FYC: Telos Ratify/Amend System

Below is the Telos Ratify/Amend System, which is a description of our proposal for how ratification and amendment will work. We are releasing it in a still early form specifically to elicit community feedback and support as early as possible.

Telos Ratify/Amend System

Governing Documents

The Telos Network is governed by five governing documents:

  1. The Telos Network Operating Agreement (TNOA) is the foundational agreement for all interactions on the Telos Network.

2. The human-language terms of the “Regproducer” contract dictate the terms by which block producers and block producer candidates nominate themselves and serve, including prohibited actions, penalties, methods of enforcement, and the responsibility to enforce in the case of other block producers.

3. The block producer minimum requirements are a set of disclosure and operational requirements with which a Member who self-nominated as a block producer using “Regproducer” must comply in order to be eligible to serve.

4. The human-language terms of the “Regarbitrator” contract dictate the terms by which elected arbitrators and arbitrator candidates nominate themselves and serve, including prohibited actions, penalties, methods of enforcement, and the responsibility to enforce in the case of other arbitrators.

5. The arbitrator minimum requirements are a set of disclosure and operational requirements with which a Member who self-nominated as an arbitrator using “Regarbitrator” must comply in order to be eligible to serve.

Any one of these documents may be ratified or amended using the “ratifyamend” contract. Any of the primary governing documents may be called for ratification or amendment by posting its entire contents and calling a vote as explained below. A ratification is the same as an amendment except that a ratification contains the verbatim text of a current document while an amendment contains a modification of such a document. In either case, the entire document text shall be posted and if accepted, shall be recorded on the blockchain as the document of record to be followed in all future blocks until it shall be further amended by a successful vote.

Ratifyamend Contract Components

The “ratifyamend” contract may be executed by any Telos Member. The components of a proposed ratifyamend contract are as follows:

1. A unique, generated number which serves as the official title for the ratification/amendment

2. A common title for the proposed ratification/amendment

3. Selection of which primary governing document is to be ratified or amended

4. A pointer to IPFS storage where the entire text of the ratification/amendment is stored

5. Hash of ratification/amendment text to ensure it is not edited after submission

6. A fee paid to the ratifyamend contract that will be returned if the ratifyamend contract reaches a minimum threshold of voting (eg. 200 TLOS; minimum threshold of 25% YES vote amongst all votes and a minimum voting total (YES or NO) of at least 4% of all TLOS tokens at conclusion of voting)

At the launch of the Telos blockchain, the text of all five governing documents will be stored in one of the first 5 blocks. All future blocks will contain a pointer to this block and a hash of the combined documents to show that each block positively assents to abide by the rules listed therein.

Ratification/Amendment Proposals

Once submitted, the proposed ratification or amendment will be registered on-chain in a table of active ratification/amendment proposals. A portal page at TelosFoundation.io and other Telos voting sites will display all ratification/amendment proposals along with YES, NO, and UNVOTE voting buttons that any voter may choose (and re-choose if they revise their vote) using an account access tool such as Scatter or a voting-enabled wallet such as Sqrl. Each vote will represent the total TLOS tokens in the voter’s account, staked or unstaked, without any weighting applied.

It will be the responsibility of the ratification or amendment presenter and interested community to publicize each proposal. Community members in favor of or against the measure may lobby accordingly and proxies that manage Member votes for block producers and arbitrators will also vote Member tokens for all worker proposals.

In order to be accepted, a proposal must receive >66.67% YES votes over NO votes and a minimum of 25.0% of votes from all TLOS holders at the conclusion of voting, 10,000,000 blocks after the ratifyamend contract is submitted (approximately 58 days). Voters may change or withdraw their vote from any proposal at any time. If a proposal reaches the minimum threshold of 25% YES vote and 4% of all TLOS tokens voting at the conclusion of voting, it will receive its deposit back. If it is accepted, then all five governance documents, including the newly ratified or amended document in its entirety shall be recorded on the next block and all future blocks will contain a pointer to this block and a hash of the combined documents to show that each block positively assents to abide by the rules listed therein.

The “ratifyamend” contract will be registered on the network before eosio.system so that it will have access to unlimited system resources.

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Telos Foundation

Telos Foundation

Telos Foundation is an entity charged with promoting Telos, a networked ecosystem for turning purpose into reality. http://www.telosfoundation.io/

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