Telcoin Platform

Telcoin Platform

Telcoin Network: Network Infrastructure

Telcoin Network is composed of a variety of infrastructural components involved in the production of blockspace markets, on-chain programs called smart contracts, a continuously updated immutable ledger, and a variety of other goods and services enabled by public blockchains, as well as systems involved the storage, distribution, extraction of TEL from the system by Validators.

Summary

Telcoin Network is composed of a variety of infrastructural components involved in the production of blockspace markets, on-chain programs called smart contracts, a continuously updated immutable ledger, and a variety of other goods and services enabled by public blockchains, as well as systems involved the storage, distribution, extraction of TEL from the system by Validators.

Telcoin Network: Network Infrastructure Overview

Infrastructure TypeComponents
Block Production Facilities

The blockchain systems involved in the production of blocks and other blockchain goods and services.		• Mempool Protocol: Narwhal
• Consensus Mechanism: Bullshark
· Ethereum Virtual Machine: Execute transaction data
• Quality-of-Service: Independent fee markets based on transaction categories
• Gas Tokens: TEL
• Bridges: Share digital assets across chains
· Immutable Distributed Ledger: A real time, transparent, cryptographically-secured and verifiable record of all transactions, ownership, and ownership history.
Storage Facilities: TEL

The facilities that store TEL inventories within the system prior to allocation, distribution, and extraction.
• Telcoin Network Distribution Safe: A temporary storage facility controlled by the TAO used to store and distribute TEL issuance to staking contracts for Validators to harvest during block production.
Extraction Facilities: TEL

Infrastructure involved in the calculation and extraction of TEL units from the system by miners.
• Telcoin Network Issuance Contract: Automated distributed issuance to validators on a per block basis. Stores TEL on main net that validators can harvest each time the produce valid blocks (block rewards).
TEL Destruction and Regeneration Facilities

Systems involved in the destruction and regeneration of TEL units to the TEL Treasury.
• TEL Burn Mechanism: Transfers a percentage of gas fees contained in each block to a burn contract, where any TEL sent to that address are destroyed and replenished in equal quantity to the TEL Treasury.

Telcoin Network: Blockchain Production Facilities

The systems involved in the production of blocks and other blockchain goods and services.

ComponentSpecificationRationale
Mempool Protocol

The component responsible for ensuring the data submitted to the consensus layer is available on the network.		The Telcoin Network implements the Narwhal mempool protocol. Narwhal allows multiple mempools to operate simultaneously in a single network. Multiple mempools allow parallel processing of transactions, thereby increasing the network’s throughput of transactions. Each mempool acts as a separate sub-network which submit a set of transactions, known as batches, to the consensus algorithm for ordering.
Consensus Mechanism

The component responsible for totally ordering data available on the network.		Telcoin Network implements Bullshark, a DAG-based consensus protocol. Validators reach consensus using a zero-message overhead algorithm by using local graph traversals and BLS signatures. The modular design of Telcoin Network’s mempool, consensus, and execution layers enable high scalability and greater transaction through-put.Bullshark uses zero messages to finalize transactions in a deterministic order using graph traversals (DAG). The network benefits because validators are able to run the consensus algorithm locally without needing to use additional bandwidth. Validators stake TEL to participate in the Proof-of-Stake (PoS) consensus. PoS is energy efficient, requires less hardware to operate a node than other consensus mechanisms, increases decentralization, and is very secure.
Ethereum Virtual Machine

A distributed, continuous, uninterrupted state machine that is maintained and operated by every validator in the network.
Ethereum Virtual Machine is a continuous, uninterrupted state machine that is maintained by connected peers. The EVM allows Telcoin Network to host unmodified Ethereum applications, enabling the porting of existing Ethereum systems to Telcoin Network seamlessly. Within the context of the EVM, state is a modified Merkle Patricia Trie that captures the current status of all accounts in a single root hash on the blockchain.
◦ Programmable, Digital Goods and Services and Property Rights Systems: Smart contracts bestow expressiveness upon blockchains. Using smart contracts, people can take any imagined rules, write them as code, and permanently affix them to the blockchain. The chain’s virtual machine will then self-execute, self-enforce these rules exactly as written when invoked. These rules can facilitate any number of unlimited types of digital goods and services and associated property regimes such as custom tokens, trading of tokens, lending of tokens, games, governance, and more. Smart contracts take a blockchain from a digital accounting, property rights technology to a decentralized general purpose computer that anyone can read and write to.

◦ Backwards-compatibility with Ethereum: The EVM allows the chain to host unmodified Ethereum applications. Selecting the EVM as the chain’s virtual machine allows any unmodified Ethereum compatible applications to run on the Telcoin Network.
Quality-of-Service

The Telcoin Network enables multiple transaction fee markets to operate simultaneously based the category of digital asset being processed.		A transaction fee processing module which tracks a base fee for all transactions is modified to track multiple base fees based upon the transaction category. The transaction category is determined by passing in the destination address of a transaction to a QoS smart-contract. The smart-contract maintains a white-list of valid destination address for a category and is curated by governance. Estimations for gas by wallets should also estimate base price using the transaction category determine from the QoS smart-contract.Enables asset prioritization at scale using homogeneous fee market. The fees for transferring digital assets is based on the network demand for transactions of the asset, independent of the demand for other asset categories.
Gas Tokens

Good used to pay gas fees to transfer assets using blockspace on the network.		The network consumes “gas” from users to process transactions and interact with smart contracts.Gas provides security by creating an economic incentive to use the network. Because transactions aren’t free, spam transactions will not crowd out real usage.
Bridges

Between Telcoin Network, Polygon PoS & Ethereum Mainnet. Implementations of smart contracts and algorithms to communicate between two independent blockchains.		Telcoin Network uses decentralized, trustless bridges to smoothly bridge to other blockchains. The term “trustless” means the user doesn’t have to trust another entity with their tokens. Instead, the process is handled by smart contracts and algorithms that are publicly available for independent audits.Bridges are necessary for users to move assets between chains. A secure bridge to another chain like Polygon or Ethereum will allow capital to move freely in and out of Telcoin Network. Bridges exist to connect blockchains, enabling them to exchange information and transfer tokens between one-another. They exist as a type of neutral zone to enhance the user experience.
Immutable Distributed Ledger

A continuously updated, real time, transparent, cryptographically verifiable and secured record of all transactions, ownership, and ownership history.		The ledger records transactions and balances and is hashed to prevent subsequent tampering with records.Producing multiple copies of a ledger ensures its integrity from a majority of geographically distinct nodes.
 

Telcoin Network: TEL Storage Facilities

The facilities that store TEL inventories within the system prior to allocation, distribution, and extraction.

ComponentSpecificationRationale
Telcoin Network Distribution Safe

Primary TEL issuance storage facility on Telcoin Network that receives, stores, and generates a flow of TEL issuance for validators to harvest prior to the release of the main network with 10 validators producing blocks.		3 for 7 gnosis multi-sig initially operated by the TAO.The incentives stock receives, calculates, stores, and distributes issuance during testnet phases while the network is still being developed and validators are beginning to participate in consensus.

Telcoin Network: TEL Extraction Facilities

Infrastructure involved in the calculation and extraction of TEL units from the system by miners.

ComponentSpecificationRationale
Validator
Issuance Contract

Automated issuance distribution to validators on a per block basis.
Enables validators to harvest TEL each time they produce valid blocks and secure them to the chain (”block rewards”).
Validators are incentivized to participate in securing the network without trusting a third party.

Telcoin Network: Destruction and Regeneration Facility

Systems involved in the destruction and regeneration of TEL units to the TEL Treasury.

Component and FunctionSpecificationRationale
TEL Burn Mechanism

TEL destruction and regeneration mechanism.		Transfers a percentage of gas fees contained in each block to a burn contract, where any TEL units sent to that address are destroyed and replenished in equal quantity to the TEL Treasury.
◦ Sustained Yield: Burns and replenishes TEL to the Treasury Stock based on the usage of the system without having to increase the supply cap of TEL, sustaining issuance for future generations.

◦ Platform Adoption: Introduces a value accrual mechanism based on usage of the Network towards the platform’s native token, TEL, by reducing circulating supply every time users transact on-chain. This aligns the interests of all actors on the Telcoin Platform with the global adoption of Telcoin as a settlement network.

◦ Incentives Alignment: Aligns the incentives of all TEL users and miners with the usage of Telcoin Network by ensuring sustained yield from issuance based on network usage without increasing the maximum total TEL supply.

◦ Proportional Equivalence: Network costs (fees burned) are proportionally equivalent to platform benefits (future yield for miners).

◦ Renewable Scarcity: Treasury Stock regenerates based on economic usage without increasing the total max supply cap.

◦ Economic Opportunities: By introducing a burn contract and tying treasury supply to the quantity of TEL burned, Telcoin Network protocols, on-chain businesses and other collectivities have a new positive-sum value capture mechanism available to sustainably align TEL users and miners with their network through the value accrual and conservation of the platform’s native unit based on the usage of their product or service.