The remainder of this post has been structured as an FAQ-style response to what I suspect will be the key questions, comments and concerns regarding Voting Valued and the proposed VVP framework.

1) Isn’t this Vote Buying?

No. This is the exact opposite of Vote Buying. BPs only “pay” when the Voting Valued Proxy does NOT vote for them. I prefer to call this concept “BP Value Staking.” Essentially, BPs would be staking EOS based on the belief that they will perform well enough during our review process to recoup their stake.

VVP is providing a consulting service for EOS BPs which includes complete feedback regarding their successful or unsuccessful application. Profit from our consulting service is passed to EOS tokenholders as a 50% dividend.

2) Why is this good for the tokenholders?

Participating in this system potentially enables tokenholders to monetize one of their most valuable assets: the ability to vote on the EOS mainnet.

3) Why is this good for EOS Block Producers (BPs)?

Assuming the VVP gathers a meaningful number of votes, BPs could earn significant incremental voting support by showcasing their abilities during the application process. Mandatory BP rotation provides sufficient opportunity to support numerous BPs which are worthy of inclusion.

The application process is relatively affordable, even in this market. If less than 30 BPs participate in this initiative, then the cost of application to BPs will be zero. If more than 30 BPs participate, the average annual application costs at a baseline level (i.e., sub-1 million proxied votes) should be less than 2% of income for unsuccessful applicants. While costs rise as the proxy gathers votes, the voting reward for BPs also increases commensurately.

Finally, if the VVP gathers significant support, it should powerfully incentivize BPs toward continuous improvement. In other words, if a BP is confident in their abilities, apply and you could be successful. If a BP is not confident or not successful, then improve by addressing those areas and apply again in the future.

4) Why is this good for proxy managers?

This proposed structure provides proxy managers with the opportunity to monetize their knowledge and expertise. Proxy managers spend considerable time researching and communicating with EOS BPs; however, there is currently no clear path to monetization for them. We believe proxy managers are a valuable asset to the EOS mainnet and will slowly die out unless the ability to receive funding exists.

5) What keeps proxy managers honest?

The same thing that keeps most businesses honest: the incentive to earn consistent income by providing a high quality of service, a high level of transparency and ensuring a perception of fairness. As relatively well-known voices in the EOS community, the proxy managers at Voting Valued are also staking their reputations.

It is important for tokenholders to note that this is a trustless process where ownership of EOS tokens is always retained by the user. Only users’ voting power is proxied to VVP.

For EOS BPs, there is more risk given that tokens must be transferred to the VVP application account. However, to help mitigate this risk, the account will be multisig with the keys held by three separate individuals including me, Zack Gall from EverythingEOS and one yet-to-be-determined individual.

6) Why is this good for EOS?

VVP incentivizes users to proxy their votes to “experts” in the EOS community who will then vote judiciously on their behalf. It enables tokenholders to monetize one of their most powerful abilities: voting. It also helps foster a culture of continuous improvement among BPs with the message being quite simple: if you believe in what you bring to the table as a BP, prove it and apply. If you don’t believe in what you bring to the table, then get better and apply.

7) When is the proof of concept testing period?

The proof of concept testing period will commence after (and subject to) the “request for comment” period from the community. There is currently no formal time frame to begin the proof of concept phase. However, if this concept is generally supported by the community, we anticipate beginning the proof of concept phase within one to four weeks after the date of this post. During the proof of concept phase, EOS tokenholders should proxy their votes to the Voting Valued Proxy account as a show of support for this concept. If VVP has 750,000 or more proxied EOS at the end of the testing period, the concept will be deemed viable.

8) What are the risks for me as a tokenholder? What will likely happen?

There aren’t any direct risks for tokenholders since proxying your votes is a trustless process. Users retain full control of their EOS tokens when proxying their votes. However, during the proof of concept testing period, you will technically forfeit your ability to vote if you proxy to VVP since VVP will not vote until the concept has been proven.

Voting Valued makes no guarantees that this concept will be successful or that any EOS will be distributed to VVP proxied voting accounts. At least 31 BPs must participate in this process in order for any EOS tokens to be distributed to the tokenholders.

9) Doesn’t this violate the Constitution?

We do not believe this violates any aspect of the current (or proposed) EOS Constitution(s).

10) How is this different from Chintai or REX?

Both Chintai and REX (still under development) are token leasing platforms which enable users to lease their tokens and associated resources for a return. On Chintai, users must transfer their assets to the Chintai contracts in order to lease, which arguably exposes users to some risk. Users are not exposed to any additional direct financial risk by proxying their votes to VVP. Importantly, VVP provides the potential for an income stream in addition to income from leasing their resources.

11) I am a BP — what do I need to do to apply?

Applications must be sent via email to votingvalued@protonmail.com. The ONLY ACCEPTABLE FORMAT for an application is a PDF document not to exceed ten (10) pages. On the application, BPs may include whatever information they would like to justify their selection among the Top 30 VVP BPs. In addition, applicants must also provide 1) a transaction ID which proves transfer of the application payment from the BPs primary account to the Voting Valued account, and 2) a time-stamped screenshot from eosnetworkmonitor.io confirming their BP positioning at the time of application. The screenshot must have been taken within one hour of transfer of the time stamped application payment. More details on this will made available if the concept is deemed viable.

12) How do you determine successful applicants?

The VVP proxy managers will select BPs based on criteria that we believe are most important for a healthy and vibrant EOS mainnet. These criteria include, but are not limited to, adherence to the Constitution; strong technical performance; disclosure of key compliance information; geographic diversity; the development of value-add tools for the EOS community; and overall development and improvement of the EOS network. The three VVP proxy mangers include: 1) BlockchainKid, 2) Zack Gall from EverythingEOS, and 3) a yet-to-be-determined independent member of the EOS community.

13) Who has control of the Voting Valued multisig account keys?

There will be three keys to the VVP multisig account. One key will be held by each of the following members of the EOS Community: BlockchainKid, Zack Gall from EverythingEOS, and one yet-to-be-determined individual. If you are interested in beming a VVP proxy manager, please contact me on Telegram, Twitter or at votingvalued@protonmail.com. To be considered, you must be unaffiliated with an EOS BP, cryptocurrency exchange and dApp.

Please note that the foregoing EOS proxy framework is subject to community feedback. In addition, this preliminary process is subject change as it is developed and refined.