Governance System

Governance System

TELx Council

The TELx Council is a local governance organization with authority over and duties towards TELx operational rules, system health and social well-being.

TELx Council (6 members: Liquidity Miners select 3 representatives; Applications, Stakers, and Validators each select 1 representative; 12 month term)

  • Overview: Accepts, develops and votes on TELxIP proposals to change or introduce new elements to the TELx, to alter TELx harvesting rules, and is responsible for generally representing the interests of and informing their constituency in matters pertaining to TELx.
    • Domain: TELx components, TEL inventory
    • Policy Area: TELx harvesting, provisioning, maintenance, construction, communication, information policies and procedures.
    • Decision-making rules and processes
      • Deliberation Process: TELx Improvement Proposals (TELxIP)
      • Proposal Rules: All TELx Council members in possession of a TELx Council NFT and TAO members may submit TELxIP proposals to the TELx Council snapshot for voting.
      • Voting Rules: All TELx Council members in possession of a TELx Council NFT (1) may vote on TELxIP proposals, (2) and the Council must achieve a 5/6 approval rate within 120 hours in order for the TELxIP to be affirmed.
        • Approval Rate: 5/6
        • Quorum: 100%
        • Duration: 120 hours
      • Proposal and Voting Location: TELx Council Snapshot

    • TELx Council: Authority, Duties, Activities, Benefits

    Overview

    The TELx Council is a “network council” that serves as a provider and administrator of collective goods and services over and within the jurisdictional domain of TELx.

    Authority

    The TELx Council is a “network council” with authority to make TELx system improvements, to regulate the TEL inventory and flow of issuance generated by TELx, and to determine and enforce the rules that regulate interactions with TELx and between relevant actors.

    Duties

    The TELx Council is required to (1) provision(plan, finance) and coordinate implementation of improvements to the TELx system, (2) regulate the flow of TEL issuance throughout TELx to be harvested by liquidity miners, (3) introduces, alters, and enforces TELx operational rules including harvesting, information and communication, maintenance and construction (4) informs Miners of the activities and outcomes related to TELx.

    TELx Council: Activities Overview

  • TELx System Improvements: Provisions improvements to TELx DeFi products, protocols, markets, assets, infrastructure

      Using the TELxIP process, The TELx Council may provision and coordinate new and existing

    • Products: Design new, alter existing products and services for liquidity miners to produce for consumers.
    • Protocols: Add and remove DeFi protocols that liquidity miners use to produce products.
    • Markets: Add and remove markets such as liquidity pools on DeFi protocols that liquidity miners provision liquidity towards to produce DeFi products for consumers.
    • Assets: Add and remove assets to the network of markets that liquidity miners may provide to produce liquid DeFi markets for consumers.
    • Infrastructure: Add, remove, alter staking contracts, TELx.network, storage, distribution facilities and other infrastructure mechanisms that the Council and/or liquidity miners use in their daily activities to harvest TEL issuance, produce TELx, communicate, and share information.
  • TELx Inventory and Distribution: Regulates and Distributes TELx issuance

      Using the TELxIP process, the TELx Council may

    • Regulate, Distribute TEL Inventory and Flows: Allocate and distribute TEL issuance from the TELx Council safe or other TELx safes to TELx staking contracts to be harvested by liquidity miners or to finance operational activities by administrative personnel.
  • TELx Rule-making and Enforcement: Determines and enforces TELx harvesting, communication & information, maintenance & construction rules.

      Using the TELxIP process, the TELx Council may alter, improve, and enforce the following types of rules structuring TELx operational activities

    • Harvesting Rules: Determine and enforce (1) who can harvest (2) how much TEL issuance from TELx (3) based on what formula (4) by what means (4) using what technology (5) and the infrastructural mechanisms involved in the calculation and distribution of TEL issuance to miners.
      • TELx Harvesting Rules: link
    • Communication and Information Rules: Determine and enforce what information should be communicated using what channels and when, sets the agenda and schedule for recurring meetings, notifies the Compliance Council when a Council Member misses a scheduled meeting.
    • Maintenance and Construction Rules: Selects, finances and coordinates with production units to implement improvements to the system.
  • Communication and Information-sharing: Schedules and attends recurring meetings, disseminates proposal updates, provisions and disseminates data & analytics

      The TELx Council and its members are required to

    • Communication: All TELx Council Members are required to attend all recurring meetings, to keep their constituency and the broader Telcoin community apprised of all improvements to the system and flow of issuance, and changes to the operational-rules.
      • Recurring Meetings: Schedule recurring meetings at least every two weeks, set the agenda for each each meeting, and attend all TELx Council meetings, or else after missing more than one meeting the Compliance Council may instruct the TAO to revoke the absent member’s NFT and vote on behalf of their constituency until a replacement is found.
      • Proposal Updates: Proposal authors are required to (1) update the TELx community each time a TELxIP proposal has been submitted to a Council for voting, (2) inform of the outcome of a TELxIP vote after it has been voted on by a Council, (3) inform the community of the status and progress of proposals in the implementation phase including when it has been implemented.
    • Information-sharing: The TELx Council is required to provide for the construction and maintenance of data & analytics systems that deliver real time and historical data relevant to TELx, and must analyze and update the community periodically based on historical activities and outcomes.
      • Data Analytics Systems: The TELx Council is required to provide for the construction and maintenance of data analytics systems that deliver real time and historical data relevant to TELx.
      • Data Analysis & Updates: The TELx Council is required to provide updates to the community pertaining to the overall economic health of TELx as a production system.

    • Forbidden Actions

  • Violating Telcoin’s mission, vision, values, and code of general conduct.
  • Proposing something that involves others without their consent.

    • TELx Council: Benefits Overview

    Upon selection and subsequent transfer of a governance NFT to their wallet address, TELx Council members possessing a TELxNFT are streamed a flow of 2,272,727.273 TEL annually on a per block basis to their wallet.

    TELx Council: Technologies used and infrastructure involved

    Technologies used: TELx Council members use the following private technologies to exercise their authority.

  • TEL
    • Description: Council members must use TEL as an input in production processes, as a private technology for harvesting TEL issuance, and as a private technology used to vote for Council members.
  • Web3 Wallet
    • Description: Council members must use a web3 wallet to conduct their voting activities.

    • Infrastructure involved: The following infrastructural components of the platform enable the TELx Council to perform its activities.

  • TELx Council Snapshot: https://snapshot.org/#/telxcouncil.eth
    • Description: The governance mechanism used by TELx Council members to vote in TELxIP collective choice processes.
  • TELx Council NFT (TELxNFT):
    • Description: TELx Council members are transferred a TELxNFT upon selection by Miner Groups, conferring them proposal and voting authority over their domain and a flow of council member issuance.
    • Link to Contract: 0x19Be74492F2198C9Ad3a2710b1F87eD278FA2f84
  • Discord:
    • Description: The communications channel used by members to deliberate proposals with and communicate proposal updates to the community.
  • Telcoin Forum: Telcoin.org/forum
    • Description: Communication channel used to submit and deliberate forum proposals prior to formal voting procedures.
  • Telcoin Documentation: Telcoin.org/docs
    • Description: Information channel used to document the Telcoin Platform, TEL issuance, Actors, Governance System, and the resulting interactions and outcomes between those components.
  • Learn more: Governance System Infrastructure

    • TELx Council Members: Selection, Authorization, Representation and Roles

    Council Member Selection

    Each miner group selects other individual or corporate miners into Council Member positions in on-going liquid delegation and periodic election processes. Council members must nominate themselves to the relevant Council forum channel using the proper format to be considered, and, if selected, are transferred a Council NFT conferring them proposal and voting authority over their Miner Council Snapshot and a stream of council member issuance in TEL.

    Council Member Authorization

    Council Members must submit a compliant Council Member authorization form to the Compliance Council within 1 month of being selected to a Council, or else the Compliance Council will instruct the TAO to revoke their NFT and vote on their behalf.

    Council Members: Representation and Special Duties

    Council Members are assigned duties based on the specialization of their constituency. These special duties are as follows, can be altered at any time by miner groups in constitutional choice processes[TRIP], and are in addition to, not a replacement for, duties required by each Council as a collective body.

  • Staker Representative (1): Represent the interests of, communicate with, and inform Stakers in on-going decision-making processes and day to day activities and outcomes. Stakers may vote to add/alter special duties and overall operational responsibilities required by their delegates at any time.
    • Specialization: Marketing and Education
    • Special Duties: Responsible for the research, design, and implementation of marketing and education initiatives, systems, and processes for TELx.
  • Developer Representative (1): Represent the interests of, communicate with, and inform Developers in on-going decision-making processes and day to day activities and outcomes. Developers may vote to add/alter special duties and overall operational responsibilities required by their delegates at any time.
    • Specialization: Data
    • Special Duties: Responsible for analyzing, procuring and administering data analytics systems related to TELx.
  • Liquidity Miner Representatives (3): Represent the interests of, communicate with, and inform Liquidity Miners in on-going decision-making processes and day to day activities and outcomes. Liquidity Miners may vote to add/alter special duties and overall operational responsibilities required by their delegates at any time.
    • Specializations: Marketplace, Ecosystem, Communication
    • Special Duties:
      • Marketplace: Responsible for research and development of new products, protocols, markets, assets
      • Ecosystem: Responsible for driving ecosystem development with new and prospective DeFi protocol and other crypto communities including coordinating interviews, AMAs, and external proposals to other protocols.
      • Communication and Information: Responsible for sharing, documenting information related to TELxIP proposals and administrating TELx Council social media and communication channels including the Telcoin.org forum, documentation, and Discord.
  • Validator Representative (1): Represent the interests of, communicate with, and inform Validators and the TAO in on-going decision-making processes and day to day activities and outcomes.
    • Specialization: Production coordination
    • Special Duties: Responsible for coordinating with the TAO and other third parties to implement TELxIP proposals including simulating TEL distribution proposals prior to execution to ensure the intended addresses receive TEL.