The stakeholders in the Telos Blockchain Network made history last month, voting on the very first referendum presented on the young blockchain network. The referendum is known as The Telos Economic Development Plan, which involves changes to five clauses of the Telos Blockchain Network Operating Agreement (TBNOA).
According to the TBNOA Article 38:
“…No Telos Governance Documents shall be ratified or amended except by a vote of the TLOS token holders, as recorded by the “ratifyamend” contract with no less than 15% vote participation among votable TLOS tokens and no fewer than 10% more Yes than No votes, at the end of a 5,000,000 block voting period (approximately 29 days).”
When the voting period ended on Saturday, July 27th, there were more that 17.6 million token votes cast of the approximately 26 million votable tokens (67%). The number of votable tokens surpassed the minimum required by more than 4.5 times, demonstrating robust stakeholder engagement. Additionally, the “Yes” votes outweighed the “No” votes by 28 times.
Through a review of the final vote numbers, it appeared that there was a possible attempt to alter the outcome of the vote when a single account on the network created several thousand accounts and registered them to vote in the last days of the election. The actual identity and intent of this user are not known, though it is reasonably speculated that it was an attempt to manipulate the election based on the code. The review also showed that the code for the voting contract was actually not in alignment with the TBNOA which, as highlighted above, is reliant on the number “votable TLOS tokens” while the vote calculators were utilising the number of “votable token accounts” to calculate the threshold. Upon identifying the contract issue, the Telos Core Developers (TCD) quickly mobilised to fix the code. The code was fixed and reviewed by multiple independent core developers and updated on the network.
Following the update, proposer Douglas Horn of Goodblock, closed the election on August 4, 2019, resulting in the overwhelming passage of the Telos Economic Development Plan.
Next steps to implement the plan include the TCD finalizing the code build, independent code reviews and testing of the code necessary to launch the various programs, including REX. This is expected to take another week or two before the TEDP is finally launched and giving a much anticipated influx of capital for the Telos Network.