Revolutionary Governance: WAX Blockchain’s Office of Inspector General | of WAX io | May 2023
[gpt3]rewrite
Proof of Stake and the unique twist on the WAX Blockchain
The Proof of Stake (PoS) consensus mechanism has revolutionized the blockchain world by offering a more energy-efficient alternative to Proof of Work. However, WAX Blockchain has taken an innovative approach to governance by introducing the Office of Inspector General (OIG). In this blog post, we will dive into the world of OIG on the WAX Blockchain and explore the many benefits it brings to the ecosystem.
Evaluation of WAX Guilds: The Unsung Heroes of Blockchain
On the WAX Blockchain, the OIG is responsible for evaluating the WAX Guilds, the block producers who do much more than just provide the infrastructure to process blocks. WAX Guilds are also evaluated on their efforts in business development, community management, and the tools they provide to the WAX ecosystem. By holding these guilds accountable, the OIG ensures that they contribute maximum value to WAX users.
“Being part of the WAX Guild community is both exciting and challenging. Thanks to the OIG system, we are always motivated to add value to the WAX ecosystem. The WAX system is the best governance model I have been a part of in the Blockchain ecosystem. It ensures that all validators provide value back to the community.” – Anders Björk, WAX Sweden (WAX Guild)
Enhancing Delegated Proof of Stake with the OIG System: A Balanced Ecosystem
The Delegated Proof of Stake (DPoS) mechanism offers many advantages, but it can promote a minimalist approach, where validators do the minimum to optimize profit. The OIG system on the WAX Blockchain counters this brilliantly by carefully evaluating and validating the calculations and contributions of the WAX Guilds. This system ensures that the guilds go beyond just maintaining infrastructure. They are encouraged to actively develop high-quality dApps, services, marketing strategies and content, all of which contribute to a richer experience for WAX users.
The OIG is composed of three elected inspector generals who serve 18-month terms. These individuals are elected by WAXP token holders through a democratic process held every six months. The OIG’s primary role is to oversee WAX Guild operations, assess their technical aspects, and review their policies and requirements. OIG helps to maintain a high standard for block production, reliable infrastructure and the development of products that benefit society.
“From my time in the Office of the Inspector General and my continued involvement in the WAX community, I have seen the OIG’s impact on the ecosystem firsthand. Their dedication to maintaining high standards pushes guilds to consistently deliver quality and value, creating a dynamic and innovative environment uniquely for WAX. – Kaefer, Inspector General
Becoming a WAX Guild: A rewarding and challenging venture
To become a WAX Guild on the WAX Blockchain one must meet specific criteria and requirements. For more information on this process, check out the informative article by Anders Björk“What it takes to run a Guild on WAX,” which can be found here.
Powers of the Office of the Inspector General
The Office of the Inspector General is a crucial component of WAX Blockchain’s governance system. By holding WAX Guilds accountable and ensuring they contribute to the WAX ecosystem, OIG helps create a thriving environment of high-quality dApps, services and content. This innovative approach to blockchain governance has proven its value time and time again, making WAX Blockchain a leader in the industry.
follow official inspector general account on Twitter to keep up with the picks, guild evaluations and more.
Join the WAX community
Twitter | Discord | Website
[gpt3]
