The upcoming Contribution Proposal System
The upcoming Contribution Proposal System
Welcome to this week’s edition of the RHIZOME Wire!
The CPS is near
In the most recent ICON Monthly roadmap update, the team provided us with an update on the development of the Contribution Proposal System:
Significant progress has been made over the past month on the Contribution Proposal System with excellent work from the iBriz-Iconosphere P-Rep team. We are targeting the end of November or early December for the mainnet deployment of the CPS. The user interface is nearly complete. Smart contract work is progressing ahead of schedule, with much of the base logic already in code (P-Rep registration, P-Rep voting, application submission, etc.).
For the next month, our goal is to complete development and be in a position to test the entire system. We look forward to bringing this innovative funding mechanism to the ICON Network and allowing all community members to earn income for their work in growing the ICON ecosystem.
To those who may be newer to ICON, or may not have been paying as much attention over the months and years as others, the Contribution Proposal System has had a lengthy evolution since it was first proposed.
In it’s initial iteration, the CPS was essentially broken into two elements: the DApp Booster Program (DBP), and the Ecosystem Expansion Project (EEP). Here are two the two were described:
“The Decentralized Application Booster Program” (DBP) is a program that selects and rewards DApps to help grow the value of the ICON Network, and all DApps on the ICON Network can register with the DBP and receive delegation from ICONists.”
“An Ecosystem Expansion Project (‘EEP’) is a project or activity that can contribute to the growth and expansion of the ICON Network. In order to promote self-development of a decentralized network, the system should be designed in such a way that anyone who is willing to contribute to the development or expansion of the ecosystem can do so without relying on a single development or community group.
All EEP Contributors willing to propose a project can submit their project idea on-chain. EEPs include, but are not limited to: ICON Network development, 3rd Party App development, community activities, and education activities.”
In both cases, the proposals worked similar to how P-Rep rewards were initially distributed. The proposals with the most votes from ICONists would receive the greatest share of rewards, ideally ensuring that the projects that would bring the most to the ecosystem would receive the most funding.
However, after the launch of decentralization and the on-boarding of P-Reps, the reality of inflation set in, sparking off a new discussion about the direction of not only P-Rep rewards, but also on the structure of both the DBPs and the EEPs.
The result was a new proposal, which was formally included as part of the IISS 3.0 vote, for how to incentivize development and expansion in the ICON ecosystem:
The Contribution Proposal Fund (“CPF”) is a smart contract that holds funding to reward direct contributions. The purpose of the CPF is to create a mechanism where the most meaningful economic incentives are allocated to direct contributions approved by the network. Further details of the functionality of the fund will be explained in the Contribution Proposal System paper.
There are two primary benefits of the CPS, as described in the opening pages of the “Contribution Proposal Paper 2.0”:
The importance of the Contribution Proposal System is two fold. For one, it allows for expedited growth of the ICON Network by giving entities the opportunity to receive funding from the network itself. Developers of decentralized applications and contributors to the growth of the ecosystem can submit their work or plan to the Contribution Proposal System, Public Representatives will vote on whether or not this is a legitimate project, and if approved, this project will be eligible to receive funding from the ICON Network. This system will turn the ICON Network itself into one of the first fully operational Decentralized Autonomous Organizations (DAO).
Secondly, and perhaps less obvious, the Contribution Proposal System plays a significant role in the distribution of wealth and power in the ICON Ecosystem. Many blockchain networks give rewards solely to those that produce & verify blocks, thus centralizing wealth & governance power and giving sole discretion of funding ecosystem growth initiatives to such entities. With the introduction of the Contribution Proposal System, anybody interested in contributing to the ecosystem will have the opportunity to accrue governance power and wealth within the network.
To see the full details of how the fund will be implemented, be sure to read the entire proposal.
Amongst a sea of other promising developments coming to the ICON ecosystem in the final months of 2020, the Contribution Proposal System should be among the most consequential, due to it’s ability to provide stable development resources to projects over the long-term. A lot of thought and care has gone into the construction and development of the CPS, and it’s eventual release will be another milestone in the ICON story.
News from ICON World
ICON supply chain use cases!
ICON development roadmap update
ICONDAO organizes blockchain course at Vietnam National University's career academy Devera
The discussion around solutions for vote stagnancy continues
Project Nebula’s second planet presale week sells out in a few minutes (again)
LunarCRUSH hosted a podcast with Scott Smiley, Markus Jun, Benny Options, and Corey Costa
Blockchain Industry News
$5.5 Billion in Bitcoin Is Still Missing From Silk Road - Decrypt
But, while FBI archives detail that 173,991 Bitcoin (worth $33.6 million at the time) was seized, no mention is made of 444,000 Bitcoin which some researchers believe is still unaccounted for.
Someone Just Paid a $9,000 Fee for a $120 DeFi Transaction - CoinDesk
About 14 hours ago, the address "0xe6e2e0cf5d2686d73abd7d3ba24f46ad5eb31819" – claimed by Reddit user "ProudBitcoiner" – swapped 0.2955 wrapped ether (WETH) for 531 chi gastoken (CHI) (worth $120) on Uniswap and paid 23.5172 ETH ($9,430 at time of writing) in transaction fees.
Bitcoin's price shoots past $15,000 for the first time since January 2018 - The Block
November has seen notable price movements, continuing a ramp-up in activity seen as October drew to a close. Open interest in bitcoin options surged to an all-time high by the end of the month, and monthly trade volumes also hit a new peak of $5.8 billion.