Stake Based Rewards Can Fuel Blockchain Innovation

Can stake based voting and rewards provide more fuel for innovation? An analysis of the EOS Public Blockchain staking model suggests it can.


Credits: Bywire News (Canva)
Credits: Bywire News (Canva)

LONDON (Bywire News) An analysis of Block.one’s proposed staking model for EOS Public Blockchain suggests that stake-based voting and rewards will empower communities to continue innovating. The study, which was commissioned from consulting firm Prysm, will help Block.one facilitate a wider community led conversation on the future of the EOS Public blockchain’s development. 

The proposal serves as a information source for the EOS community as they review the released code.

Operated by a global network of token holders, Block.one has set the EOS Public Blockchain to be one of the highest performing and decentralised public networks in in the world. It is founded on the principle of community driven innovation drawing consensus from stress testing and resolving issues in real time. 

This analysis from Prysm, will compare the EOS model against its main competitors, Ethereum, Polkadot and Cardano. It will, they say, provide insight which provides a foundation for the community to discuss inflation and withdrawal rates set by the community, should they choose to adopt the staking mechanism. 

“EOS is first and foremost a community of people, and as its vision continues to crystalize, we aim to thoughtfully advocate for advances in the network’s economic alignment,” said Rick Schlesinger, SVP of Public Blockchain Engagement at Block.one. “By partnering with Prysm Group, we’ve introduced a data-driven approach that advocates for increased network resilience while democratizing inflation rewards and driving token holder alignment.”

Block.one has also launched a new bounty program encouraging users to offer feedback on its code. This provides rewards to those who can identify issues with the blockchain and help them continue to evolve their offering. They say they will add participation in this process of testing and feedback to the discretionary voting criteria as an added incentive for block producers to actively engage and test the released code. 

Details regarding the proposed model are available on EOS.io. For additional updates on Block.one’s community initiatives, visit Block.one’s EOS Public Blockchain page.

 

(Writing by Tom Cropper, editing by Michael O'Sullivan)

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