Press Release: TIPs Report for October 26, 2018

Source: https://telosfoundation.io

Telos Improvement Proposals (TIPs) 24, 25, 26 that have been proposed, discussed, negotiated and voted on by the Telos Contributors Group as of October 28, 2018.

During the TCG weekly call on October 26th, 2018, a number of significant proposals and amendments were brought forward to be voted on. You can watch the call here:

After lengthy discussion, both prior to and during the call, the following TIPs (Telos Improvement Proposals) were passed:

TIP 24: “Adequately Rewarding Telos Contributors”:
The original TFRP (Telos Founders Rewards Pool) consisted of 6 million TLOS tokens, to be shared amongst 6 Block Producers. Because the Telos Contributors Group (TCG) has grown to over 100 members (and still growing!) since its inception, the original TRFP would not adequately compensate the many TLG participants for the thousands of hours of hard work they have contributed to build and launch the Telos Network. Hence, the TCG has voted in support of an increase of the TFRP to 18 million TLOS, to adequately address this gap in compensation.

TCG recipients who anticipate receiving a large portion of funds are currently discussing ways to limit their voting, or otherwise mitigate the effects of large accounts. More info to come.

TIP 25: “Contribute unclaimed TCRP funds to free Telos account creation fund“
The Telos Community Rewards Pool (TCRP) is a fund of 1 million TLOS to be given away to community members as bounties for expanding the reach of Telos through social media and similar community outreach. As bringing new users to Telos is clearly one of the most beneficial uses for common funds, and as it is likely a significant amount of funds will remain unclaimed after all the TCRP participants have been paid — the TCG has voted that any remaining funds be allocated to creating free Telos accounts for new users.

TIP 26: “TFVT Distribution“
Meaningful voting is at the core of Telos. Based on the merits of their contributions, TCG and TCRP (Telos Community Rewards Pool) participants can earn TFVT (Telos Foundation Voter Tokens), which represent a voice in the governance of the larger decisions of the Telos Foundation. So in order to assure a fair and equitable distribution of TFVT, the TCG has voted in support of applying a cap of no more than 5 TFVT per entity. This empowers everyone to vote, and recognizes that their vote has value.

Additional TIPs are still in negotiation and will be voted on prior to pending Telos Blockchain Network Launch. You can find all the TIP’s, status and authors in the GitHub repository at https://github.com/Telos-Foundation/tips.

If you would like more information about this topic, please contact The Telos Foundation by email at [email protected].