The Telos Foundation board elections are coming up fast and we want to make sure the community is both informed and involved. In this piece we’re going to dig a little deeper into the upcoming elections and where the community comes into play. If you haven’t seen part one, be sure to check it out!
The Telos Foundation (TF) is an independent, apolitical entity, empowered by Telos network stakeholders. They bring human representation to the Telos Blockchain on a global scale. The foundation focuses on promoting and improving the technology in several key areas including marketing, business development and contract signing on behalf of the network. In order to carry out the various initiatives that this requires, the Telos Foundation is broken down into several teams, each covering an important aspect of network growth. We did a deep dive into the history, current structure and responsibilities of the Telos Foundation in part one of this series.
Board members are the people steering the ship when it comes to the direction of the Telos Foundation's efforts. They make decisions on how it’s structured, who is hired and how its resources are used. From a technical standpoint, the board members are the ones given the power to sign off on Telos Foundation budget decisions via multi-sig. Because nobody owns the Telos network, anyone in the community can represent the blockchain, promote it and carry out negotiations on its behalf. However, the Telos Foundation receives funding from the network (currently 700,000 Telos/month). This enables board members to access the necessary resources to pursue its mission. It’s important to note that the Telos Foundation and its members are simply there to foster growth of the ecosystem. They do not actually hold any governance over network operations or community negotiations. Because they are voted in as representatives of the community, being a Telos Foundation board member carries a lot of responsibility. In addition, there is perhaps an even greater responsibility that falls on the Telos community members. It’s important that that they stay informed and vote for individuals whom they believe have the best interest of the community in mind.
As noted in our previous piece, much of the traditional structure for elections and surrounding the Telos Foundation was not able to be prioritized before now. This was largely due to a lack of resources and competing priorities for the limited resources we did have. Because of this, an election hasn't happened in over two years. Members have come and gone, and there are now only four originally voted in board members in place, working along several volunteers. So, it’s become apparent that an election is necessary to bring in new individuals and ensure that the direction of the foundation fairly represents the community.
In the past, only those holding Telos Foundation Voting Tokens (TFVT) could take part in the election. However, the distribution of these tokens is now not reflective of the Telos community. Because of this, TFVT will be abandoned for the upcoming election, ensuring that all Telos network stakeholders are given the opportunity to elect the board. Instead, elections will be happening via a Proof of Stake consensus using Telos Decide.
Going with a Proof of Stake method means that anyone holding TLOS (native) tokens can take part in the upcoming election, either by voting or running for a board seat. Voting power will be weighted, based off of how much TLOS individuals hold. In addition, each account can vote for as few or as many candidates as they wish. However, account holders should be aware that their voting power will be split based on number of candidates chosen.
The official date of elections has yet to be decided. However, based off of community sentiment, elections are likely to happen sometime in June 2021. Currently, the community is focused on finding candidates interested in running for a board seat. Voters can rest assured that we will inform the community well in advanced of the official date, as soon as it has been determined.
If you think you’d be a good fit for the board and want to have a hand in shaping the future of the Telos Foundation, fill out the form below to register your interest: https://forms.gle/WQCfcCVsAhUfNKEX7 A current member of the Telos Foundation will get in touch with you as soon as possible, with further details on how to run. It’s important to remember that in running for a position, you are representing the interests of the Telos community. In addition, candidates should recognize the commitment that comes with taking on such a responsibility. This is especially important as the Telos Foundation moves toward a more structured election process. Upon being elected, future board members should be prepared to remain in their position until future elections or until the community approves of their departure.
There is plenty more info and updates to come surrounding the election, so it’s important that everyone in the Telos community is involved and informed! So, stay tuned for more news to come in the near future! In the meantime, be sure to join the Telos Foundation Telegram to get involved in discussions and decisions surrounding the election. You can also reach out to the Telos Foundation directly if you have any questions at firstname.lastname@example.org.
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