Governance

Governance

Voting and Representation Rules

The set of rules which structure Miner Group participants, voting power, mechanisms, the number of Council Members, and the basis for representation on the Miner Councils.

Voters

Overview

Miner Groups vote in periodic elections and ongoing liquid delegation processes to select other miners to represent their interests within collective-action decision making processes and to fulfill operational responsibilities required by their constituency. Voting and representation rules are the same in both election and liquid delegation processes.

Voter Boundary Rules: Required Attributes and Conditions for Participation

VotersRequired Attributes to VoteRequired Conditions to Vote
StakersAll fully registered Stakers on a Telcoin mobile app may vote subject to the following conditions.Stakers must have a staked TEL balance at the time of the proposal, or else they cannot vote.
DevelopersAll fully registered Telcoin Developers may vote subject to the following conditions.Developers must have a staked TEL balance at the time of the proposal, or else they cannot vote.
Liquidity MinersAnyone can participate as a liquidity miner and vote subject to the following conditions.Liquidity Miners must have a staked TELx LPT position in a liquidity pool containing TEL tokens at the time of the proposal, or else they cannot vote.
ValidatorsAll authorized Validators may vote subject to the following conditions.There must be 10, fully authorized Validators, and Validators must have a staked TEL balance for validation at the time of the proposal, or else they cannot vote and the TAO will vote on their behalf.
The TAOAll TAO members may vote subject to the following conditions.TAO Members must possess a TAO NFT and there must be less than 10 authorized validators, or else TAO Members cannot vote on behalf of validators.

Note: The Telcoin Autonomous Ops, Ltd (TAO) is responsible for selecting candidates on behalf of Validators until a quorum of 10 authorized Validators producing blocks on Telcoin Network

More Information

For further information related to miner eligibility rules and authorization processes:

Application Developers: Eligibility and Authorization Rules

Stakers: Positions, Eligibility, and Authorization Rules

Liquidity Miners: Eligibility and Authorization Rules

Validators: Eligibility and Authorization Rules

Voting Power, Channel, Approval, Quorum Rules

VotersVoting PowerVoting ChannelApprovalQuorum
StakersStaked TEL from Telcoin mobile app user walletshttps://snapshot.org/#/telcoinstakervote.ethPlurality20%
DevelopersStaked TEL from authorized Developers wallets.https://snapshot.org/#/telcoinappvote.ethPlurality20%
Liquidity MinersStaked TELx LPTs containing TEL tokens.https://snapshot.org/#/telxvote.ethPlurality20%
Validators*Staked TEL from authorized Validator vaults.https://snapshot.org/#/telcoinvalidatorvote.ethPlurality20%
TAOTAO NFTshttps://snapshot.org/#/telcoinvalidatorvote.ethPlurality100%

Number of Representatives

VotersPlatform CouncilTreasury CouncilCompliance CouncilTAN CouncilTELx Council
Stakers21121
Developers21121
Liquidity Miners21113
Validators*21111

Note: The TAO is required to select candidates on behalf of Validators until a quorum of 10 authorized Validators producing blocks on Telcoin Network

Basis for Representation

  • Functional: Each Miner Group, differentiated based on their functional role as a producer of the system and harvester of segregated flows of TEL issuance, is authorized to select candidates from within and on behalf of their constituency to represent their interests on Miner Councils.
  • Inclusive: Each Miner Group is required to select at least one representative to each Council.
  • Jurisdiction-Based: Representation is balanced on system-wide and special purpose miner councils to ensure each Miner Group can protect their interests in decision-making processes over the system as a whole and the primary TEL inventory. Local miners possess enough delegates on their local governing bodies (Network Councils) to ensure that at least one of their representatives consents to all decisions made over their network.

    • System-wide and Special-purpose Council Representation

  • Platform, Treasury, Compliance Councils: Balanced representation across each miner group.
  • Rationale: To ensure all miner groups have equal power over decisions that affect the system as a whole and the primary TEL inventory.

    • Network Council Miner Representation

  • TAN Council: Stakers and Developers each select 2/6 representatives; Liquidity Miners and Validators each select 1/6 representatives.
  • TELx Council: Liquidity Miners select 3/6 representatives; Stakers, Developers, Validators each select 1/6 representatives.
    • Rationale: Local miners possess enough delegates on their own governing bodies to ensure they must consent to every proposal that affects their local system and TEL issuance rights. Miners from other sub-systems have at least one representative on every Council to ensure they can have a voice and, importantly, to ensure cooperation between Miner Groups in the development of the Telcoin Platform and its suite of products.

    • Outcome

    Quorum is met

    The outcome of every election and liquid delegation vote is, if a quorum is met, the candidate(s) with the most votes are automatically transferred a governance NFT conferring them council member authority and responsibility over their domain and a flow of TEL issuance streamed each block.

    Quorum is not met

  • Elections: The TAO will revoke the NFT and vote on behalf of the Miner Group until a quorum is met in selecting the council member(s).
  • Delegations: The existing Council Member retains the NFT.

    • Elections and Liquid Delegations

    Voting and Representation Rules are the same in elections and liquid delegations; however, the two processes differ substantially across a number of variables.

    Learn more about elections and liquid delegations rules and processes here:

    Liquid Delegation Rules