Miners

Miners

Miners: Overview

A summary description of the four Telcoin Platform Miners, including their roles, activities and benefits, participation requirements, attributes, and governance authority.

Summary

Miners are the driving force behind the Telcoin Platform. There are four types of miners, including Stakers, Developers, Liquidity Miners, Validators.

Each Miner Group serves a distinct and complementary function on the Telcoin Platform in the production of the system and the extraction of the benefits it generates including earning fees from consumers and harvesting TEL issuance from the Platform based on their individual efforts according to rules that are determined and enforced by Miner Councils.

The four types of miners are each are each empowered in Telcoin Platform governance based on their distinct, functional interests and relationship with TEL and the Telcoin Platform. They collectively share full power, control, and duties in Telcoin Platform governance, which they exert using a variety of decision-making processes within numerous organizations across domains, including Miner Groups, the Miner Assembly, and Miner Councils.

What is a Miner?

Miner is a summary term used to designate four types of involved actors that are stationed functionally across the Telcoin Platform who:

  • Co-produce platform goods and services and use TEL as a production input.
  • Consume platform goods and services
  • Harvest TEL issuance generated by the platform.
  • Earn fees generated by consumers who use the Telcoin Platform.
  • Share in constitutional and collective-choice rights to manage the shared Telcoin Platform system, the flows of benefits it generates, and jointly determine the rules that govern the Telcoin Platform.

    • Distinguishing between Miners

    At a high level, miners can be classified and distinguished based upon:

  • Positions: The positions available and their roles, including Validators, Liquidity Miners, and Application Developers.
  • Participants: The required attributes for participation in the miner position, ranging from GSMA memberMNOs to ordinary individuals with an internet connection.
  • Functional Location: The functional location on the Platform where they participate, such as Telcoin Network, TELx, or TAN.
  • Platform Activities: The activities they undertake in order to produce products and services for users, including blockchain validation, liquidity provision, marketing, and mobile application development.
  • Platform Benefits: The benefits they harvest in terms of income from TEL issuance and fees.
  • Governance Authority: Their governance rights, power and control, and the mechanism for exercising those rights.

    • Overview of Miners, Participants, Activities, and Roles

    Each of the four types of Telcoin miners serves a distinct and complementary function in the Telcoin Platform. It helps to see what this means by looking at the role, attributes, activities, benefits and governance power specific to their position.

    Validators: Secure blocks to the Telcoin Network blockchain underlying the Telcoin Platform.

  • Eligibility and Participation Rules: All GSMA Operator Member, Mobile Network Operators who are approved by the Compliance Council, stake TEL for proof of stake consensus (PoS), and deploy, manage a node on Telcoin Network may participate as Validators.
  • Platform Activities and Benefits: Stakes TEL for PoS on Telcoin Network, operates a validator node, creates and verifies blocks to secure the blockchain, and harvests TEL gas fees and TEL issuance when they secure blocks to Telcoin Network according to rules determined by the Platform and Treasury Council.
  • Governance Rights and Powers: Proposes and votes with other Validators in their Miner Group in Telcoin Platform governance based on their pro-rata share of TEL staked for PoS on Telcoin Network.

    • Liquidity Miners: Produce liquid, decentralized markets on TELx to enable actors to exchange their assets.

  • Eligibility and Participation Rules: All users who provide liquidity to TELx markets and stake their liquidity in TELx staking contracts may participate as Liquidity Miners.
  • Platform Activities and Benefits: Provides liquidity to TELx markets, stakes their liquidity in TELx staking contracts, earns fees from trades through their liquidity pool, and harvests TEL issuance from TELx pro-rata based on their share of staked liquidity according to rules determined by the TELx Council.
  • Governance Rights and Powers: Proposes and votes with other Liquidity Miners in their Miner Group in Telcoin Platform governance based on their pro-rata share of staked liquidity on TELx.

    • Application Developers (Developers): Develop mobile applications that integrate with the Telcoin Platform and securely connect users to the goods and services it generates.

  • Eligibility and Participation Rules: All GSMA members who are approved by the Compliance Council, stake TEL in Telcoin Application Network (TAN) staking contracts, and deploy a compliant Telcoin mobile application, may participate as Application Developers (Developers).
  • Platform Activities and Benefits: Develops mobile applications that connect users to the Telcoin Platform, stakes TEL in TAN staking contracts, earns fees from customer transactions, and harvests TEL issuance from the TAN based on their user base’s adoption of the Platform vs other Developers according to rules determined by the TAN Council.
  • Governance Rights and Powers: Proposes and votes with other Developers in their Miner Group in Telcoin Platform governance based on their pro-rata share of TEL staked on TAN by all registered Developers.’

    • Stakers: Produce adoption of the Telcoin Platform as infrastructure for settling payments and other blockchain goods and services.

  • Eligibility and Participation Rules: All registered Telcoin mobile application customers who integrate another user’s referral code and stake TEL from their mobile application wallet on TAN may participate as Stakers.
  • Platform Activities and Benefits: Uses and connects through the Telcoin Platform with their payments networks to establish the system as infrastructure for settling payments and other blockchain use cases, stakes TEL in TAN staking contracts, earns a percentage of their referred users’ fees, and harvests TEL issuance from TAN based on their referred network’s adoption of the Telcoin Platform according to rules determined by the TAN Council.
  • Governance Rights and Powers: Proposes and votes with other Stakers in their Miner Group in Telcoin Platform governance based on their pro-rata share of TEL staked on TAN by all referred Telcoin mobile application users.

    • Miners: Positions, Activities, Roles and Benefits

    MinersPlatform RoleActivitiesBenefitsTelcoin Platform Functional Location
    ValidatorsBlockchain Security
    Create and verify blocks to the Telcoin Network blockchain to enable decentralized transaction execution and settlement for Telcoin Platform users.     		Stake TEL for PoS, operate a validator node, create and verify blocks to the Telcoin Network blockchain.Earn TEL gas fees from users and harvest TEL issuance from each block they secure to the Telcoin Network blockchain.Telcoin Network, participating from an ethereum-compatible wallet address that has been approved and verified by Telcoin Platform governance.
    Liquidity MinersLiquidity Provision
    Produce liquid, decentralized markets that enable Telcoin Platform actors to exchange their assets using the blockchain in an automated, self-custodial manner.     		Provide liquidity to TELx DeFi markets and stake liquidity in TELx staking contracts.Earn fees from trades through their liquidity pools and harvest TEL issuance from TELx.TELx, participating from any ethereum-compatible wallet.
    Developers

    		Mobile Application Development
    Produce mobile, self-custodial Telcoin applications that connect users to the Telcoin Platform and its services.     		Stake TEL on TAN, develop Telcoin mobile applications.Earn transaction fees from their customers and harvest TEL issuance from TAN.TAN, participating from an ethereum-compatible wallet address that has been approved and verified by Telcoin Platform governance.
    Stakers

    		Platform Adoption
    Use the system and connect with their payment networks to produce adoption of the Telcoin Platform as infrastructure for settling payments and other blockchain-powered use cases.     		Stake TEL on TAN, transact using the system, refer new users to Telcoin by sharing their unique referral code.Earn a percentage of their referred users fees in TEL and harvest TEL issuance from TAN.TAN, participating from their Telcoin mobile application wallet.
     

    Further Information

    Learn more about each of the Telcoin Platform miners here:

    Validators: Overview

    Liquidity Miners: Overview

    Application Developers: Overview

    Stakers: Overview

     
     

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