WAX Guild Candidacy Announcement— EOS Detroit
Today, EOS Detroit is pleased to announce its Guild candidacy to support the WAX blockchain protocol as a custodian of the network. The team brings years of experience operating DPOS networks to the table, and a philosophy which includes the belief that there will be many domain-specific chains optimized for different sectors and ecosystems. EOS Detroit is a natural fit to help operate and evangelize for the WAX blockchain, due in part to the team’s passion for supporting and promoting real use cases of the EOSIO technology stack to our constituents and communities.
EOS Detroit is a community technology company working to build tools for financial inclusion, with a central focus on priming the masses for the adoption of these new economic paradigms. The company operates EOSIO networks, builds software, and is actively engaging and crafting educational content to grow a base of early adopters through initiatives that can provide access, representation, and knowledge to more people. It is our belief that building up self-reliance in the modern age relies on conveying to people how they can plug in to these new economic worlds and create opportunities for themselves.
The WAX Platform, founded by OPSkins (the world’s largest platform for video game virtual asset trading), is primely positioned to impact a $50B+ market with their global virtual asset repository solution.
“Each year, 400M+ gamers purchase $50B+ in virtual items worldwide. The vast majority of gamers who buy and sell virtual assets today are likely to have their items stolen or pay exorbitant fees through cross-border transactions unless they go to a centralized trading platform. This market friction is the key factor limiting the growth of this $50+ billion market. The net effect of the lack of marketplace trust is that the virtual asset trading industry is fragmented across hundreds of competing marketplaces, each utilizing different business practices tailored for their region of the world. This creates significant territorial supply and demand imbalances. The ideal solution to this problem is a global virtual asset repository, accessible to anyone, which provides a complete catalog of all items available for sale in real time. Such a repository, when coupled with distributed trust mechanisms, and a reliable low-cost settlement network, will vastly improve price discovery and market liquidity, thereby increasing market size.”
Source: WAX White Paper
- EOS Detroit provides node infrastructure for the following networks and services: EOS, Worbli, Telos, ORE, DAPP Network, and PrivEOS.
- Partnered with many expert teams in the industry, including StrongBlock, BLDGBLOX, Detroit Blockchain Center, Worbli, Chintai, Telos, Boid, AIKON, PrivEOS, Murmur, and PixEOS.
- Co-founder of the Detroit Blockchain Center to incubate blockchain projects and help to shape local and state policy on DLT technology.
- Provider of multi-sig security & support for products such as Equilibrium and Chintai.
- Organized a Travel Reimbursement Fund for the 2019 BP Summit in San Francisco and helped reimburse 24 event attendees with an EOS rebate to help cover their traveling expenses and ensure wide distribution from the EOSIO community at the event.
- EOS Detroit has been working internally for over a year on the company’s core project DACTROIT, a self-sovereign community-governed local complementary currency. The first service that this system will offer is providing a framework for deploying community-owned internet access to Detroit residents. The local currency serves as a collectively-owned and grassroots monetary system. But it’s not just about the currency; DACTROIT explores how to build a decentralized autonomous community while centering hyper local communities of various cultures and nationalities. Because of its location, Detroit, marginalized communities are of particular focus. The project’s goal is to ensure all Detroiters have access to resources that help them thrive in the future.
- EOS Detroit has also been designing and building out another product, Meringue, which provides dynamic equity management as a service that integrates seamlessly into business systems. Dynamic equity splits provide a continuous dilution and allow ventures to achieve a fairer equity split using data collected over the bootstrapping phase. Meringue provides a fair and auditable trail of contributions and is designed to stay out of the contributors way so they can focus on their work.
For a more in-depth breakdown of what EOS Detroit has been up to, please check out Volume 1 of the Proxy Prospectus that the team recently published.
EOS Detroit hosts and streams regular informative meetups that intersect many topics of discussion in a raw, live format in Detroit, Michigan. At these events, the team teaches people within our city about the benefits and possibilities of blockchain and cryptocurrencies, on-board them with wallets, and introduce them to the world of decentralized applications. EOS Detroit aims to connect with the gaming community, local meetups, and leading influencers both within Detroit and outside of it. EOS Detroit will be a proud public advocate and evangelist for the WAX blockchain at our own events and when traveling to related events and conferences throughout the world.
Note: For bios about each of our team members, please check out the Team page on our website.
Transparency & Accountability
One of EOS Detroit’s commitments since the first campaign launched is operating the company in a radically transparent way. Recently, the team announced two initiatives to strengthen our commitment to that value. The first initiative is a transparency page to show some stats about our BP. The page will also list the founder’s fair market values that are used to calculate ownership through the company’s dynamic equity system. This arrangement rewards team members with equity relative to the amount of effort and value brought to the company. In addition, it helps keep cash burn low, ensuring the financial security of the block producer. The second initiative is the release of a quarterly financial transparency report for the income of block producer rewards on all EOSIO chains on which it produces blocks. EOS Detroit believes it is important to ensure community can see that funds are reinvested toward developing the EOSIO ecosystem and maintaining infrastructure for the various networks EOS Detroit supports.
Infrastructure Technical Specifications
EOS Detroit’s WAX producing node will launch with the following technical specifications:
CPU: 10 core — 2.30GHz
RAM: 128GB Memory
Storage: 3.5TB SSD
Our experienced engineering team will monitor node activity on a 24/7 rotation using a custom monitoring solution to ensure the availability and integrity of our nodes.
Estimated Scaling Plan for Hardware
Launching nodes within a virtual private cloud environment provides EOS Detroit with immediate scalability in response to growth needs. Our growth strategy includes expansion to multiple cloud platforms and bare metal hybrid to meet our redundancy and security expectations.
Expected Location of Servers
Lansing, Michigan, U.S.A.
Type of Servers
Virtual Private Cloud
Voter participation within DPOS networks is an essential factor in ensuring a healthy network. The WAX network has improved the way that BP governance is managed by linking voter incentives to BP performance in a way that keeps voters engaged and making the best decisions in the interest of the network.
EOS Detroit will make day-to-day decisions in accordance with what the team perceives to be the best interest of the success of the WAX network. To maintain independence, the company will not hold a vested interest in any other Guild candidates and will never pay for approval votes, collude with other Guilds, or be corruptible by outside interests. The team pledges to abide by and enforce community voted arbitration without delay and promises cooperation, conversation, engagement, and open-mindedness to the community as the team collectively strives to achieve consensus on all matters. EOS Detroit also believes that governance should be flexible and adaptable, and that consensus on matters within blockchain communities should be reached on-chain in an auditable, transparent, and reviewable fashion.
EOS Detroit is excited and optimistic about the potential impact that the WAX network will have on the gaming industry. The roles and responsibilities of Guilds is vital to the success of the network and EOS Detroit vows to provide top quality service to the WAX community through block production and more. For more information about EOS Detroit’s WAX Guild candidacy, come join the EOS Detroit Telegram channel!
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