For all those who do not know yet, TELOS is a blockchain that is about to be released in the coming days and has the potential to be one of the best blockchains ever !!
From the technical point of view it is one of the fastest, since it is a fork of the excellent and well-known EOS bockchain. This means that it has all the very good features that eosio technology presents.
Just to name a few:
EOS use "delegated proof of stake" with 21 block producers.
That makes it really fast because it does not waste time synchronizing so many participants, delegating the responsibility of producing blocks to one participant at a time, taking turns among the 21 producers in a round-robin way.
EOS does not require transactions fees
Unlike the vast majority of the blockchains out there, EOS does not need to charge fees for each transaction. Instead it requires the user to own a number of tokens that represent a small portion of the total resources that the blockchain has. In this way the abuse of the system is avoided.
EOS has a model of inflationary currency.
The block producers who are responsible for keeping the blockchain running, are rewarded with new tokens that are printed exclusively for that purpose, at a rate of 1% per year.
EOS has great scalability potential
The eosio software was designed to be able to maintain not one but several parallel blockchains (so colled side chains) that will be created on demand when the capacity of the existing chains together is not enough to cover all the applications.
TELOS maintains in its core the same eosio software as the original EOS blockchain, therefore it also has all those excellent features. However, it has a lot of differences that make it potentially better than the original bockchain.
In the coming days I will be publishing more information about this TELOS venture and I will develop in more depth the following points that I list below:
TELOS is EOS compatible (both have eosio software in the core)
As I said before, TELOS has all the excellent technical characteristics that EOS has. Which means that any Smart Contract that runs on EOS can also run on TELOS.
TELOS is a no-whale platform
More than half of the EOS tokens were acquired by less than 1% of the participants, which gives them an incredible ability to control the resources of the blockchain that may not be of common interest. TELOS is capping at 40K tokens at the genesis to avoid that.
TELOS is developper friendly
The resources of EOS have been released to the free market without any control, which has degenerated into a borazous speculation, which has raised the cost of acquiring new resources. This problem is mitigated in TELOS as the Telos Foundation will take an active role in ensuring that resources are available and at a fair price to developers.
TELOS allow propietary code
Unlike EOS, where all software must be open source, TELOS will allow developers to create proprietary code.
TELOS has a much better voting system (reverse-wheight)
Given the abuse of power that was presented at EOS by allowing large whales to vote for themselves or collude to designate themselves as block producers, TELOS comes up with a proposal to further value the votes that target more producers on which concentrate on a few.
These are just a few of the great innovations that TELOS presents and I will be developping more in depth each of these concepts for you to fully understand why TELOS is so good for all of us.
