Telos has wonderful and amazing BPs (Block Producers) who are Stewards of the Telos Blockchain. As the stewards of the Telos Blockchain Network, socalled, TBN; Block Producers (BPs) has the responsibility to secure the Telos Blockchain Network.
These Telos Block Producers are tasked with keeping the network running, secure, and able to meet all the demands from the users and the communities. These BPs are democratically elected in a seance that Token holders use their voting power. Of-course only the top 21 BPs (which are democratically elected by Telos token holders) hold the full executive power, in that ultimately all decisions regarding the chain are determined by a vote of the top 21 block producers (who are elected at the time the vote is proposed).
Some people may not call it democracy as users or voters do not have equal power in their vote. The power of vote depends on how much tokens they hold. The more vote they have the more influence they have in the selection of Telos Block Producers.
The job of Telos BP on the Telos Blockchain Network (“TBN”) isn’t easy . It is in fact lot of time consuming job. The job brings lot of power, but it brings even more responsibility. In addition to the technical proficiency and significant capital investments required, BPs must also consistently meet specific requirements in order to be compliant with the regproducer agreement and BP minimum requirements document, two core Telos governance documents, which define the rules for BP to participate in Telos.
These are some of the BPs of Telos Live Networks.
It is the responsibility of Telos stakeholders to hold BPs accountable to the rules defined in above documents. It is also in the interest of tokenholders to ensure tha BPs comply with requirements set as minimum requirements by Telos Foundation (to which BPs agreed when they registered on the network).
It is also helpful and in the interest of BPs to hold each other accountable. “As there’s only ever 21 BPs running the network at any one time, it only takes a few poorly performing BPs to significantly impact the network — slowing transactions, potentially causing the chain to freeze, or worse; fork (split into multiple chains), thereby diminishing the network’s overall value.” – said by one of the TLG members.
For more information:
- White paper: http://www.telosfoundation.io/TelosAnnouncement.pdf
- Web: https://telosfoundation.io/
- Twitter: https://twitter.com/HelloTelos
- Medium: https://medium.com/@teloslogical
- YouTube: https://www.youtube.com/c/TheTelosNetwork
- Telegram: https://t.me/HelloTelos
- Reddit: https://www.reddit.com/r/TelosNetwork/
- Facebook: https://www.facebook.com/TelosFoundation.io
- Instagram: https://www.instagram.com/telosfoundation.io/
- Discord: https://discordapp.com/channels/466757729508261889/46850068485832