The RHIZOME Report - Episode 8

On the most recent episode of the RHIZOME Report, host William McKenzie interviews Vitalii Parkhomenko of Everstake.

Vitalii began the interview by discussing Everstake’s background and what initially drew Everstake to ICON.

“We are a staking service platform and we run validators on multiple chains. As of now, it is about 15 different networks. Speaking about ICON, we started doing our research on ICON in the beginning of this year and what we saw and liked about it was the interoperability between different chains; plus the major thing, Delegated Proof-of-Contribution,” Vitalii said.

Vitalii then decided to point out what they are planning to bring to the ICON network as a P-Rep.

“At Everstake, we do two things, apart from just running nodes. First thing is we organize events here in Ukraine and also Eastern Europe, in Germany and Poland. We recently did a hackathon in Kiev for Tezos and it worked out very well with a little less than 100 developers in attendance,” he said.

“Another thing we do is we have a big team of devs in house and we develop many things. We seek out the opportunity to see what’s missing in the ecosystem, what the demand is currently and we just build the tools. We also focus on tools for developers such as ID’s, different SDK’s, and tool kits,” Vitalii added.

William then asked Vitalii his thoughts on the recent announcement of extending the ICON network decentralization event until October. As with any protocol, launching mainnet with code problems will impact the image of the network much greater than a short delay to iron out any inherent flaws. Vitalii weighed in and explained why it was a good call.

“If you look at it generally, blockchain technology and different networks, there have been situations where some chain would launch with a codebase that’s faulty or it’s missing some core functionality. What’s the point of launching when you’re not basically launching anything or you’re facing some serious trouble. So, I think from that perspective, postponing the launch is a very good call,” he said.

ICON’s network is based on the Delegated Proof-of-Stake (DPoS) consensus model, utilizing something known as Delegated Proof-of-Contribution (DPoC). As a unique model, William decided to ask Vitalii his thoughts on DPoC compared to pre-existing models, Proof-of-Stake (PoS) and DPoS. Vitalii chimed in why he feels DPoC is a interesting and unique consensus model and why people should not worry about cartelization.

“Delegated Proof-of-Contribution is in a way similar to Delegated Proof-of-Stake. I think that’s why people recently got frustrated about the article on the cartelization of EOS. People are concerned it may happen to ICON but, in my opinion the major similarity here is only in the number of P-Reps. That’s pretty much where the similarities end,” he said.

“Delegated Proof-of-Contribution got us into ICON in the first place because we saw it as an opportunity for people who contribute, to actually be rewarded for that,” Vitalii added.

The topic of vote-buying, if anyone has been following it lately within the ICON Republic has been a very large and controversial issue as of late. There have been many arguments around the topic brought up from both sides of the spectrum, even prompting Min Kim to weighing in on it on several occasions.

William asked Vitalii what his thoughts were around vote-buying within the ICON Republic. Vitalii responded by stating why feels it’s a critical issue that needs to be addressed.

“Vote-buying in short, is something we cannot afford to have. Vote-buying has plagued EOS for quite some time now. If you are offering something that is only beneficial to your voters, that’s vote-buying and it has to go. In the long run, it is detrimental to everybody, even the network, and we just can’t have it,” he said.

After spending some time discussing vote-buying, the conversation concluded to why it’s important for ICONists to spread out their votes amongst P-Reps they want to see represent the ICON network.

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