As “Lottery Block”-voting passed (haven’t told that to you yet), while doing the change to reflect the addition of a monthly Lottery Block, why not vote about other Telos Fundamentals too to see if some more changes should be done at the same time, especially when considering that the latest halving came by surprise and hence no voting about fundamentals were done.

Dashboard therefore now has two votings:

One about POS/MN split, and another about The Master Node collaterals.

Masternode Collateral options are following:

1. 1K / 10K / 30K / 1M / 3M
2. 1K and 100K
3. only 1K
4. only 100K
5. only 300K

Right now the option 5 is winning with 767 votes, and the only other option that seems to be having votes is option number 4. However, due to how the dashboard displays those votes, it is difficult to say how many votes number 4 has, maybe 50, so well behind option number 5.

This Masternode Collateral voting however might not have any relevance in the end, since the other voting is about the split between POS and MN.

POS/MN split options are following:

1. 50/50
2. 30 POS / 70 MN
3. 10 POS / 90 MN
4. 90 POS / 10 MN
5. 100 POS

Option number 5 means there will not be any Masternodes anymore, but only Proof of Stake, which by other words mean wallet staking, and right now it looks like Option number 5 is winning by slide, for option number 5 currently has a whopping 120 105 votes for it and due to how dashboard displays votes, I can’t really see if any of the other options have any votes or just some compared to this option.

What do these changes mean in practice?

well, Masternode collaterals give a different kinds of options. Like currently as we have had 100k – 10M nodes, it means that entry to master nodes is a bit expensive compared to 1K nodes, and such high options like 10M seem to have also contributed to having perhaps even too few nodes since the network has had problems every now and then.

Few nodes however is not automatically a problem.

having only for example 100K nodes, would increase the number of nodes, and keep things simple, since each node is always just that 100K, and also theoretically increase network stability, however, in practice it also tends to mean that people who want to run 10M worth of nodes (that’s hundred 100K nodes) might look at cheapest possible options, which in practice results in bad nodes, and bad nodes result into a bad network.

When it comes to POS / MN split, this naturally affects the appeal of running nodes. Less for MN, less appealing it is to run one, which naturally affects the number of nodes.

However, especially since now the 100 POS option is most voted, which I personally hope will win, I will point some pros and cons about that.

One bad thing is that currently Blueboxes are at least theoretically running a Telos master node. With 100 POS, they might not be doing so anymore. So those rewards might be gone for the bluebox owners, although there isn’t really any reason why blueboxes couldn’t change into running 24/7 wallets instead to support the network, except as far as I have understood, blueboxes are not running master nodes currently, but owners have anyway been paid the amount of Telos they would have received if 100K masternodes had been run on them.

Another bad thing is that Telos will lose some visibility, for example places like masternodestats.info list master nodes and their profits, but if Telos moves to fully POS, will masternodestats.info update its system to also show full POS Telos, or simply remove it from the list?
While masternodestats.info, I hope, will update POS Telos to its list, many other places might not.

To me, good things however outweigh those bad things like possibly losing my Bluebox Telos income.

For one thing is that POS is very simple. You just keep your wallet open and Telos inside it and you can get more. This is very beginner-friendly compared to running master nodes where just setting up one takes a lot of know-how, and on top of that if you don’t know what you are doing you might end up messing the whole Network, like happened with Telos 1 when we had over 10 000 Master Nodes in the network and many of them were run by noobs or people who didn’t care but just tried to squeeze every penny out of it with the cost of network stability.

This beginner friendliness might well attract some new people into Telosland since you buy some amount of coins and they start getting more very easy.

Another problem solved is that Teloscoins codebase is based upon PivX, and as far as I have understood, there seem to be lots of bugs in PivX code that haven’t really been fixed by most of the PivX based coins. And to my understanding many of these bugs have to do specifically with Master Nodes.

One exploit bug was actually tried to be fixed in Teloscoin once, but since not enough master node owners started running the new fork, the new fork couldn’t get off, and hence the fix never happened.

Which also gives one more reason to go to full POS. Who says we have enough master node owners who care to update to the next fix fork either?

Of course this doesn’t mean that wallet users will do any better, but at least it is easier to just update your wallet and start it, than setting up an updated master node. So my guess is getting new forks with changes in effect will be easier with full POS, and we already know that at least master node owners failed us once.

If you are not happy with how voting is going on currently, or if you wish to make sure it goes as it now looks like, now is the time to go to your Dashboard to vote on the options.

You have time to vote until 5 pm (UTC) on the 29th of October, which is roughly one week from now, and each vote costs 1 Telos, and you can cast as many votes as you like to the options you like.

edit 25.10.2021:

According to the username halalsolutions message on bitcointalk thread “old Transcendence ANN”, it seems my understanding of Blueboxes mostly not running Telos master nodes anymore was confirmed.

However, it would also seem that my understanding of the basis of today’s bluebox payments is wrong.

As said in the article, I thought the basis on payments was on “virtual” Telos master nodes, but appears, according to halalsolutions message, that the basis has been in some sort of storage renting system, probably something similar, if not the same, to what Project Alexandria is supposed to have in Blueboxes.

When in the article I said that full POS could remove bluebox income, halalsolutions seems to think it could rather triple the bluebox income since according to him, bluebox rental income is based upon the collateral represented by blueboxes, and full POS would mean more income since blueboxes represent most of the collateral. I don’t know if halalsolutions is right, but my guess is that halalsolutions is better aware of the system than I am.

Governance.rocks is currently having 1 new vote and 1 new bounty.

Voting has to do with Stakegrinding, which in simple terms means that someone is able to get much more staking rewards than he should and which was reported by TELOSNEWS.COM in an earlier article.

This problem can be fixed immediately, and it can be done in two different ways.

The hard way is that a new fork is needed which means that all the nodes and all would need to be set up again for the new fork.

The easier way is to simply turn the staking off completely. No staking, no rewards, not even for the stake grinders, but this means no staking then.

However, since Telos anyway has 70 percent of its coins locked to master nodes, and damage isn’t that bad, instead of doing an immediate fix, the problem can be fixed next summer when next fork is anyway going to happen.

Personally I think this problem is such a minor one, and we can expect more similar-sized problems to happen in future, that I don’t really see sense in fixing every small problem with such heavy features but let the problem exist until next natural fork and while that happens, fix the small problem along.

You anyway now have a chance to voice your opinion by picking one of 4 options:

1. Fix immediately by removing staking.
2. Fix Immediately by making a new fork (requires reinstalling all nodes)
3. Wait until next fork, but fix it by removing staking completely.
4. Wait until next fork, and just fix it.

The second new one in governance.rocks is a Donation bounty for marketing.

Telos is going to be listed at biki.com exchange, and instead of usual just get listed, this time plan is to list Telos by specific timing (decided mainly by biki.com), and by a marketing campaign.

Marketing campaign, however, costs, especially when idea is to place banners at places like MNO and coinmarketcap.

Therefore if you like the marketing campaign to be bigger, you now have a chance to donate to it.

As an additional incentive, I myself promise to donate 1 telos for every 2 Telos put to that bounty up to 100 000 Telos by the last day of this year.

Right now there are 100 000 Telos, so on the last day of this year I will be putting 50 000 Telos there more, but if you readers put there another 100 000 Telos still, then instead of putting just 50 000 Telos, I will be putting 100 000 Telos there.

Hurry up and fill up that donation Bounty!

With Scam coins, you don’t need to worry about hackers, since the coin itself is sort of “hacked” so why would any hacker bother hacking it anymore when there is no money there except for the original “hacker”.

Telos has now reached a milestone by having gained an interest of hackers since even they think it is worth their time to make a hack to Telos to gain some.

This is also a good tip for any investor, thieves don’t rob empty warehouses, but they rob the ones full of gold.

To be fair, this isn’t the first time hackers have found it worthy of their time to find vulnerabilities in Telos, but we already have had our share of fake wallets and phantom nodes, but there is one difference this time. This time we reached another milestone where not only a hacker hacked but also someone even saw it worthy of dedicating a website for it.

You might have noticed this news item is categorized in the rumors category, this is due to us not having confirmed this bug – for a reason.

So claim is that there is this alternative wallet that you can find from the before mentioned website.

When you use this wallet for staking, you would get more than your fair share of coins. The website claims of having used 30 000 coins for staking and having received 500 more coins in just one day, which sounds pretty good amount, basically an ROI of only 2 months, until everyone else starts using the same of course.

However, this test was made already a month ago, at a time it is actually known that some of the big wallets were not staking, hence it is bit questionable how effective that hack actually is, since there’s a chance that on a single day during that month, staking could have been that profitable anyway, just not for long term.

When the guy, who I suppose to be behind this website, reported about this problem to Pascal, Pascal basically said it was known by him already before and issue is such a minor issue compared to trouble fixing it, that feel free to expose this bug until it is being fixed at next natural fixing moment.

Anyway, if you like, and dare, feel free to download the alternative wallet and stake for example 30 000 coins to perhaps gain 500 coins a day, or perhaps lose 30 000 coins in less than a day, after all, reason, why we don’t, recommend you anything but official wallets is since there have been wallets before which purpose is simply to have access to your coins to move them out of your reach to the alternative wallet creators own wallets.

Maybe you gain some unfair staking rewards, or maybe you just lose a whole bunch of coins for the alternative wallet creator’s wallet. Your choice, Your risk. Personally I will keep away from that wallet, and so should You.