Douglas Horn explains how Telos prevents exchange takeovers and how Telos Governance has safeguards to prevent what happened to steem, so people on EOSIO should appreciate the checks and balances telos has given to all of DPOS + Free TLOS wallet

about 4 years ago

https://twitter.com/Douglas_Horn/status/1234737015133917184

https://medium.com/@goodblock_info/telos-governance-offers-protection-against-exchange-takeover-5eb2d45ab4e2

Telos governance is defined by the Telos Blockchain Network Operating Agreement (TBNOA) and other governance documents. (View at tbnoa.org) The Telos developers and block producers built tools and practices founded on these documents.
Exchanges cannot vote customer tokens
The first protection that Telos has only beneficial owners of tokens can vote them. This is spelled out in Clause 21 of the TBNOA:
Only a token’s true beneficial owner or a voting Proxy recorded on the blockchain may vote tokens. Any Member holding tokens in trust for another beneficial owner, such as a centralized exchange, may not cast votes for or assign to a Proxy such tokens.
Exchanges do not have the right to vote TLOS tokens owned by their customers. The Telos block producers have made each exchange listing TLOS aware of this rule and to date, each exchange has understood this and has not voted any tokens. Of course, that was the same situation with these exchanges on STEEM, so a document alone cannot be relied upon. The Telos block producers have additional tools available.
Preventing sock puppet delegate nodes

VERY important that we actually have a USER AGREEMENT or constitution for telos that PREVENTS these things that were just wild west fair play to anyone on steem or eos which has no real safeguards .... telos smart contract and its foundation and its BPs are very very much at the bleeding edge of DPOS

I may talk a lot about a lot of thing but I wan't people to see how powerful this word governance really is, they are the new @dan larimer's at telos..