EOS Foundation MSIG Approved: EOS Inflation Increased
The EOS Foundation's latest msig has just been approved, to increase EOS inflation from 1% to 3% and transfer 3.4M EOS to the new eosio.grants system account. This will be enable the operations of the EOS Foundation to grow the EOS ecosystem.
With the approval of the msig the increase of the inflation on the EOS mainnet from 1% to 3% has been made official. Of this 1% will remain as a reward for block producers, divided into vote pay and block pay, while the remaining 2% will be transferred to the new system account: eosio.savings. In addition, the fees collected so far from RAM and Names Auctions will also be transferred to the new system account. eosio.grants, for a total of. 3.4M EOS.
All the details for the use of these funds have already been disclosed in Yves La Rose's latest blog post: Introducing the Pillars of the EOS Foundation.
Basically, the 3.4M EOS collected on eosio.grants will be used to kick-start the development stage of the Foundation, for activities such as investments, marketing, and development support. All financial activities will occur on-chain, and will also be made public through periodical financial expenditure reports.
The other funds will be used to promote grants, sponsorships, and key infrastructure supports. The grant and sponsorship proposals will be evaluated by the board of advisors of the Foundation, that will be composed of 7 individuals that displayed an operational expertise in their respective fields.
Once the Pomelo platform is live, the Foundation will distribute grants and bounties leveraging it. The key areas outlined for funding include core infrastructure, developer tooling and UX, security, as well as technical education. Media outreach was also highlighted with grant support at the Foundation’s onset. At launch, grants will be directed to developers, businesses and individuals that have kept EOS running despite the clear lack of network-wide support.
Sources:
- Increase EOS inflation to 3% and transfer 3.4 million EOS
- Introducing the Pillars of the EOS Foundation
- EOS Foundation new Details: Structure and Plans | TLDR
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