Governance System
Governance System
Council Members: Harvesting Rules
When they are elected, Council Members are transferred a Council NFT. In year one, a total TEL allocation of 30M distributes on a per block basis, at an annual rate of 909,090.909 TEL per member, to each Council NFT for members to harvest. Council Member TEL harvesting rules are set by the Platform and Treasury Councils using the TELIP process.
Council Members: TEL Harvesting Rules
Council Members are elected officials who represent their Miner Group’s interests on Miner Councils in decision-making processes that set, enforce, and refine the operational rules for interacting with the Telcoin Platform.
When Council Members are elected by Miner Groups, an NFT is transferred to their wallet address. These Council Member NFTs empower their holders with proposal and voting authority within their domain and receives an automated stream of TEL issuance that is allocated equally to all Council Members.
The Platform and Treasury Council set and enforce Council Member TEL harvesting rules using the TELIP process.
Council Member Harvesting Rules: Overview
| Actor | Activities | Y1 Allocation | Basis |
|---|---|---|---|
| Council Members | Participate in collective-choice processes that set the rules for interacting with the Platform and monitor, enforce those rules. | 30,000,000 TEL | Each Council Member receives an equal amount of TEL each block in which they own a Governance NFT. |
Position Rules
Overview
There are a total of 33 Council Member and TAO Members who harvest TEL issuance from the Platform, including:
Further details: for more information about Miner Councils, review:
Miner Councils
Eligibility and Authorization Rules
Council Members
- Miner Requirements: Must currently have TEL staked in production processes as either a Staker, Developer, Liquidity Miner, or Validator.
- Location Requirements: The entity or individual must be located in a non-sanctioned country according to the United States OFAC/FINCEN sanctions list.
- Position Specific Requirements: Criteria determined by individual Miner Groups using the TRIP process.
- Entry Rules: The conditions that must be met in order to an individual to enter the position of Council Member.
- Elections and Delegations: Council Members must be selected by a Miner Group into their role through free and fair election or liquid delegation ceremonies.
- Rules for Maintaining Position: The rules for how a Council Member may continue harvesting TEL issuance from the Platform.
- Council Member Authorization Process: Within thirty days of being selected, new Council Members must submit the following information to the Compliance Council to be verified, or else the Compliance Council may instruct the TAO to revoke their NFT and vote on behalf of their Miner Group until a replacement is chosen.
- Proof of Miner: The Council Member, using processes determined by the Compliance Council, must prove they are either a developer, staker, liquidity miner, or validator.
- KYC/AML: The Council Member must undergo KYC/AML using processes determined by the Compliance Council.
- Council Member Authorization Process: Within thirty days of being selected, new Council Members must submit the following information to the Compliance Council to be verified, or else the Compliance Council may instruct the TAO to revoke their NFT and vote on behalf of their Miner Group until a replacement is chosen.
- Exit Rules: The rules for how a Council Member may or must exit their position
- Succession: The Council Member must submit a succession notification to their Miner Group and Miner Council, informing the community that they will be exiting the position and advising their Miner Group to select a new Council Member.
- Absence: If a Council Member fails to vote on two consecutive proposals, the Compliance Council may instruct the TAO to revoke their NFT and vote on their behalf until a new Council Member is selected by the Miner Group.
Authority Rules
Council Members: Required and Authorized Actions
- Council Member NFT: Possess a governance NFT as a result of elections or liquid delegation processes.
- Vote: Vote on every proposal in their domain.
- Miner Council Duties: Fulfill their duties as determined by the role of the Miner Council.
- Miner Group Special Duties: Fulfill their special duties as determined by their Miner Group.
- Web3 Wallet: Council Members share their wallet address when they nominate themselves for their role, and must use that address to propose and vote in governance.
- TEL: Council members must confirm their status as a miner by proving they have TEL staked for mining to the Compliance Council.
- Governance NFTs: Non-transferable, governance NFTs are delegated to Council Members wallet and are required in order to participate and harvest TEL
- Governance Infrastructure: The systems miners interact with the participate in Telcoin Platform governance.
- Sablier Streams: Programmable, smart contract-based distribution mechanism which distributes flows of to Council Members.
- TEL Treasury: Council member issuance originates from the TEL Treasury.
- Telcoin Network: Underlying blockchain architecture securing private property rights over digital assets and enabling on-chain protocols and applications such as TELx.
Authority over Council Member Harvesting Rules
The Platform and Treasury Councils, using the TELIP process, may alter Council Member harvesting rules at any time, and are responsible for ensuring TEL issuance is distributed according to those rules.
Maintenance and Construction Rules
Until the Platform and Treasury Council alters the arrangement using the TELIP process, the TAO will maintain existing infrastructure related to Council Member harvesting. Any new construction will need to be planned, financed and coordinated by the Platform and Treasury Council using the TELIP process.