EOS Community Funds


#1

Hello EOS Hodlers!

I have a suggestion to build a better EOS Community and awareness. We have a system of governance, 21 dPOS and that’s all very good in terms of moving the community quickly in a direction that we all want to. To my understanding, block producers will get block rewards based on inflationary system of maximum 5% per year of new EOS tokens being distributed into the network. 5% is a lot. Dan says that most likely it will be between 1-2% where we the token holders vote. That is still a lot of money. Lets take 1%, and lets say market cap is at 3 billion. 1% is around 30 million. I think it will benefit the community to build a voting system like smartcash where the community vote on which project/activity should be funded : https://vote.smartcash.cc/ . This way EOS will be able to be promoted to more potential dApp developers, mass market & the unbanked community, without having all the funds being only distributed to block producers. The more people use EOS token, the higher the value will be and we will all benefit together. It would have been so great if we the EOS community can contribute to the Venezuelan crisis, enabling them to use EOS token. David Hay who is a youtuber is coming to Venezuela to distribute cryptocurrency to save the citizens from acute nationwide inflations. (https://www.youtube.com/watch?v=Il8VZ3WOpzQ&t=1530s). I understand that the EOS token has not launch yet as of now, but it would be great if we have this when it does launch.


#2

Yes, this is correct. But I don’t think it’s a lot of money actually. If we take 30 million a year… that’s around 82.000 EOS per day. Divided by 21 BPs that’s around $21000 per BP per day… Understand that they probably produce several mb’s per second of blocks. They also need to sync all that data around the globe and offer you and me entrance to the EOS-network. So if 100 million people use EOS through BPs you need to serve 4.7 million people for that money as a block producer.

And let’s say they do make quite some money… Maybe a profit factor of 20%… Then it wouldn’t take long before some idealistic BPs show up for which you can vote which might donate an x-% of their profits to some charity or something. So being a Block Producer will be quite hard, a lot of work and a high chance of someone else being voted in the top-21 instead of you.


#3

Yeah I was taking a conservative assumption of the price of EOS now, i think it would be fair to divide maybe 1% for block producer, 1% for community growth? So the total inflation is 2%. The market right now is tanking, EOS can easily reach 30-100 Billion by the end of the year. I think we can play around with this numbers adjust according to the market condition. I agree that we should sufficiently pay the block producers to keep our network secure. Block producers have a duty to split some of their profits for community growth, but I dont think we should just rely on 21 block producers, instead we distribute it to whoever we feel can benefit the community, voted through proposal and should have a system of accountability. There are only 21 block producers, even in best case scenario where every block producer is in a different country, there are 195 countries in the world. So we are short of 174 country representatives. What do you guys think?


#4

Rene offered great points and you should get over to eos.io telegram and discord channels to get additional feedback.


#5

Some of the inflation reward is also going to reserve BPs so the 5% is split between more than 21 people. They are also storing all dapps and supplying all the bandwidth for the entire network. For the first few years they need to scale up to being the largest server farms on the planet if eos is to be a success. So vote for giving them the full 5% initially and we will see if the network has too much capacity. If so then you call for the money to be spent elsewhere or vote to reduce the inflation.


#6

Block Producers will offer storage as well in the coming years. That’s what EOS Storage is about. They might offer you 10 GB with your account… Might pay it from the block rewards as wel…