Is The Telos Blockchain Governance Pure Democracy? Let's Find Out
Now that we all got the attention of the crypto-enthusiasts what Telos is supposed to be getting due to its powerful technology, here is something that most developers needed to check before they actually decide to be in the network.
What is Blockchain Governance?
On-chain governance is a system for managing and implementing changes to cryptocurrency blockchains. In this type of governance, rules for instituting changes are encoded into the blockchain protocol. Developers propose changes through code updates and each node votes on whether to accept or reject the proposed change. source
The Telos Blockchain Network Operating Agreement
We start off by saying what this document is supposed to do. That is to describe the core aim of Telos (to establish a secure, stable, and governable blockchain). We also list all the governance documents that determine the rules for the network. This is important so that users can opt-in to the network governance and say that everyone who uses Telos agrees that these documents are of rules.
Last May 31, 2019 - The Constitution which all Telos leaders and Team Members would abide were created.
Telos is a pioneering experiment in blockchain governance. The Telos Launch Group and the members of its Governance Working Group endeavored to create a system of governance for everyone who uses Telos to record and interact with their property and information. This article looks at the Telos Blockchain Network Operating Agreement (TBNOA) — essentially the charter or constitution of Telos — and breaks down each clause to make it easier to understand. Let’s face it, this document is long and boring, but if you ever need to understand how Telos is governed and what the rules are around here, this is the document where you can find clear answers.
Check the full details here: https://medium.com/@goodblock_info/telos-governance-explained-the-tbnoa-5aeed75f4341
For the Full PDF incorporated in the Telos Website itself: Click this sub-page link:
Telos Governance Documentation
Right now, there is a plan to amend the Tokenomics and the Governance of the network as proposed by many. Though there will be a deliberation if this would be changed or not. This would be the TEDP 2.0 proposal which is a critical analysis of our current TLOS tokenomics and proposed plan to curtail our current dilution in an effort to provide a more balanced economic model intended to support the future health and growth of the TLOS token.
To answer the question,
YES! The Telos Governance is a PURE DEMOCRACY so everyone have a voice in this chain.
Join developers building a better future on the Telos Network
Just like the HIVE Blockchain, it has an amazing governance by letting the members vote for witnesses as validators or block-producers. Let's keep the on-chain harmony thriving.
If you are a developer and interested in Blockchain and smart contract deployment join our Telegram group: dAppsTelos
I am @fycee, one of the Telos Community Marketing Team. Not sharing a financial advice but let's always Do Your Own Research (DYOR)
Thank you for reading and the support especially to @NathanMars!
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