A good idea for EOS is quickly becoming reality. On August 6, Yves La Rose, former CEO of EOS Nation, publicly proposed that EOS block producers fund an EOS Foundation. The proposed Foundation was to be a guiding force for the ecosystem, empowering developers, businesses, and individuals to build on EOS.
In a follow up post a few days later, after seeking input from key stakeholders in the EOS community, La Rose described important aspects of the new Foundation. Initially, an advisory council will serve a governance function, providing direction and strategic advice to the Foundation. This council will also sign off on all grant recipients and project sponsorships.
Yves La Rose described the initial MSIG supporting the proposed foundation like this:
"I will be asking the Block Producers to show support for the Foundation by increasing the inflation of the network by 2% for its use. At onset, the Foundation will request the legacy name and ram fees be placed under its stewardship, and on a periodical basis it will request transfers from the inflation savings account for ongoing operations. Through this stewardship the Foundation will be leading the mission that it has been assigned. Grants, sponsorships, and key infrastructure support will be at the core of this mission."
The initial MSIG described above was proposed on-chain for Block Producers to consider. This proposal creates a new eosio.grants system contract, to be managed by Yves La Rose, Zack Gall (Everything EOS), and Dafeng Guo (EOS Asia). A 36 hour time delay was included, giving BPs the ability to intervene in any problematic transaction that might come up. This MSIG was approved by EOS BPs within 24 hours of being proposed.
Now, a second MSIG has been proposed to transfer the 3.4m legacy EOS fees contained in eosio.ramfee and eosio.names to the eosio.grants account. This MSIG #2 will also increase network inflation to 3%. 1/3 of this will go to to BPs and 2/3 will accumulate in eosio.savings for future funding requests.
Centralized Efficiency with Decentralized Community
While the Foundation will operate with the efficiency and decisiveness of a centralized business, it will also cooperate with the decentralized Eden community. Dan Larimer, the former CTO of Block.one and driving force behind Eden, was instrumental in the discussions leading up to the Foundation proposal. By including a role for Eden in its operations from the outset, the Foundation is proving its commitment to community in a big way.
Once the EOS Foundation is established as described, it will serve many functions in the ecosystem that have until now contained pain points. Not only will the Foundation begin guiding development on EOS in general, it will be able to set development priorities and then provide funding for the most important projects. Before this Foundation, there have been challenges associated with developing on EOS that has limited the ecosystem's growth. Yves La Rose and those working closely with him are well placed to understand these challenges and to implement solutions. The EOS Foundation represents one of those solutions. A major one.
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