A urgent requirement of a decentralised whale on EOS!
An out of box thinking by Daniel Larimer got us a wonderful blockchain network where Block Producers could be voted by the community, making it more decentralised and effective.
When many people think the Block Producers candidates like on STEEM enjoys much more importance and their decision on upgrading the network resources or forking the blockchain are their own. We got the @eosdac team working on a totally new model, where every stakeholder of the decentralised BP has right to put his thoughts forward and feel more connected to the working of BP.
There is just a one thing amiss right now, and that is the DECENTRALIZED WHALE.
Now, what is that?
It is just one of m brain fart, WHALES are the stakeholder of tokens in any network. EOS, as it is based on, DPOS (Delegated Proof of Stake) gives a lot of power in the hands of high stakeholders. They may(against the constitution) vote a BP for personal gains and affect the working of the network. The cabal formation is one of the frequently discussed topics among the community members in EOSGOV channel.
What if we decentralize the voting decisions?
The cabal formation won't be a thing as the decentralised whale won't work for self-interest or short any token on the exchanges voting the bad actors rather they will take the community decision into account before voting any of the Block Producers.
The responsibilities of a whaleDAC?
- Take suggestion of Community Members into Account while Voting.
- Inform the community members about all the happenings on the network, keep them informed and updated as most of the members won't be able to keep up with the happenings on the Network to make valid decisions.
- Keep a check on cabal formation by other BPs.
- Acts in the interest of long-term vision of the blockchain.
- If BPs go against any of the Arbitrators or rulings unvote them.
- Keep a check on EOS community members and bad actors.
- Take the bad actors into Arbitration, when they find any misuse of the Constitution.
- Keep update even the small investors of the network about changes in the constitution and how will they affect the network.
Of course, every action will take in account the insights of Community members.
How will Decentralised Dapplication for WhaleDAC gain value?
EOS earned through delegation and leasing will be rewarded back to the WhaleDAC holders. Token may as well be hedged to EOS token, so with the increase in the price of EOS, whaleDAC tokens prices surge.
I haven't given it much of the thought, but what you guys think? How will this thing take off?
Put your opinions in the comments!
Thank You!
I believe this is actually a great idea. The idea of PoS is actually a centralized system. The bigger your stake, the bigger your vote, the bigger your reward. It's prone to the act of hoarding and irresponsible act of the biggest player.
I truly hope this whaleDAC could be the biggest whale on EOS, which will then act based on voting. This will bring decentralization to EOS. Without it EOS is centralized, case in point, Steemit.
Hi again,
Just read your post about effect.ai and decided to check your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
Thx for that quite informative post. Keep up with creating interesting content.
I know it's hard at the beginning to build solid follower base. But just don't give up. Steemits needs solid content builders.
(i upvoted over 30 posts today and my voting power is very low, so I cannot upvote your post this time around, but I will follow you closely).
yours,
Piotr
Hey Again,
I don't know much about other cryptocurrencies and blockchain but I mostly blog about EOS. Effect.ai got my attention as it was a concept which I liked and find the future in it but again as most of the Ethereum based ICO were scams, I don't know how will they carry out the Project.
Thank you for reading the post, I was excited to see one comment in here but it unrelated to the post, but that's fine at least my body released dopamine!