Overview of the TEN Token

The TEN token, known as $TEN, is an ERC-20 governance token that lets you take part in the TEN’s on-chain decision-making process. The token is created by a smart contract on Ethereum, which is a secure and reliable decentralized blockchain.

With TEN's governance model, you get to manage both the governance rules laid out in the governance guidelines and the technologies it oversees through the submission of improvement proposals. If you hold TEN tokens you can vote on TEN improvement proposals (TIPs) which influence how TEN operates and evolves. For example, deciding on project grants, updating the validator whitelist for gated TEN networks, and deciding on bug bounties and ecosystem incentives.

When you vote on a TIP, you're using your TEN tokens to show whether you’re for or against it. The more TEN tokens you have, the more weight your vote carries. This is because the voting system, using smart contracts, is designed to be token-weighted, meaning your vote's power depends on how many tokens are in your wallet.

You can also delegate your TEN tokens to other wallets. So, you can vote with your tokens or someone else’s if they’ve given you their voting power. This is useful for folks who might not have time to go over proposals regularly. Just keep in mind, you need to have held your TEN tokens for at least 30 days before you can use them to vote. This helps prevent any quick, manipulative flash-loan attacks.

To summarize, the TEN token is a special digital asset that gives you the power to vote on proposals that impact how TEN is governed and the technology it controls. By holding TEN tokens, you get to help shape the future of the TEN ecosystem along with other like-minded participants.