off the line or on the line via many execuses like game rewards. The problem is still here.

  4. A very basic principle that we can understand and should be promoted is that who contribute to the EOS system who will be rewarded by the community. I believe the main problem is that in many cases it is difficult to quantify how much to reward, who decide as we lack an objective measures. Unlike BPs rewards, it is simple and can be well defined. Dapps developers can be rewarded by tokens selling and in future capital market. Voting may not be possible all the time as community members are too busy maybe.

  5. In addition, as one of the community members we are expecting BPs not only just doing a good job in blocks production but also responsible for marketing and promotion of EOS and others functions like operating a company. We will target to vote for an all round BPs.

  6. One point is now we lack voters rewards. Voters stake and spend time for electing suitable BPs. The effort has to been rewarded. This rewarding from system is not difficult to quantity too.

As a conclusion, it is agreed that community members need to understand how inflation model can change the degree of centralization of the system in middle and long term. Rewards via inflation to different contributors parties to the system should be promoted from my point of view. Then the system will be more fair and decentralized further. By the way, we start to vote Greymass for almost 10 months. We hope that you can keep going and raise out the weakness of EOS in order to make EOS stronger.

6 years ago in #eos by
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     6 years ago (edited) 

    Most of the analysis was actually @anyx, but I've been jumping in and responding to comments on and off :)

    To give some point by point answers:

    1. This isn't always the case, some BPs aren't selling EOS to fund their operations, they are already funded by other means.
    2. This is true, and this topic isn't meant to address that factor of centralization. It's meant to exclusively speak towards inflation and centralization, no other topics.
    3. Same with #2 - this isn't set out to fix the problem of vote buying. We agree, it's an undesirable situation, but this isn't meant to solve it.
    4. I think I agree - in that there's a need to reward those who provide value into the system yet are not producers themselves. There are so many great teams in the space building awesome applications, that are almost as critical as the operation of the network itself. We're writing out a few more posts to explore alternative ideas on how we could accomplish this.
    5. The problem here is that not everyone who provides value to a blockchain should actually be a block producer. Block production is a technical and political job, one which not every organization deserving of rewards is capable of. This last point of providing a worker pool for funds addresses that concern, but again, this isn't the focus of this post. This post addresses inflation and centralization.
    6. This is where REX steps in to some degree, but in general, I tend to agree with some way to incentivize voting. A perfect solution hasn't been presented yet though!

    As a conclusion, it is agreed that community members need to understand how inflation model can change the degree of centralization of the system in middle and long term. Rewards via inflation to different contributors parties to the system should be promoted from my point of view. Then the system will be more fair and decentralized further. By the way, we start to vote Greymass for almost 10 months. We hope that you can keep going and raise out the weakness of EOS in order to make EOS stronger.

    100% - we had hoped that our efforts in writing this thought piece would help get others thinking about the bigger picture happening within EOS. With comments like yours, I think we've succeeded to some degree!

    We really do appreciate the votes, especially all along the way during this 10 month journey. So thank you, both for your thoughts and kind words.

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     6 years ago  

    Hi, Jesta. tks for reply. You have pointed out that some BPs have separate financial support which is quite true.

    I am in your telegram group. Keep in touch.

    I have followed EOS from ICO but join Steem almost the same time frame. Just feeling that the communication and collaboration between BPs and community are tighter in EOS but not Steem. Is it true? How do new community get in touch with witnesses of Steem? please advice.