How really decentralized is Telos, the EOSIO software fork? Lets look at the Telos Foundation; Part 4.
In the fourth part of this series, we will be looking at the Telos Foundation. At the moment it is not up and running but how it is set up on paper is pretty indicative of the vision of representative governance of the Telos network. In most of the foundations for other cryto networks, we will notice that the original founder usually wields a lot of the power in the foundation and most times will appoint people to the various roles in the foundation.
First of all, in Telos, the architect and author of the Telos whitepaper Douglas Horn of GoodBlock is so confident of the nominees that will be decided by owners of the Telos Foundation Voting Tokens (TFVT), that he has chosen not to be part of the foundation. This area shows the mind of the architect and author, where power is delegated to other individuals. Lets look at the definition of decentralization again.
Decentralization according to Wikipedia is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.
In this case, the Telos Foundation is delegated away from the architect and author, Douglas Horn and GoodBlock. Let's look into more at the Telos Foundation. The Telos Foundation is an apolitical organization with the mission to aid in the promotion and improvement of the Telos network. It is endowed with a one time 6M TLOS. Most times in crypto, jump starting promotion and improvement of networks happens through centralized foundations or decentralized ones with what are called Work Proposal Systems (WPS). Two things happen in these cases. In the centralized foundations, some of the regular people involved in promoting the network don't have that much say though things get done faster because few people make these decisions. In the second case of WPS, it takes longer to bring up proposals, vote for proposals, and for funds to get disbursed thereby slowing the momentum of a project especially if there was a lot of hype about the project. This is what is happening at the moment on the sister chain EOS.
The Telos Foundation is the sweet spot. It gets an initial fund to get things going immediately and any ongoing funds will have to be voted by the TLOS token holders. This way if people are not happy with what the Telos Foundation is doing, they can withhold funds with their votes and starve the foundation to death and it will cease to exist. What a brilliant idea!
So how is the Telos Foundation set up? After this initial launch of the network, those from the Telos Launch Group (TLG) and the Telos community rewards pool will be awarded with TFVTs based on their contributions, which they can use to vote for the board members and also projects that will cost more than $3,000. There will be 12 executive board members. The 12 executive board members will elect an executive board director, a RAM director and any other positions. After this initial disbursement of TFVTs, there will be ongoing disbursement for people in the community that are helping to promote and improve the network. They can be nominated by people in the community to be given TFVT for their work.
Executive board members, Executive board director and RAM director shall serve terms of approximately 12 months, 20 months and 20 months, respectively. All positions are eligible for re-election for a maximum of approximately 5 years of cumulative service in all elected roles.
In the way the Telos Foundation is set up, you can see the decentralized governance at work!
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