Governance
TELx Improvement Proposal (TELxIP) Rules
The process used by the TELx Council to govern TELx operational rules and improvements.
Overview
Councils | Representation | Process, Domain of Authority | Decision-making Rules |
---|---|---|---|
TELx Council | TELx Council · Members: 6 · Representation: Stakers: 1 rep Developers: 1 reps Liquidity Miners: 3 reps Validators: 1 rep | TELx Improvement Proposal (TELxIP) TELx operational rules including allocation, harvesting, planning and financing, information, communication. | Proposal Authority: TELx Council, TAO Approval: 5 out of 6 Quorum: 100% Duration: 120 hours Channel: telxcouncil.eth |
TELxIP: Position and Boundary Rules
Proposal Authors
Voters
Implementation units
TELxIP: Choice Rules
The TELxIP proposal process may be used to approve, provide and implement TELx improvements that involve the TELx TEL inventory, storage facilities, issuance distribution mechanisms and is used to govern harvesting, communication, provisioning policies and other activities that fall within the domain of TELx.
Permitted Actions
Using the TELxIP process, the TELx Council is permitted to:
- TELx Harvesting Rules: Who is allowed to harvest units on TELx; the timing, quantity, location and technology used to harvest issuance on TELx.
Example: A proposal to allocate issuance from an existing liquidity pool to a new liquidity pool.
- TELx Provisioning and Development: Improvements that provide for the construction and maintenance of TELx components and facilities as determined by the TELx Council.
Example: A proposal to create a new staking contract that allocates issuance and coordinates with the TAO or another third party as stipulated in the proposal, to implement the upgrade.
- TELx Communication and Information Rules: Proposals that add new or alter existing communication and information systems including TELx section of the Telcoin Discord, TELx.network, and the scheduling of periodic community discussions.
Example: A proposal to add a “gated channel” on the TELx section of the Telcoin Discord, requiring users to verify their staked TELx LPTs balance in order to access the channel.
- TELx Issuance Storage & Distribution Mechanisms: Proposals that alter the infrastructure used to store and distribute TEL issuance from the TELx Council safe.
Example: The TELx Council votes to use an automated smart contract system to distribute TEL to staking contracts periodically instead of via airdrop.
Forbidden Actions
Using the TELxIP process, the TELx Council is forbidden to:
TELxIP: Decision-making Rules
Proposal Rules
- Requirements: The proposal author must properly codify the TELxIP proposal in chronological order.
Example: The first TELxIP proposal should be coded as [TELxIP1].
Voting Rules
TELx Council Voting: The TELx Council must vote with 6/8 approval within 120 hours (5 days) from snapshot proposal submission, or else the proposal will not pass.
- Approved: The proposal will be automatically submitted to the Compliance Guard for review.
- Rejected: Council members who vote against a proposal or abstain must provide a rationale and changes that would be needed to pass a proposal.
Compliance Council Veto: In the 72 hours after the TELx Council has affirmed a proposal, the Compliance Council may vote to veto a TELx proposal with a 3/4 approval rate, or else the proposal will be affirmed, implemented, and documented.
- Veto: The proposal will be vetoed. Compliance Council members who voted to veto the proposal must provide their rationale and constructive feedback at the time of the vote.
- No Veto (Approved): If the Compliance Council fails to veto a proposal, it will be affirmed, implemented, and documented.
TELxIP: Implementation, Documentation, Communication Rules
Implementation Rules
Documentation Rules
Communication Rules
TELxIP: Information, Communication, Governance Channels
TELxIP: Process
- Approval Rate: 5/6
- Duration: 120 hours (5 days) If the proposal receives at least 5/6 approval within 5 days of submission, it is affirmed.
- Approval (Veto) Rate: 3/4
- Duration: 72 hours (3 days)
- Social: The TELx Council either implements the proposal itself or works with the TAO or other third parties to implement the update.
- TEL Transfers: TEL is transferred from the TELx Safe to the intended address as a result of the affirmation of the proposal.
TELxIP: Proposal Template
- In order to send TEL to an address, after the voting options screen there is a transaction creation screen. Click Add Transaction Batch, set type to Transfer Funds, set asset to TEL, set the appropriate To address, and finally input the desired amount of TEL.