How to trace the contributors who funded the Ethereum ecosystem

introduce EIP NFT. Only the author of the finalized Ethereum improvement proposal can cast these new NFTs to represent their contribution to the entire Ethereum. This is a method that can not only identify but also trace the work of funding developers and philosophers that make the Ethereum ecosystem a reality. How will the market evaluate these EIP NFTs? This is the point of the experiment.

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Before we enter EIP NFT, what is Ethereum improvement proposal? According to the project’s documentation:

“The Ethereum Improvement Proposal (EIP) is a standard that specifies potential new features or processes for Ethereum. EIP contains the technical specifications for proposed changes and serves as a “source of truth” for the community. Ethereum’s network upgrade and application standards are through the EIP process Discussed and developed.”

Tracing Public Goods and Results Oracle

Before we discuss EIP NFT, we must explore the idea of ​​tracing public goods. Like everything in the Ethereum ecosystem, this comes from the idea of ​​Vitalik Buterin. “The core principle behind the concept of tracing public goods funding is simple: it is easier to agree on useful content than it is to agree on useful content,” Vitalik explained. The article that proposed the idea. Optimistic PBC organization has expanded this:

“So… if all of a sudden, there are exports of public goods projects, what will happen? The exit depends on how much public goods the project creates, not quarterly profits. Will we see a more proactive approach to technologies that maximize community benefits? Investment and innovation? Will we see more non-profit organizations thrive rather than survive?”

How to answer these rhetorical questions? The article provides a solution, again in Vitalik’s own words.

“A DAO, we can call it a “result Oracle” to provide funding for public welfare projects. In the long run, the result oracle can be funded by agreement fees (for example, if it is implemented by the L2 project, the sorter auction is a candidate). But unlike other public product funding DAOs, Results Oracle will retroactively fund projects and reward projects that it believes has provided value.”

ETH price chart for 11/24/2021 on FTX | Source: ETH/USD on TradingView.com

So what is EIP NFT?

The people behind AKA Labs adopted the concept of tracing public goods and eliminated its complexity. They developed the first implementation that did not require raising funds or creating a DAO.let us Read their explanation.

“Acknowledge that building a fully functional “outcome predictor” will be a difficult task. This project dabbles in and tries to illuminate the space.

The interesting part of this experiment is to observe how the market decides to value each EIP NFT. We fully encourage EIP authors to cast their NFT/NFT and participate in experiments. “

To cast EIP NFT, “Users must prove that they have created/co-created EIP.” So far, Nine of them exist, But they did not generate any financial activity. This is where the Ethereum community comes into play. The valuation process starts with them. Through their own offers and retrospective recognition of funding, they will define the value of each NFT. Will the most important proposal get a higher valuation? Or will the community value them equally?

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it is It is worth noting that “Each minted NFT has realized #ERC2981, which means that the royalties will be paid to the minting address permanently.” The minting passes the EIP author’s address, and the AKA laboratory has not been cut. The project is a non-profit organization, just like they are trying to help a thriving project.

Will the EIP NFTs experiment succeed or fail? This is determined by the Ethereum community.

Featured Image: Screenshot from the EIP NFTs Open Sea page | Charts by TradingView



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