The conversation on EOS governance is heating up again. In a just published video from the 2019 EOS Block Producer Summit in San Francisco, Brock Pierce mentions a number of conversations the Community needs to be having, including the reality of a Chinese oligarchy, the criticality of voter participation, getting exchanges to vote, BP compensation, and EUA governance, which he said was a long term issue that needs to be resolved, otherwise centralization criticisms will prove true… We do have to get around to creating a proper constitution. Brock goes on to express support for compensating users for voting, saying it will solve many of our issues.
Regarding a WPS, Brock said he was all for increasing inflation to 1.5–2% to make it happen, I hope we start finding things that can get funded.
I love the idea of a WPS, and offer Talkchain, my startup’s new asynchronous video conversation platform, as a candidate for first funding. I truly believe Talkchain is the governance platform the EOS Community needs to collectively solve every problem Brock mentions in this video, including bringing an EOS Worker Proposal System to life. This is because…
Talkchain makes a new kind of collective decision making possible, one more about watching people speak and then indicating your level of agreement with them than reading white papers and following complex protocols.
EOS Talkchain is now in preview mode on EOS mainnet, so it’s possible for the Community to get started immediately, with deployment of a WPS Talkchain to follow shortly after.
So right now on EOS Talkchain we can test how well Talkchain might serve as both a video town hall for the Community, and a WPS. For WPS specifically we can test the idea of collectively deciding which projects to fund by having a pilot project pitch to us using Talkchain’s conversational video, which will allow the audience to reply in video and rate everything the project team says. We call the latter ambient voting because it happens as part of the UX flow, and of course it’s on chain.
Now imagine what this new form of collective decision making, which is almost completely decentralized, might mean for EOS in countering accusations of centralization. If Talkchain becomes popular it could mean the return of community governance as an expressed ideal of the EOS blockchain, so I was very relieved to hear Brock bringing that back. In fact, I believe we need to use EOS Talkchain to host a Constitutional Convention and let the Community decide what kind of governance system it wants.
The bottom line is, if the EOS Community wants to increase token holder participation and create true community governance it has to deliver an entertaining and engaging user experience, there is no other way. Text-based solutions simply won’t work. Talkchain is a new kind of scalable video conversation that will allow EOS experts to lead, and even beginners to engage in a meaningful way, one that naturally evolves toward consensus. Please take a look at Introducing EOS Talkchain for more.
How WPS Talkchain might work
Ideally, all legitimate EOS projects would be funded to at least produce a prototype, provided they can pass a minimum threshold of Community acceptance. The team’s reputation will be on the line if they fail to perform or make big mistakes, so there will be great incentive to demonstrate value and ability. Everyone will get a chance, there will be plenty of capital, and the Community can be assured that all good ideas will be developed as soon as possible.
Using Talkchain to host the WPS will help developers form distributed teams around the strength of ideas. These teams will describe their ideas via websites, slide decks, white papers, and other tools, with all of it brought together and discussed via video conversation with the Community on the team’s project conversation on WPS Talkchain.
The promise of prototype capital will supercharge the mass migration of developers and their ideas to EOS already underway. It will also incentivize investors to start early with promising WPS projects deemed capable of becoming monetizable products.
A big problem with the WPS concept to date has been its vulnerability to manipulation, namely, whales leveraging their massive voting power to control which projects get funded. This can be avoided on Talkchain because our voting system offers 1A1V (one account one vote) results in addition to Staked results, and also what might be called Limited Staked results, which would operate something like Telos, capping the votable tokens for any single user at say 30,000. Given this spectrum of results, we expect a much clearer picture of Community will to resolve into view.
We can quickly launch a WPS on Talkchain that will provide each candidate project its own Talkchain Conversation consisting of a standard set of Threads covering essential aspects of every project. So the team will be able to discuss Engineering separately from Marketing, Tokenization, UX, Decentralization, etc. Every video post the project team produces can be rated by the Community, with these ratings then rolled up through the containing Thread to the Conversation (Project) level. This means the decision of which projects to fund will be made by a smart contract triggered by Community feedback on what the project team has presented.
Each project team will serve as expert panelists on its threads, which can be joined by devs from other projects and experts of all kinds in exploring and evolving the team’s proposed solution or product. Again, all this in full view of the Community, who will be able to indicate how much they agree with literally everything the project team members (panelists) say. Every panelist post on WPS Talkchain will have its own Consensus Index, which we use to determine the top projects of the moment, and these are then featured on the WPS Talkchain Cover.
Every candidate EOS project on WPS Talkchain will have its own page like this that serves as a quick overview of the project’s status, and a portal into their video conversations within. This is also where the top project post of the moment is showcased, along with metrics and links to the proposal’s threads and materials.
All funded projects will continue to interact with the Community through their project conversation/threads on WPS Talkchain through product delivery and final evaluation, after which they will eventually be archived. Unfunded project threads will be immediately archived.
Using Talkchain the EOS Community can evaluate every project in a standardized way, by speaking to the team directly across a standard thread set, then collectively deciding whether to fund their proposal or not. Again, these collective decisions are made by aggregating the ratings (votes) for individual posts into a Consensus Index, then rolling those up for each thread, and then once again for the proposal overall. So there is no committee or whale-sanctioned group of judges that make a final decision. When the Community-established threshold for the proposal’s overall Consensus Index is exceeded the proposal will be funded by smart contract.
This brief article is intended as a point of departure. I propose we continue this conversation on EOS Talkchain. I’ll publish an initial hostpost there soon that will summarize this article and ask for your thoughts. I look forward to speaking with you there. ☺️