Telos Works 2.0 — Updated Proposal System
As an element of governance some blockchains have proposal systems. Telos Work Proposal System (WPS) built on Telos Decide software is one of the most advanced and interesting ones. I actively researched it, participated, and even submitted a proposal and it passed the vote. But the development process is always going on and recently Telos updated the system to 2.0
I will tell you about the main changes.
- Now Telos accounts vote with staked TLOS not the liquid TLOS. If you stake TLOS at REX — you receive rewards around the level of 15% APR. If you believe in the long-term success of Telos than of course it’s reasonable to keep your Telos not in exchange but in a wallet and stake it for additional rewards. In past liquid Telos and staked to CPU/NET was counted for voting, but not staked to REX (new name — Telos Rewards). This was something that many Telos holders asked to change. Yes, it was possible to move staked TLOS back to liquid, vote, and then stake again. But it took time and also loss in rewards. So this is a big change and very reasonable, because it’s logically for long-term holders to stake and take part in governance.
- To submit a proposal — you need to update to SQRL 1.2.1 version of this wallet.
- To submit a proposal you will need to pay 5% of the proposal budget +30 TLOS submission fee. Return of fee is only possible if minimum vote support of 35% “YES” is reached.
- It is possible to add milestones (In past there were “Cycles”, but now this is improved)
To check proposals, to vote and submit your WP — go to the “Governance” tab in SQRL wallet and then to “Proposals”.
Right now as the WPS 2.0 is very new you might see not many proposals there. Both voting and submitting the proposal are very easy, but if you are new to Telos, blockchain area, or just feel you need a step-by-step guide, you can watch these videos.