Initial Feedback on NuCypher's WorkLock
NuCypher recently introduced a concept called the WorkLock. It's their initial proposal for "An improved token distribution model".
I'm feeling optimistic to see NuCypher approach token distribution consciously and thoughtfully. It would be easier to simply follow what's been done to date. Instead, NuCypher's identified previous token distribution shortcomings and is working to address them.
These are the initial comments I provided to the NuCypher team. I provided them in the NuCypher staking discussion channel -
1 - The goals you're solving for sound right to me.
2 - You mention "skin in the game" and "rich get richer" concepts. I've been thinking/concerned about them for a while. The recent Cosmos launch has me more concerned about them.
https://chainflow.io/the-skin-in-the-game-staking-paradox/
https://chainflow.io/early-proof-of-stake-systems-encourage-recentralization/
In this case, my concern as a smaller operator, is that I couldn't stake enough ETH to receive enough tokens, to become/remain an meaningful operator.
This concern echos a question posted by another reviewer. He wonders if he could do the yet-to-be-defined "work" and how much of it he could do.
I'd like to see the "how much work" take into account performance, at least as much as total stake. Doing this would level the playing field a bit for smaller operators like me. I could prove my worth in ways that aren't tied to bank account size.