Block producers have approved the first phase of the implementation of a controversial EOS governance change that allows any user to suggest network dominion changes.

EOS blockchain explorer Bloks shows that the first stage was approved on March 24. EOS Nation — the block producer (BP) who proposed the system — claimed in a recent tweet that the 34 positive votes past BPs on the proposal is "the strongest consensus reached on whatsoever EOS Mainnet proposal".

According to an EOS Nation's March 18 post, the newly approved Worker Proposal System (WPS) is a funding machinery for the EOS mainnet meant to enable developers and other network'southward value creators to seek funding. The system is inspired by Dash's (Dash) Upkeep Proposal Organisation.

The voting and distribution mechanism is determined on-chain in WPS'due south smart contracts and allows any EOS business relationship to advise a upkeep for its project so BPs can vote on it. Each proposal that passes is paid straight from WPS's eosio.wps account.

Funding from EOS proper name auctions

EOS Nation CEO and founder Yves La Rose explained to Cointegraph that the approval was for the creation of the eosio.wps account, but added this was only the get-go of four stages of implementation. The second phase will be the approval past BPs of a transfer of l,000 EOS from the eosio.names account — which holds the proceedings from EOS's premium names auctions — to the WPS account. La Rose explained:

"On EOS the account names are 12 characters long (A to Z, 1 to 5) - but at that place's a congenital-in auction arrangement for 'premium name' that are shorter. [...]  The administrative funds nerveless through this auction (the successful bids) go to the eosio.names account. [...] These are the funds that volition be used in the WPS."

Volition the arrangement be fully deployed? Probably

The third phase deploys the smart contract managing the WPS system to the eos.io.wps account. The fourth — and last — stage of implementation is the initialization of the new organisation. When Cointelegraph asked La Rose whether it is rubber to presume that the system volition eventually exist deployed, he answered:

"No. I mean, it looks as though that is where we are heading, but until the contracts are deployed [...] then information technology's still open for debate. [...] Information technology would seem that there is indeed positive intent on getting this launched. Withal, as I frequently say – information technology ways nada until it's on chain."

Block.One CEO says it'southward risky

Cointelegraph recently reported that Brendan Blumer, the CEO and co-founder of Block.I — the firm behind the EOSIO software that the EOS chain runs — expressed business organisation over the proposal. In a March 15 tweet, he said:

"Fifty-fifty if the amount is nominal, socially authorising the BP's to direct token-holder funds into projects without a clear or measurable return of value is risky, and may open up the door to corruption and external scrutiny."

La Rose said that he talked to Blumer nigh the proposal and admitted that the proposal is risky, but said that was true of whatsoever modify to the network. He said that EOS Nation's team designed the system in a fashion to alleviate the risks:

"Knowing there are inherent risks, we designed the system so it has a fashion to mitigate and lower the touch on, as well every bit the overall likelihood of risks. [...] The organization is built in a mode that the long-term health and success of it is premised on that ratio of value created vs value extracted remaining positive — otherwise it shuts down, and does so automatically."

La Rose said that the EOS Nation'south team is committed to ensuring the WPS has clear and measurable returns of value for the EOS token holders. Because of this, the BP plans to deploy and perform an audit office for the system.