Ongoing network development seems like a no-brainer requirement if you are looking for a blockchain network to utilize and/or build applications on. Even better is one that is automatically and guaranteed to have blockchain funding for continual improvement. One step above that is the guarantee that funding is dependent upon stakeholder voting. So when you hold the token, you get a say in how the network is improved.
Where to Find Such a Network
The Telos Blockchain Network operates on the EOSIO software which was designed with a network development system in the base layer, funded by inflation. Telos is the first EOSIO based blockchain to build out the framework for the funding mechanism. The blockchain funding configuration of Telos was designed to allow any token holder the ability to present a proposal for stakeholder review and a voting period. Stakeholders have approximately 29 days (5 million blocks) to review and vote on each proposal after submission.
Telos stands out from first and second generation blockchains like Bitcoin and Ethereum to build out a network that can not only meet the potential of EOSIO but be continually funded for growth and improvement.
This is an important distinction for potential stakeholders considering buying in on EOSIO based blockchains and it is currently only available on Telos. When the funding system is combined with the most advanced governance system of any public blockchain, the growth potential, along with security is unmatched by anything currently on the market. Application developers and businesses needing blockchain solutions can be confident that the network is here to stay and will continue to improve through a competitive process.
How It’s Done
Blockchain funding for the Telos Network development was established through code at launch to be funded by inflation at the rate of 1.5%. In July 2019, the stakeholders approved a referendum to change the funding mechanism. This referendum paused inflation on the entire network. It utilizes tokens that were created at launch but unclaimed by exchanges unwilling to meet the stringent requirements the network established to discourage collusion and network manipulation. This funding change has significantly increased the funds available for distribution. And while it is temporary, it is expected to last up to four years.
What Has Been Funded
The first Telos proposal was submitted in March, 2019 and since that time, improvements to the network funded by the system include:
- Funding for Telos Core Developers who continuously develop and improve Telos. This has made Telos the only EOSIO chain with its own coordinated group of developers over and above Block.One. No other chain has this. Improvements include:
- IPFS (development ongoing)
- Dispute Resolution & Governance Portals
- Migration Tools
- IBC (development ongoing)
- Scripts & Bots
- Ongoing updates with new EOSIO releases
- WordProof.io is an open source WordPress plug-in that allows blockchain time-stamping of content which is immutable and secure.
- The Vapaée DEX built on Telos for all Telos tokens was completely funded by WPS.
- Telos is the only blockchain that consistently funds the important Chronicle history indexing plugin. Like WordProof, many other eosio blockchains benefit from this, but most have contributed nothing to its creation or maintenance. Chronicle, supported by Telos (as well as multiple other sources), is an open source project with the goal of building a scalable and fast history solution. Currently it allows exporting state history plugin’s output in JSON format and feeding the database or real-time event processors.
- Iris is a network streaming service that application developers can connect to and set which contract/action they want to follow; it then sends events every time that action happens. It also supports subscribing to row changes in tables.
- The Sqrl Wallet ongoing development, which allows it to be super responsive to the needs of our chain and one of the fastest developing, most feature rich desktop wallets around.
- Chainspector combines a variety of live data about the Telos blockchain network. Although raw data is public, giving it a meaningful sense can be difficult and tedious for people using a block explorer. Chainspector offers a set of tools that present useful information so the user can learn about the network. It was partially funded by Telos Works.
- Telos stakeholders even paid for the catering for an EOSIO developer workshop in London!
- This information packed website!
As of the date of this article over 5.3 million TLOS have been distributed through the program. This is currently equal to over $400,000 distributed to developers and content creators who are working hard to continue to build and improve the blockchain.
What Can Be Funded?
There are virtually no rules or barriers to submitting a worker proposal beyond a refundable submission fee equal to 3% of the first cycle funding requested (minimum 50 TLOS). This fee is refunded if the proposal receives at least .1% of votable tokens with at least 20% Yes votes.
The fee was established to reduce the network from being abused with multiple frivolous proposals.
Currently, anyone can pitch their ideas to the stakeholders and have those ideas voted on in a transparent, timely manner. Proposals are often discussed at length by stakeholders throughout the voting period. The best proposals give detailed and clear information, milestones and provide updates to stakeholders on progress and issues that arise. Those not passing scrutiny are voted down. In order to pass, a proposal must receive a simple majority of votes with a minimum threshold of 5% of votable tokens.
Anyone can see the complete roster of proposals on The Teloscope’s Network Dashboard, Chainspector.io which provides an easy to use interface that lists all the current worker proposals and their status.
Additionally, the Sqrl Wallet v1.0.6 and above provides detailed information on Worker Proposals as well as the best interface for not only submitting a proposal but also voting on them.
You can learn how to submit a Work Proposal using the Sqrl wallet with our guide. There are so many great EOSIO innovations coming through Telos. The only question that remains is: