GRAND CAYMAN, Cayman Islands, Oct. 30, 2019 /PRNewswire/ -- Worldwide Asset eXchange (WAX)™ today announced the creation of an Office of the Inspector General (OIG) role, with ZenBlocks.io serving as the first chair. An industry first, the independent, third-party OIG role is designed to help WAX Token holders identify, and subsequently vote for, the highest quality block producers (called guilds on the WAX blockchain) as well as sideline potential bad actors.
"Evaluating and selecting block producers is a crucial dependency of DPoS-based blockchains," explained William Quigley, co-founder of WAX, "but the lack of standardized, objective evaluations can hamper processing speeds and overall blockchain performance. We're introducing the Office of the Inspector General role to ensure token holders can quickly make informed decisions when voting for WAX Guilds."
"Today, it's nearly impossible for the average Token holder to vote based on the Guilds' track records because the process requires painstaking research," said Marlon Williams, CEO and founder of ZenBlock.io. "We believe everyone wins when the voting is instead based on objective, transparent scoring, and we're looking forward to defining the OIG role and releasing detailed evaluation parameters, scoring mechanisms, and reporting vehicles in the near term."
About The Office of the Inspector General
The OIG consists of three members, one chairperson and two standbys, who act collectively to handle the responsibilities of the office for a three- to nine-month term. As the first OIG chair, ZenBlocks.io, will begin contacting WAX Guild candidates by November 7 to begin scoring their applications and issue their first report by November 18, 2019. Initially, EOS Detroit will serve as standby 1 and EOS Barcelona will be standby 2. The team will be compensated in WAX Tokens taken out of the Worker Proposal fund. Position rotation will begin May 1, 2020.
The OIG role is the latest addition to WAX's comprehensive governance strategy. Other programs, including WAX Block Rewards and Genesis Block Member, incentivize WAX token holders to vote on WAX Guilds and blockchain improvement proposals as well as remain long-term participants of the WAX ecosystem.
About WAX (Worldwide Asset eXchange)
WAX is an all-in-one blockchain platform enabling developers to easily create, sell and trade digital goods to empower businesses to profit from the next era of digital commerce. For more information, please visit https://wax.io and follow along on Twitter, YouTube, and Telegram.
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SOURCE Worldwide Asset eXchange (WAX)