I’ve FINALLY had a moment to listen to the July 2nd meeting and all the proposals and answers, thanks for your patience @brozee.
FIRST, THANK YOU @grantkee FOR your time and consideration. It is greatly appreciated.
Now that I’ve listened, I have a few additional questions or requests for clarification.
There was a question about what if conversion rates were lower than expected, what is Telcoin’s contingency plan? The question was answered under the context that “conversion rates” was regarding the value of Telcoin 2:Telcoin 3,
WHEREAS I understood the context to be, "what if fewer holders, stakers, et al than assumed convert from Telcoin 2 to Telcoin 3 in the first 12 months, what is the contingency plan? Let’s assume <30% of the outstanding supply is converted at the end of the 12 month window due to lack of engagement, fees, lack of knowledge, etc. Does that change anything in Telcoin’s conversion window? Is there a target percentage that’s considered a successful 12 months? <30% seems like an extreme but if after 12 months, 70% of Telcoin 2 is locked with only 50% of that 70% available first come first serve, that’d be a lot of Telcoin 2 permanently sent to the community wallet after the 24 months. I bolded and italicized the crux of what I understood the question to be and I’d appreciate TAO’s thoughts on it.
I do look forward to seeing the estimated wholesale and itemized budget for the migration costs over the next 24 months including ESTIMATED build costs, exchange costs, audit costs, security costs et al. Because this is a 24 month period and there have been multiple TELIPs and projects that have increased in cost and scope as they have progressed, is there a contingency budget that will be allocated for each itemized cost?If the budgets will be denominated in Telcoin, will unexpected drastic changes in Telcoin price be consideration for the budget? Thinking about past budgets that assumed an average value of $.005 Telcoin and (due to forces outside of Telcoin’s control) market and coin price dipped significantly below that, will that be accounted for in the budget or will we just use $ denomination?
Related to the questions in 2, are there any financial statements Telcoin can provide regarding the financial health of the project? There have been multiple funding rounds in the past, how does a 2 year migration project affect the financial viability of the Telcoin project?
Related, If this TELIP DOESN’T PASS, what are the contingencies?Can the project still move forward if the TELIP is rejected? I recognize a lot of the sensitive/proprietary financial information cannot be disclosed/made public, but what can?
Any information provided to Otter & Co. Capital Holdings and other backers that can be disclosed in the context of providing confidence that a two year plan will be capital secured?
I imagine this will be answered in the TELIP update but what is the expected timeframe from the various approval levels and then once final approval is confirmed, how long from final approval to the start of the conversion window?
I apologize if this was answered already: Are validators/testers/MNOs currently testing with TEL3? If not, can they only start testing once all the council’s approvals are provided?
Can Tim (legal’s) findings be added in some way to the FAQ page? Especially regarding claimaint law, etc.
I would suggest that the recent token price movement is reflective of this proposal having created fear, uncertainty, or at the very least, inconvenience. It’s also pretty clear that not passing the 18 decimal upgrade would be terrible optics, given we (holders) have been waiting for TEL to be utilized for literally nearly a decade now and would not be accepting of the notion that it not be used.
So with that in mind, can you please get the f*** on with the upgrade, seems like market makers and traders and everything in between have been scared away from the token until this upgrade has gone through.
Dragging your feet on getting this proposal passed is hurting the community, in my opinion.
the upgrade is a 2 year window. It’s important the community is given ample time to give their feedback, and the proposal is adjusted accordingly with feedback. As shared last meeting, 3rd party audits were completed to ensure the security of the upgrade process. The council is committed to ensuring the token upgrade is done in a completely safe and in lockstep with the community.
On-chain wallets holding tel is at an all time high. Retail holder accumulation has grown by over 2b year to date. MNO Validators and developers are actively setting up on adiri testnet in preparation for mainnet .
We are committed to the successful launch and adoption of Telcoin network, in 2026, as quickly and safely as possible.
This proposal is 19 days old. Months of thought and planning went into it. There is no dragging our feet. It’s a 2 year process and anybody thinking the price has anything to do with this proposal is just plain wrong. If it came out with no discussion and was passed through we would have been accused of doing whatever we want. Can’t win.
As explained in the proposal, the next is a TGIP vote to ratify the constitution. This is a 7 day voting period (standard for TGIP votes) for all public governance groups (liquidity miners and stakers) that’s required any time there’s a constitutional change. That starts this coming Thursday (tomorrow).
Everything is ready on our end. Portal, plans, live support, and a plethora of resources that will go live once the dev team hits the switch. Only a fraction is currently live, but you can see how we designed it (tel3.telcoin.network). We’re adding more and more support instructions that’s hyper-individualized once our partners have clearly defined their process (each of them handles things differently)
this is a ton of coordination and started months ago. Some partners move faster than others. It’s really important the council does all the work so that the holders don’t have to and the process is smooth and easy.
as always if anyone has feedback on how information can be better ingested and users supported, we’d love to hear it
Everyone is working extremely hard on TEL3 upgrade, its a balance of working with external parties. Keep the conversation cordial and professional please.
being combative in here is not necessary. Please refrain from this type of discourse. If you’ve got something constructive to discuss, you are welcome to do so, but we’d ask to maintain a level of decorum.
An update was given with an exact date for go live. It was also explained that we have been waiting for integration from our partners, which is why estimates were given previously.
You could have just declined to answer (I literally gave you an out..), rather than misinforming me? You will find people are combative when misled.
How about this: I’ll try not being combative, and you try providing accurate information when asked, and if you don’t know, you probably should refrain from answering?
He did know and he gave you an accurate answer that unfortunately changed for reasons out of our control. It was then officially announced at the platform meeting of the date. Stop trying to antagonize people in this forum it’s not what it’s for.