My Entry for Telosuniclub contest
Blockchain, which began to emerge as a real-world tech option in 2016 and 2017, is poised to change IT in much the same way open-source software did a quarter century ago. And in the same way Linux took more than a decade to become a cornerstone in modern application development, Blockchain will likely take years to become a lower cost, more efficient way to share information and data between open and private business networks.
Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers – while letting anyone on the network see everyone else's entries in near real-time. That makes it difficult for one user to gain control of, or game, the network.
According to Merriam-Webster blockchain technology is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”
When a blockchain is described as “open”, it is typically in reference to the open-source nature of the code base that underlies most blockchain protocols.
The term “distributed ledger” refers to the fact that the ledger on which transactions are recorded is shared by several participants in the blockchain. As such, it is not owned or fully controlled by a single entity
For businesses, however, blockchain holds the promise of transactional transparency – the ability to create secure, real-time communication networks with partners around the globe to support everything from supply chains to payment networks to real estate deals and healthcare data sharing.
WHY IS TELOS THE MOST PREFERABLE BLOCKCHAIN
LEAST CONCENTRATED TOKEN DISTRIBUTION: Distribution of telos token is the least concentrated in the EOS system. Token distribution is one of the major challenges facing the cryptocurrency space, with a fewer population holding the larger portion of the token and as such resulting in centricity. The third generation blockchain network has secured a solution to this issue by encouraging a more even token distribution.
Ways by which telos blockchain has offered solution towards concentrated token distribution;
Removes 86.5 % of token supply, or 865,000,000 tokens
Reduces the holding of just 0.67% addresses, or 1,098 individual addresses, registered at time of snapshot.
The circulating supply is reduced from ~996,691,000 EOS to 178,473,249 TLOS tokens.
Assuming another 78.6% (Fibonacci level) of 178,439,249 will be added back into the money supply due to tokens created for petitioning exchanges, the supply will rise to approximately 318,753,222.
An additional 12,000,000 tokens will be created for the Telos Founders Reward Pool and Telos Foundation creating a total money supply of approximately 330,753,222 TLOS tokens – about one-third of the Eos money supply.
Each TLOS token will represent ~3X the network equity of an EOS token.
EQUITABLE VOTING/ INVERSE VOTE WEIGHTING
Equitable voting is concerned with defining and measuring the relational satisfaction of the community. Its best suggested that community try to maintain a balance during voting processes. For equitable voting to be achieved, voting must be based on the principles that people’s actions and motivation are guided by fairness and truth.
Voting equitability is an outstanding feature of Telos blockchain, it exposes worker proposals to a given voting period where the community gets to decide if the proposal passes or not.
Additionally, Telos Inverse voting system is good strategy to encourage all users to be active in the voting process and at the same time discourages power centricity by few set people.
However, the telos inverse weighted voting is a system used in voting for telos block producers. Inverse weighted voting states that your vote weight is inversely proportional the vote cast. Assume A votes for 2 of 30 block producer and B votes for 25 of 30 block producers. It implies that B has bigger voting weight because he voted for more BPs than A.
Inverse Voting is advantageous in that it exposes holders to be more educated about BPs candidates.
FEWER NETWORK PAUSES
Telos is very advantageous in terms of network pauses. Network pauses are results of sudden stop in block production by the BPs. Definitely, there are related factors that causes stoppage in block production. Amongst those factors are Limited BPs, Incompetency of Standbys etc.
Telos blockchain uses block producer system that allows all standbys into block production daily to ensure that they are competent,reliable and capable of producing block at any point in time they are called on.
Creating room for block production by standby is meaningful,useful and significant approach in bringing an end to this issue by Telos blockchain.
It’s an amazing strategy to ensure constant network flow in the system. Moreover, constant network flow can directly affect the smoothness of the network leading to a more stable system.
Block producer network system permits disciplinary actions to be taken on any block producer that not functional. Any Block producer that is not functional is subject to temporary swap if he misses 180 consecutive block production (30 minutes).
Risk of network pauses have been reduced to the minimum level on telos blockchain and this is a great attribute for choosing Telos blockchain.
Lower Cost of deploying DApps
Decentralized applications DApps are novel breed of applications that are not controlled or owned by a single authority, cannot be shut-off or cannot have a downtime.
DApps concepts is still in its early stage. It seems no specific definition to fit the various features that makes an application a decentralized app.
It is required for a DApp to exhibit the following Characteristics; Open source, Decentralized nature, Incentivization and algorithm.
The telos network will manage RAM requirements in a way that scales with actual usage. Cost of RAM is kept relatively low and affordable for developers to have quick and easier access hence deploying their DApps.
Among other factors, RAM hoarding is major factor for high price RAM. In other blockchain network like the EOS, RAM is being hoarded by few set of persons called whales. This act can eventually lead to high price of RAM and murdering the interest of developers willing to deploy some DApps on the network.
To encourage developers and avoid price swings, the Telos network will launch with 4GB of RAM. While this sounds low, it will be more than enough to support any real DApps or airdrops on the system. The low number serves as an incentive not to speculate on Telos RAM because new RAM can be released, reducing elevated values of existing speculation.
Here is the news, the cost of deploying a DApp on Telos network is pretty low and attractive to all developers across the world.
Telos tactics to fight RAM speculations
Limit initial RAM allocation
Tie RAM increases to network utilization
Encourage Telos Foundation to help stabilize price swings
TELOS FOUNDATION
Telos foundation is a promotional and funding body on the Telos network that provides support to the network functions that are not funded in other ways. The Telos foundation is specifically aimed at providing grants to groups promoting necessary network functions that are not supported by the worker proposal system. They also extend their funding to groups that may need funds that do not come from the block producers.
The intent of the Telos Foundation is to become a perpetual grant-funding organization with different voters than the block producers. The Telos Foundation will accomplish this through presenting worker proposals to the voters to reimburse grants that have been distributed. In this way, the community can decide whether to perpetuate the Telos Foundation or wind it down.
The Telos Foundation is a decentralized autonomous organization that votes via smart contracts using the Telos Foundation Voting Token (TFVT) – a token of no value that confers voting rights to its holders. In this way, the Telos Foundation can vote to decide disbursement of funds and election of its own public representatives. Voting tokens will be distributed throughout the Telos community during launch to encourage a wide range of voices in voting, drawn from a community of developers, block producers, writers, and other prominent community members. Each will receive 1 to 3 TFVTs. New tokens will be administered quarterly to members who are making a contribution to the Telos community. Voting is performed by smart contract with a simple majority by number of tokens voted carrying.
TELOS…..WHERE PURPOSE MEETS PEOPLE