Telos Blockchain Funds Network Development With Perpetual Awards System
Summary
Telos leverages the power of its unique voting system, Trail, to keep all functions on the chain, transparent, and immutable.” Stakeholders wanting to add value to the network can submit a proposal to the system using a Telos wallet that supports voting, such as Sqrl wallet. Submitted proposals are stored on the network’s decentralized storage platform and accessible to Telos voters anywhere in the world. In July 2019, token holders approved a landmark governance referendum changing the funding mechanism and pausing inflation on the network. Voters elected to re-purpose tokens created at launch and reserved for exchanges, which remained unclaimed by exchanges unwilling to meet the stringent requirements established to discourage collusion and network manipulation. The founders and early adopters are serious about making Telos a network with longevity and deep roots,” says Williams, “and one of the ways we are doing that is by building in a free market mechanism that will continue to fund development in perpetuity, while also powering the economy of the future.”
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