A Proposed EOS Insurance Fund

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In order to guarantee security and grow trust in the digital economy, a lot has been proposed, but nothing comes close to what the EOS community is proposing.

According to Ian Grigg, while recently in Kenya, there is a proposal to set up an EOS insurance fund that will help resolve disputes and fix problems during arbitration. The idea is to take a bit of the money earned by Block Producers and put it in a trust fund to help anybody who needs the money in case of a theft or loss.

Ian Grigg speaking at the first EOS Meetup in Nairobi, Kenya

Insurance funds have always been used as security and guarantees in the traditional world. By borrowing this practice and bringing it to the blockchain world, it would be a relief to the EOS community and it should provide a safety net just in case anything happens. As we well know, the Internet is a hostile environment and providing some guarantees to one’s investment is always a welcome approach.

 

We will update on the proposed EOS Insurance Fund in due time.

2 COMMENTS

  1. Hi there – nice article!

    I would add that this is just a proposal or even a thought experiment, among many hundreds of ideas circulating around the EOS community. There is no particular sense at the moment that this idea will find itself into the EOS.IO code or into a worker proposal.

    The insurance proposal is more to create a warchest so that where big problems have occurred, the Arbitrator might draw on that to remedy some of the worst effects.

    Another related proposal is on how to pay for Arbitration. It is an open question as to how to pay Arbitrators for the essential and critical work they do. As we need independent Arbitrators, they also need to lift themselves above the money aspects of the case. And some cases will actually be about very large sums, and you know the pressures this will bring. It is definitely something that we have been thinking about how to solve.

    • Hi Ian. Thank you for your very informative insight. We look forward to the Arbitration proposal and hopefully doing a piece on this. We love EOS!

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