EOS Rate: A Rating System for the EOS Mainnet
What is the EOS Mainnet?
If you belong to the EOSIO community – or have read something about the EOSIO blockchain – you might have heard of the EOS Mainnet. The EOS Mainnet is the main network of the EOSIO blockchain’s platform where transactions take place. Also, if you’re reading this, it’s highly probable that you know the terminology of blockchain. Otherwise, check this article out in the first place!
Further, EOSIO uses a native consensus mechanism known as “Delegated Proof-of-Stake” (DPoS), developed by Daniel Larimer. DPoS in EOSIO uses an election process where EOS token holders vote for the Block Producers (BPs) they think are the most qualified to be the custodians of the network. The EOS Mainnet runs with the twenty-one BPs that obtain the most votes.
So, the DPoS mechanism requires these twenty-one elected nodes to produce the blocks, and, in exchange, they can receive rewards. One of the underlying opportunities of EOSIO by using DPoS is the ability to scale. Hence, DPoS allows Block Producers to reach consensus faster than traditional PoW (Proof-of-Work) or PoS (Proof-of-Stake) mechanisms. For instance, this enables EOS nodes to validate up to 4,000 transactions per second, in comparison to Ethereum that can reach 15.
With Great Power Comes Great Responsibility
Nonetheless, people in the EOS community claim that both DPoS and the EOS Mainnet may be having some drawbacks, including more centralization in a network that’s supposed to be decentralized. For example, in one case, some accounts were frozen by BPs, which raised people’s eyebrows in the community. Also, there have been some disagreements associated with performance degradation in the network.
Consequently, token holders who elect the twenty-one nodes can only trust the transparency and democracy of the EOS Mainnet. Thus, these BPs are the ones who must protect and keep the mainnet up and running in the best interests of the voting community.
As of now, it’s only possible to keep track of rankings according to votes by token holders. However, the weight of token holders’ votes is determined by the number of EOS tokens they possess, meaning that token holders with more EOS can cast a more weighted vote for the BPs they want to endorse. In other words, those who have fewer EOS tokens may seem underrepresented. So, the importance of maintaining a transparent and trustworthy election process in the EOS Mainnet is what brought to life the idea of the open-source app called EOS Rate.
What Is EOS Rate?
EOS Rate is an open-source, decentralized app (Dapp) built by a team of developers in Costa Rica. It allows EOS token holders to access a rating system and voting portal for BPs and Proxies, making it easier for the token holders to make an informed decision.
Moreover, EOS Rate intends to gather global ratings to help capture collective opinion, or “wisdom of the crowd,” and measure if the voting patterns reflect voter sentiment. Then, the Dapp generates profile pages of the BPs, using a radial component called “LEAF” (Liquid EOS Attribute Factores) to help the users visually compare the most relevant qualitative attributes of BPs.
So, to submit ratings, the token holders must sign in with their EOS wallet, making the voting process more secure and transparent. This means that one account can only represent one rating submission per BP. Then, the ratings are securely stored in the EOS blockchain to guarantee the immutability of the ratings.
In addition, token holders can submit their rating in EOS Rate using five distinct categories:
- Transparency: Compliance with disclosure of ownership, complete bp.json, use of rewards, and financial stats.
- Infrastructure: Stability and reliability of the EOS infrastructure.
- Trustiness: Collaboration and reputation among the EOS community.
- Community: Community value creation through education and promoting talks, chats, hackathons, conferences, seminars, developer spaces, and other useful content.
- Development: Technical know-how and usage of open-source software, scripts, frameworks, wallets, voting portals, metrics, etc.
In particular, once a token holder submits his or her ratings, the total of the ratings will be displayed as radial graphs. So, the process of EOS Rate would be something like this:
Try the Beta Version Now
We are looking for token holders who want to become beta testers! Access the portal through this link, sign in using your EOS wallet, and start rating BPs and Proxies! EOS Rate beta version is currently running in the EOS Mainnet.
Moreover, we tried to make the process as straightforward as possible for better usability and findability. So, if you have any questions or observations during your testing, please let us know through our Telegram group or directly to our email: [email protected].
Developing an Open-Source App for the EOS Mainnet
So, what is it like to develop an open-source app? First, an open-source project is an initiative built by the community and for the community. Thus, when participating in an open-source app, there is an implicit agreement to use its source code, design documents, and other original content freely.
Moreover, open-source projects usually need the participation of people from many backgrounds, including software devs, UX and visual designers, communications professionals, among others. As a result, people who cooperate in a project may receive several perks, such as networking opportunities or learning new skills. So, for more information on open-source projects, read this blog post.
Xavier Fernández, the tech lead of EOS Rate, says about the experience of developing this open-source dapp: “I’m excited to see new developers work with EOSIO and discover how powerful the technology is.”
In conclusion, EOS Rate is an open-source app built on the public Mainnet to encourage token holders to make a more informed vote. The team’s vision is to deploy blockchain technology to increase democracy and transparency within the platform’s network.
Contact Us for More Information About Open-Source Blockchain
EOS Costa Rica operates since 2018. Our team develops blockchain-based solutions with great attention to detail in creating user-centered dapps for enterprise use. We also provide resources to the EOSIO infrastructure and promote the local EOSIO ecosystem. Let’s talk about how you can implement this technology into your organization.
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Luis Diego Rojas
Communications and Content Strategist @ EOS Costa Rica. New technologies evangelist.
EOS Costa Rica is an initiative of Sistemas Edenia Internacional S.A. (EDENIA)