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Recently, EOS holders are anxious about negative events such as Voice’s mediocre response, EOS’s nearly falling below $4, and Coinbase’s suspension of EOS transfer services due to EOS network performance degradation. However, two proposals quickly promoted by the EOS community today are quietly affecting EOS. Assets in the hands of currency holders.
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Cut production by 80% and reduce inflation to 1%eosbeijing、eosnation、eoseouldotioWaiting for 15 nodes to sign and support, the proposal was voted through.
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(setinflation proposal)
The matter of inflation starts with the design of the EOS mainnet.
The total initial issuance of EOS tokens is 1 billion, of which 900 million will be used for crowdfunding, and 100 million will be reserved for the founding team as a reward for developers. In terms of token economy, EOS adopts an inflation model. Every time a block is produced in the network, new EOS tokens will be generated (also can be understood as additional issuance). The annual inflation rate of EOS tokens is 5%. In other words, 50 million EOS tokens will be issued every year.
Of the 5% of EOS issued each year, 1% is the reward attributable to the nodes, and the remaining 4% is the budget of the Worker Proposal System. It is hoped that financial support will be provided for proposals that are beneficial to the community and will encourage the community to innovate .
After the change of the inflation rules, the node reward rules have not changed, that is to say, 1% of the annual inflation rate of EOS in the future will all belong to the node income. Although the destruction will not affect the existing circulation of EOS, from the perspective of the currency standard, the change of inflation rules has also slowed down the depreciation of EOS.
The EOS community also applauded: "It has finally been changed to 1%. Thanks to the EOS nodes and the community for making a wise decision."
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Not long after the EOS "halving" benefits were released, EOS Nation launched a new multi-signature proposal, Retiresaving, while the iron was hot. This proposal plans to destroy more than 34 million EOS (34,106,869.1596 EOS) in the eosio.saving account, and first remove EOS from eosio. The saving account is transferred to the eosio account, and the destruction operation is authorized by the eosio account. This proposal also quickly obtained the signatures of more than 15 nodes.
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At present, more than 34 million EOS in the eosio.saving account have been transferred to the eosio account. After checking the data on the chain, Odaily found that the balance in the eosio.saving account has been zero.
(At 22:36 on February 25th, eosio.saving transfers to eosio account)
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(data intercepted from bloks.io)
Since the birth of the EOS network, 4% of the additional issuance has been stored in an account named eosio.saving. Although there is a huge amount of EOS in the eosio.saving account, this account is almost always inaccessible. The duty is to store this unallocated inflation token.
HelloEOS Zi Cen explained to Odaily: In theory, the WPS budget can be applied to be used as work expenses to draw expenditures, but it needs to be approved by node voting, which is almost impossible to pass.
On the one hand, 4% inflation with no clear purpose is constantly diluting the value of EOS tokens; on the other hand, how to spend the money has become a difficult problem, and the EOS community has a lot of controversy and disagreement about the use of this money.
Supporters believe that it should be spent to better develop the EOS ecosystem. For example, it is reported that the former WPS team once suggested spending 1 million EOS from the eosio.saving account to fund on-chain organizations. Opponents believe that inflation without any clear purpose is accelerating the dilution of the value of EOS, and destruction is the right way.
Ultimately, the call for destruction was louder.
On May 8, 2019, EOS Nation initiated a proposal to destroy more than 34 million EOS in the "eosio.saving" account. destroyed.
"This change is to cancel the 4% uncertainty, and there is no barrier lake (in the network)." Gao Feng, founder of MEET.ONE, one of the EOS nodes, gave such an evaluation.
