Altcoin Buzz Youtube | Telegram | Website | Twitter | Facebook | Uptrennd | Free Newsletter

TELOS REVIEW

Introduction

Telos is a networked ecosystem that enables leaders, developers, and communities to work together to build a new global economy. The Telos project forked from the EOSIO code to develop a new blockchain. The Telos network promises to offer economic decentralization through interesting features like no whale addresses, equitable pay structure for block producers and standbys, proprietary DApps, lower deployment cost, etc. The Telos token is known as TLOS.

About Telos

Telos was started by a consortium of EOS block producer candidates who took part in the EOS Mainnet Launch Group (EMLG). The mainnet was launched in December 2018. Telos is independently funded, there was no ICO or pre-sale conducted. Because of this, Telos is not considered a security under US law. The Telos Network has a core development team of 25 members and an auxiliary developer community of 200 members.

The Telos Foundation governs the Telos Network. The Foundation is a decentralized, independent, not-for-profit, apolitical organization with a mission to aid the promotion and improvement of the Telos Network.

Telos is currently ranked 2nd ( just after EOS) in Block'tivity. A 7-day average-blockchain-operations number of 3.5 M is quite impressive considering its current Market Cap of $ 19 M and a Total supply of $ 355 M. (Block'tivity ranks projects by activity on the blockchain).

Features



Scalability: Telos promises 4,000 transactions per second (TPS) on its public blockchain. It can process even more transactions when established as a private blockchain (Visa processes 1,700 TPS).



Speed: The Telos Blockchain has extremely low latency. On Telos, a value can be moved in 0.5 seconds.



Energy Efficient: Telos is powered by a DPOS based software that is 66,000 times more energy-efficient than Bitcoin, and 17,000 times more efficient than Ethereum.



Governance: Telos has base layer governance controls built-in and utilizes transparent processes that determine how users can interact with the network including arbitration as a service, and code enforced standards for network custodians.



Removing the Whale problem: Telos has tried to distribute economic power among general users when it capped the value of every address in the genesis snapshot at 40,000 Telos (TLOS) tokens. TLOS was airdropped to EOS holders.



Return on Investment: Telos has a fixed number of 21 block producers plus 30 standbys based on voting. All Block Producers are paid the same amount and all standbys are paid 50% the Block Producer rate.



No transaction fees: Yes, that’s correct. Telos charges no transaction fees.



Inflation: Telos will reduce annual inflation to 2.5% compared to 5% of EOS.



Open source: All code is open source and freely available on Telos’ GitHub.



Others: Other features unique to Telos in the blockchain space include: functioning ratification and amendment tooling, a live and active worker proposal system, an in-house optional arbitration system, resource stability (RAM/CPU), and readiness testing of all active block producers on the chain.



Products and Services

For Enterprise:

The Internet of Trustless Things (IoTT): Internet of Things (IoT) has an underlying risk of hacking of the interconnected devices. Telos powered Internet of Trusted Things (IoTT) is a system designed with special regard on the security of the subsystems or devices they control or interact with.

Example: ‘In amusement parks and train stations, anybody can access an unlocked locker using QR codes or an NFC card, store items and lock it, now only that user and the admins have access to that locker. Once unlocked again, space if free for the next user, all of this happening at the same time as the blockchain registers the locker's usage.’

Reference: Telos Feed



dStor: dStor is a unique form of decentralized storage that's faster and more powerful than standard IPFS. As most of the existing dapps are currently using AWS-type cloud servers for storing documents, they are not really decentralized. dStor will change that by matching AWS speed at a lower cost and true decentralization.



Trail - Voting as a Service (VaaS): Trail currently enables developers to build game-changinggame-changing autonomously governed digital corporations at scale. Upcoming user interfaces will enable non-developersnon-developers to build these corporations at will. Trail offers a comprehensive suite of blockchain-based voting services available to any prospective voter or contract developer on the Telos Blockchain Network.



Blockchain Consulting: Telos Blockchain Solutions (TBS) is a London based Consultancy launched to provide guidance and deployment as a service for applications and enterprise businesses on the Telos blockchain network.



For Developers:



Test Networks: Telos Stagenet and Telos Testnet are network playgrounds where the developer community can test and manage implementations of code for initial and final testing prior to mainnet deployment.



Work Proposals: Telos features an working system that power Telos network and the economies that sit on top. Telos is constantly being improved by core developers as well as swarms of professional freelancers of all skill sets.



Dispute Resolution: The Telos dispute resolution system is an optional function for platforms built on Telos. It can be used to enforce Telos Human Readable contracts and enable key recovery.



Competitors

In governance, the only competitor of Telos is Tezos. In Distributed Autonomous Corporation (DAC)/dBusiness/dOrg creation services, the only competitors are Aragon (Ethereum-based), EOSDAC (EOS-based). In decentralized storage, the main competition is with Siacoin, Storj.

Wallets and Staking

SQRL is the official wallet of the Telos network and is currently the easiest and best way to create an account. Then there are several other wallets like Lynx, Scatter, Math Wallet that also support Telos but they might have limited special features.

Instead of gas fees, Telos users stake TLOS tokens to reserve network resources (CPU time and NET bandwidth). Staking does not consume these resources but locks them to prevent spending until they are unstaked again. Staking tokens also makes them eligible to vote for Telos block producers and unlocks other governance functions.

Telos can be staked using EOS REX. Annual Telos REX staking rewards is about 22% compared to <1% apr on EOS. Wallets like Scatter, Lynx, CoolX, Kibisis, Awake, MathWallet and other desktop and mobile wallets support REX staking for Telos.

Telos and SEEDS Partnership

Recently, Telos has entered into a partnership with a Distributed Autonomous Corporation (DAC) named SEEDS. SEEDS is building a medium of exchange for daily use, with rewards (inflation) governed for the community, by the community, to enable the Regenerative Society. SEEDS will be launching a network of integrated apps with high user counts and high activity, hence, scalability is a must.

Telos’ decentralized governance, supportive community, design to resist cartels, prevent hoarding, and hold block producers accountable to excellent execution are the capabilities that SEEDS is embracing.

Conclusion

Telos has a strong community and heading towards the right direction, taking correct steps. It has all the benefits of EOS minus the major drawbacks of EOS and hence, can be considered as an advancement over EOS. Telos is a relatively new project and needs to work further on introducing important and value-added applications in the network. Telos needs to improve liquidity by listing TLOS in Top Exchanges. Notable exchanges where TLOS is currently listed are Cointiger and P2PB2B. There is no 3rd party auditor of the Telos Code, however, the code is open-source and transparent. Even though Telos has initially tried to resolve the Whale problem by putting an initial allocation cap, the cap stands null and void in case of additional TLOS purchases. The Future Roadmap of Telos is not highlighted clearly.

Some of the products of the ecosystems are getting traction and seeing traction, however, it is to be seen what major innovations and partnerships Telos comes out with. Till then it is definitely an interesting project to monitor for the long run. A strong foundation has been laid and future innovations and successful implementations will steer the direction of the project.

Note: All references have been provided as links in the article content.

​Altcoin Buzz Youtube | Telegram | Website | Twitter | Facebook | Uptrennd | Free Newsletter