Revolutionizing Governance: The WAX Blockchain’s Office of Inspector General
Proof of Stake and the Unique Twist on WAX Blockchain
The Proof of Stake (PoS) consensus mechanism has revolutionized the world of blockchain by providing a more energy-efficient alternative to Proof of Work. However, the WAX Blockchain has taken an innovative approach to governance by introducing the Office of Inspector General (OIG). In this blog post, we’ll dive into the world of the OIG on the WAX Blockchain and explore the numerous benefits it brings to the ecosystem.
Evaluating WAX Guilds: The Unsung Heroes of Blockchain
On the WAX Blockchain, the OIG is responsible for evaluating 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 a part of the WAX Guild community is both exciting and demanding. Thanks to the OIG system, we’re always motivated to add value to the WAX ecosystem. The WAX system is the best Governance model I’ve been part of in the Blockchain ecosystem. It ensures 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 brings many benefits, but it can foster a minimalist approach, where validators do the bare minimum to optimize their profits. The OIG system on the WAX Blockchain brilliantly counters this by carefully evaluating and validating the metrics and contributions of WAX Guilds. This system ensures that guilds go beyond merely maintaining infrastructure. They are incentivized to develop high-quality dApps, services, marketing strategies actively, and content, all contributing to a richer experience for WAX users.
The Inner Workings of the Office of Inspector General
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 guidelines and requirements. The OIG helps maintain a high standard of block production, reliable infrastructure, and the development of products that benefit the community.
“From my time in the Office of Inspector General and my continued involvement in the WAX community, I’ve seen firsthand the OIG’s impact on the ecosystem. Their dedication to maintaining high standards pushes guilds to consistently deliver quality and value, creating a dynamic and innovative environment unique to 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 is required to operate a Guild on WAX,” which can be found here.
The Power of the Office of Inspector General
The Office of Inspector General is a crucial component of the WAX Blockchain’s governance system. By keeping WAX Guilds accountable and ensuring they contribute to the WAX ecosystem, the OIG helps create a thriving environment with high-quality dApps, services, and content. This innovative approach to blockchain governance has proven its worth time and time again, making the WAX Blockchain a leader in the space.
Follow the official Inspector General account on Twitter if you want to keep up with the elections, guild evaluations, and more.
Join the WAX Community