Governance System

Governance System

Liquid Delegation Rules

Liquid Delegations are special election ceremonies which Miner Groups may use to replace their existing Council Member(s) at any time outside of a regular election window. The following section describes the rules which structure liquid delegation ceremonies.

Liquid Delegations Rules: Overview

Miner Groups may use the liquid delegation process to replace their existing their Council Member(s) with new representatives at any time, so long as the ceremony does not overlap with the annual, 7 day election period. Voting and representation rules are the same for both delegation and election ceremonies. Learn more here:

Election Rules

DelegationsRules
DescriptionSpecial election ceremonies in which Miner Groups replace their existing Council Members with new representatives.
FrequencyMiners may submit liquid delegation proposals anytime outside of an election window.
Duration7 days
Nomination RulesMust submit a nomination application to the Telcoin forum at most 6 months and at least 24 hours prior to the proposal.
Proposal RulesA miner with 2% of their Group’s voting power or a TAO member submits at least two candidates to the Miner Group’s snapshot: a replacement candidate(s) from the forum and the existing Council Member.
Voting RulesThe Miner Group votes for the Council Member(s).
ApprovalPlurality, the candidate(s) with the most votes win.
Quorum20%
OutcomeThe candidate with the most votes either retains or is transferred a Council Member governance NFT, conferring them proposal, voting authority and a flow of TEL issuance.

Liquid Delegations: Ceremony Rules

Liquid Delegations: Ceremony Rules

  • Frequency: Miner Groups may submit and vote on a liquid delegations proposal as often as they decide, so long as the time slot is outside of an election proposal window.
  • Duration: 7 days

    • Liquid Delegations Ceremony and Outcome

  • Nominations: Candidates submit their nomination applications to the proper channel on the Telcoin forum.
  • Liquid Delegation Proposal: A miner with 2% voting power within their Miner Group or a TAO member submits two candidates to the electorate Miner Group’s snapshot: a replacement candidate and the existing Council Member.
  • Miner Voting: Miners within the relevant Miner Group vote for candidates over a 7 day period from the time the liquid delegation proposal was submitted.
  • Council Member Selection: After 7 days, either the existing Council Member maintains their position and governance NFT or the newly selected Council Member is automatically transferred the position’s governance NFT.
    • Outcome
      • Quorum is met: After 7 days, the candidate the most votes will be transferred a governance NFT conferring them governance authority and an ongoing stream of TEL issuance to their wallet.
      • Quorum is not met: In the event a Miner Group fails to reach a quorum, the existing Council Member will maintain their ownership of a governance and NFT and associated rights.

    Liquid Delegations: Nomination Rules

    Miners nominate themselves to the Telcoin forum to be submitted in a liquid delegations proposal and voted into a Council Member position.

    CandidatesRequired AttributesEntry RulesNominations Channel
    Platform CouncilAll miners are eligible subject to the following conditions.Must submit a fully complete nomination application to the Platform Council nominations channel on the Telcoin forum, within the past 6 months, outside of an election period.Nominations: Platform Council
    Treasury CouncilAll miners are eligible subject to the following conditions.Must submit a fully complete nomination application to the Treasury Council nominations channel on the Telcoin forum, within the past 6 months, outside of an election period.Nominations: Treasury Council
    Compliance CouncilAll miners with a juris doctorate degree are eligible subject to the following conditions.Must submit a fully complete nomination application to the Compliance Council nominations channel on the Telcoin forum, within the past 6 months, outside of an election period.Nominations: Compliance Council
    TAN CouncilAll miners are eligible subject to the following conditions.Must submit a fully complete nomination application to the TAN Council nominations channel on the Telcoin forum, within the past 6 months, outside of an election period.Nominations: TAN Council
    TELx CouncilAll miners are eligible subject to the following conditions.Must submit a fully complete nomination application to the TELx Council nominations channel on the Telcoin forum, within the past 6 months, outside of an election period.Nominations: TELx Council

    Nominations: Required Actions

    All eligible candidates must submit a nomination application containing the following information at most 6 months prior to a liquid delegation proposal in order to be submitted for voting. Candidates may only submit one nomination application every 6 months.

  • Nomination Application:
    • Miner Group: The Miner Group who they are representing,
    • Seat: the position they are running for,
    • Wallet Address: Wallet address used to be used in Council member voting.
    • Introduction: Candidate must introduce themselves including their name and country, how they found out about Telcoin, what experience they have as a miner, why they should be selected, what skills and credentials they possess, and what they can contribute to the role in terms of time and ideas.
    • Social Media: Telcoin Discord user name, twitter account.
    • Council Nomination Application: Responses to the nomination application for that position as determined by the constituent Miner Group.

      • Liquid Delegations: Proposal Rules

    • Proposal Authority: Miners with 2% of their constituency’s voting power and the Telcoin Association Operations UAB (TAO) members may submit liquid delegation proposals at any time, so long as the proposal does not overlap with an election ceremony.
    • Required Actions: In order to submit a liquid delegations proposal, a proposal author must submit a proposal, including only the existing Council Member and at least one replacement candidate to their Miner Group’s snapshot for voting.
      • Miner GroupRequired AttributesCondition for AuthorityRequired Actions
      StakersAll Stakers are eligible subject to the following conditions.The author must have at least 2% of staked TEL by stakers delegated to their address.The author must include only the existing Council Member and one replacement candidate in the proposal.
      Liquidity MinersAll Liquidity Miners are eligible subject to the following conditions.The author must have at least 2% of eligible, staked TELx LPTs delegated to their address.The author must include only the existing Council Member and one replacement candidate in the proposal.
      DevelopersAll Developers are eligible subject to the following conditions.The author must have at least 2% of TEL staked by Developers delegated to their authorized wallet.The author must include only the existing Council Member and one replacement candidate in the proposal.
      ValidatorsAll Validators are eligible subject to the following conditions.After a quorum has been met, the author must have at least 2% of eligible TEL staked for validation delegated to their authorized vault address.The author must include only the existing Council Member and one replacement candidate in the proposal.
      The TAOMust be a TAO member.The author must possess a TAO NFT.The author must include only the existing Council Member and one replacement candidate in the proposal.