LONDON -- May 24, 2021 -- The Telos Foundation, an independent apolitical entity empowered by Telos stakeholders, today announced that nominations are open for board positions to help guide the next era of growth for Telos (www.telos.net), one of the most active blockchains in the world according to Blocktivity. Board members will decide how Foundation initiatives are structured, who is hired, and how resources will be used, in addition to oversight of budget decisions. The new Telos team will comprise seven core teams and a group of advisors to lead decision-making processes. Elections are expected to be held in mid-June, and all interested parties can submit their nominations via the official 2021 Telos Foundation Board Election form.
All TLOS token holders will be given the opportunity to run, and to elect the board through voting via Telos Decide, the blockchain’s innovative Proof of Stake governance engine. Voting power is weighted on the amount of TLOS held by each individual, with each account eligible to vote for as few or as many candidates as desired.
Candidates are expected to represent the best interests of the Telos community, and recognize the commitment that comes with taking a board position to last until future elections, or until the community approves of their departure. Elected board members will be focused on fostering growth of the ecosystem, and do not hold any governance over network operations or community negotiations.
“In addition to our open election to fill board seats, Telos will work with an executive search firm to select candidates to serve as the next Telos Foundation CEO,” said Douglas Horn, Telos chief architect. “Telos has come a long way since our inception in 2018, and this move, much like our recently launched quarterly status calls and the opening of new core developer offices staffed with full-time and contract employees, is the next step in our plan to elevate Telos from a grassroots project to a professionally-run organization."
In addition to speed, capacity and zero transaction fees, Telos has many advantages over other platforms that make it the most advanced blockchain software for smart contracts and decentralized applications. Telos’ governance structure gives developers and community members control of the platform to a greater extent than any comparable blockchain, rather than a centralized entity, small groups, or individual whales, and these governance functions are made available to any Telos developers to use in their own DApps via the Telos Decide governance engine. The Telos network currently supports 10,000 transactions per second (TPS) with zero transaction fees, compared to Ethereum’s 14 TPS with fees.