Telos Network AMA in Crypto Miners Community on Telegram | Segment 1
The CryptoMiners community on Telegram is a gathering place for crypto enthusiasts. Recently, the Telos Network had an AMA there. Ramsy, one of the chatroom’s admins, interviewed Justin, the CEO of the Telos Foundation.
The AMA was done in 3 segmentations.
Segment 1: Project Introduction
Segment 2: Twitter Segment (where questions were being picked from the Twitter page of the host)
Segment 3: Live Q & A (from the members of the host’s telegram community)
Note: This article is divided and posted in 3 parts. Let’s start it with the Segment 1, the Project Introduction:
[1/3]
Justin | Telos Foundation:
I’m Justin, im the CEO of the Telos Foundation. I have over a decade of experience in product and entrepreneurship. I am one of the cofounders of the Telos Network — joining the project back in June 2018 before we went live!
The TF is the Marketing and BD body for the Telos Network DAO! We do a lot of other stuff but that’s the majority of our responsibilities.
Ramsy | Crypto Miners:
Nice to meet you Justin. Now let’s start our Project Introduction if you’re ready!
1) Please Make a concise and brief introduction about Telos. How it is playing its role in Blockchain world?
Justin | Telos Foundation:
Telos is a layer 1 blockchain and the network with the fastest Ethereum Virtual Machine. Meaning it is the most performant on transaction speed (0.5s) and scalability 10,000+ transactions per second (new benchmarks coming soon). It supports Solidity, Vyper and C++ smart contracts with more language support coming soon.
We not only have performance that rivals and outperforms Solana, polygon etc. but we have a governance model that rivals competitors like Tezos along with a token distribution fairer than we have seen to date. The network is supported by a huge community and has been live since December 2018.
I think Telos is uniquely positioned in the market due to its grass roots establishment, passionate and helpful community, High performance and reliability that is actually tested. We are quite strong in the areas of NFT, Social Media and really establishing ourselves in DeFi as well.
Ramsy | Crypto Miners:
Now let’s see our second question from this segment
2. What are the features of Telos and its EVM that makes it superior and special as compared to its competitors?
Justin | Telos Foundation:
*Truly Unique EVM implementation*
Built from the ground up — not a go Ethereum fork like majority of other EVM’s. This is how we are able to gain much greater performance than other EVM’s but also puts us at less risk of hacks affecting other EVM’s. We actually discovered a major gETH bug last year and disclosed it privately and helped out 10+ other blockchains including Ethereum
*No front running*
Front running is a nasty issue on Ethereum and other EVMs costing traders billions. Soon over a trillion dollars will be lost due to “sandwich trading”
*Super-fast transactions*
Our transactions are instant — what users expect for user experience today
*True Scalability*
We have tested 10s of thousands of real transactions per second and will soon release the impressive results. this isn’t just marketing — it is real
*Telos Decide Governance engine*
Users, decide and control the future of telos — not the foundation who controls a minority of tokens.
*Supports upgradeable smart contracts on telos native*
Developers can upgrade their dApps seamlessly on our telos native platform — this is totally customizable — from completely immutable to DAO run contracts to being able to be decided by a single dev — flexibility is important — unfortunately on EVM’s, it’s very convoluted to move fast and break things.
Ramsy | Crypto Miners:
3. Telos is based on Delegated Proof of Stake (DPoS). Tell us about this algorithm, what are the benefits for using DPoS. Also tell us about Telos REX.
Justin | Telos Foundation:
Well, DPOS is a very under rated consensus algorithm — it really provides similar experience to a shareholder vote only the decisions and control of block validation can be made and changed minute by minute. You hold your tokens; you stake them and you vote for validators you trust to run the blockchain effectively. On telos because we have never made special insider deals or allocations it works powerfully well in aligning interests to select the best validators.
The benefits are incredible performance as i have described above and very strong alignment. There is a reason Ethereum is moving to a similar POS consensus model. POS based consensus is now relatively proven.
Telos Rex is our staking program — Users are rewarded for staking tokens — currently to the tune of 13% with just a 4-day lockup period. When users stake to REX, they are actually opening up resources to developers hence the name REX (Resource Exchange)
Soon we will have Liquid staking sTLOS on TelosEVM, this will open up staking to Metamask (web3) users and allow them to do all sorts of DeFi magic while staking. This has been a huge boon for networks like Avalanche so we expect it to be big for telos also! That’s coming in around 2 weeks!
Ramsy | Crypto Miners:
4. Now tell us about the native token $TLOS, what are its usecases and utilities in Telos ecosystem? Also provide us with the tokenomics.
Justin | Telos Foundation:
TLOS is the protocol token similar to ETH on Ethereum. It’s used for paying gas fees, liquidity provisioning, buying tokens and NFT’s and much more. On telos native developers can get more intricate control of resource via staking. With staking they can get finite control of CPU and Bandwidth — this is a unique differentiator for Telos.
Just a select number of the dApps running on TelosEVM that require TLOS for gas. We actually have over 300 projects in total.
Like in other ecosystems, we expect that a tone of the tokens in supply will be required for projects in terms of AMM liquidity.
Our token supply is 355 million TLOS, currently we have around 3m tokens being distributed monthly but this is coming down quickly over time. It is our concerted aim to get telos to negative inflation through fees and burning tokens.
We currently have 0 inflation but do have tokens going out in terms of new circulation.
Ramsy | Crypto Miners:
Now let’s hear last question from this segment
5. What Telos achieved so far and what important updates and developments we’ll get in coming months in Telos ecosystem?
Justin | infinitybloc | Telos Foundation:
To date we have:
1. Launched the leading network for scale and performance
2. Been able to get onto a number of the top 10 exchanges without having done an ICO
3. Delivered the best EVM
4. Delivered the leading governance engine in TelosDecide
5. We recently co lead the formation of Antelope.io — a coalition building out the antelope framework we run on.
Upcoming we have:
1. Liquid Staking (sTLOS) Launch
2. Major Liquidity Program
3. More major exchanges to come
4. More Hackathons, Events and other programs for the developer community
5. Major upgrades like Faster Finality and Inter blockchain communication
Checkout our roadmap for more 🙂 https://www.telos.net/roadmap
And that’s the wrap up of the first part of the AMA session ✅
(Proceed to Segment 2 of the AMA, >>>here<<<)
