The Telos blockchain has been built on the EOSIO software and is the joint effort of many EOS community members. Its broad token distribution, advanced development, an all-inclusive community, cheap resources for developers, free accounts and helpful community make of it an interesting project for any dApp developer. Telos has been quietly operating in the shadow of EOS, but now the moment has come for Telos to shine, as the value it’s contributing to all EOSIO chains can no longer be ignored.
Differences between EOS and TELOS
Telos differentiates from EOS mainly by its token distribution and governance. The community decided to cap the TLOS airdrop at 40K per account, a decision that left many EOS whales behind. This was done with the premise of creating the most equal distribution possible. With a simple account cap it was possible to make Telos the most economically decentralized of all blockchains. Telos inflation is set to 3% to begin with, but it will decrease with time to 2.5%.
Right now 1.5% is destined to the WPS (worker proposal system) and 1% to BPs. At present, Telos is still in a period of accelerated inflation for BPs of 3% which decreases every 4 months.
The top 21 BPs are paid the same rate and the 30 standbys are paid 50% of this rate. Standby BPs must rotate in about twice a month to demonstrate readiness to produce blocks. BPs who miss 15% of their blocks in a schedule are automatically removed. This makes Telos significantly more resilient than EOS.
The governance differentiates from EOS by the base layer arbitration forum with community elected arbitrators as well as the Worker Proposal System. Telos WPS has already funded projects like Scatter, WordProof, Steem Church community expansion, initial resources for Cards & Tokens and has also funded the work done by the Telos core developers.
One thing missing though, is access to the easily retrievable blockchain data on who voted for specific proposals, arbitrators or Telos Foundation members. This is the major issue that must be addressed if the Telos community wants to gain enough trust of a larger community.
Telos also has BP Minimum Requirements. This is a list of disclosures, practices, equipment and networking standards that block producer candidates must adhere to in order to serve the network. Each BP must also have a minimum amount of RAM. These requirements and strict adhering to the rules stated in the regproducer document as well as decentralised arbitration make Telos a chain where bad actors have no place.
The Telos voting system is different from the one adopted on EOS. It has inverse weighted voting, which means that users voting power is dependent on the number of BPs they vote for. A user voting for 30 BPs has full voting power but this power decreases proportionally to the number of BPs the user votes for.
These governance aspects significantly differentiate Telos from EOS. But besides that Telos remains 100% code compatible with EOS so any app deployed on EOS could instantly be deployed on Telos as well.
What’s more, Telos has IPFS, a distributed file system that makes the web faster, safer and more open. IPFS is in use to display arbitration candidates and worker proposals information. The Telos Core Developers have been working on building an economic model around Telos IPFS to allow anyone to use it, but they eventually decided to wait and see what others will come up with. Right now, app developers can have this service for a fee. EOS also offers a private IPFS service to users but a public solution doesn’t exist yet. Liquidapps are the most probable candidate to take the lead in this area of development.
ACORN has been one of the major hits on Telos. It is a smart contract that awards 1 ACORN token per day as well as the simplest way to learn using blockchain. It comes in an educative form as well as creating a network of people who introduce new members to the Telos blockchain. Some say that ACORN is the first UBI on blockchain as the user gets free tokens each day. Whether the tokens will have any future value or not will be ultimately decided by the rate of adoption.
What Telos does not have is a Resource Exchange (REX) like the one EOS has just launched. Having very cheap resources right now makes a REX quite an unnecessary addition to TELOS at this point in time.
Telos dApps to Change the Game
Telos doesn’t have many dapps yet but projects like EDNA, Drakos Keep, Unbiased, Viitasphere, Chestnut, Qubicles are all projects that will make a difference. Telos Planet, Proxibots, EOS Playstation, WordProof are already live and our eoswriter.io website has articles timestamped on the EOS blockchain. Telos UK is first website to be timestamped on the Telos blockchain. We will be time stamping this article and all future Telos related content on the Telos blockchain.
Telos is only a few months old, but has already made great strides. However, inflation will need to be addressed soon as BPs will not have enough resources due to the token supply and low price.
As soon as important dApps start to come to Telos, the community will also grow. This will be the true test for Telos, who will need to show that they can work in an organised manner and deal with bad actors in stressful conditions. The governance the Telos community has created is surely appealing for big industries and enterprises who want to have arbitration as one of their options.
Telos has been treated so far as a testing ground for what might work on EOS, but it is possible that at some point Telos will outpace other EOSIO based blockchains gaining more community attention.
Telos is doing a great job pushing the eosio software forward. EOSwriter has felt this first hand benefiting from the WordProof timestamp plugin which is funded by the Telos Worker Proposal System. We use this plugin daily and it has opened our eyes to what Telos can do for the eosio community.Kenny – EOSwriter
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