What Is Web3 | Top Crypto | Telos Cryptocurrency
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Welcome to our What Is Web3 Video!
Telos (TLOS) describes itself as a smart contract blockchain running on EOSIO software. It makes use of Delegated Proof of Stake (DPOS) consensus. TLOS is the native currency of Telos and is used for acquiring resources for decentralized applications (dApps), voting for block producers, worker proposals, election arbitrators and other on chain governance.
The Telos blockchain reportedly offers dApp developers 0.5 second block times, transaction rates in excess of 1000 transactions per second, and free transactions. Developers can reportedly build blockchain applications that provide a similar user experience to conventional applications.
What is Telos Blockchain?
First things first, what is blockchain? Nowadays, it is one of the most used terms in the tech community; having knowledge of its relevance and workings is top priority.
Blockchain technology presents itself as a revolution, not only for the global economy, but also for a wide range of fields and markets.
For this technology to become clear, we have come up with a brief introductory text to explain what it’s all about, how it works, and why it represents a huge technological and economic leap.
Unlike other 3.0 blockchain platforms, Telos regulates itself through a constitution (Telos Blockchain Network Operating Agreement) designed by a governance system that guarantees holders’ and transactions’ safety. Some features and safety measures adopted are as follows.
Telos has developed smart contracts for BPs that establish their code of conduct, including sanctions referred to infractions and how they are to be applied.
Additionally, the Telos community votes for delegates all over the world that act as judges during any emerging conflict between users, and the blockchain platform. These judges operate under the Telos Blockchain Network Arbitration Rules and Procedures (TBNARP).
To conclude, it needs to be said that Telos since its origin has set the goal of not allowing dreadful crypto whales to exist. These are holders or miners that own a very high and unproportioned number of tokens, which gives them the power to manipulate the market to their benefit while undermining other minor holders. On the EOS platform it is clear that whales exist when you see data showing that 1.6% of the token holders own 90% of the total EOS. To avoid this, when Telos was launched, they distributed their tokens (TLOS) to EOS genesis accounts, by migrating them to the Telos blockchain and giving them one TLOS for every EOS they owned, but capping each account to 40.000 TLOS. This avoided bringing the EOS whales to Telos and protected their community at its beginnings.
Furthermore, they aimed to distinguish Telos from other platforms, granting it is an added value that makes it attractive for the market such as the one of developers. We need to recall that this platform is still very young, having been launched in December 2018, but it is a matter of time before users take full advantage of its perks, and really explore the opportunities that it brings to the blockchain world.
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our What Is Web3 video. Make sure to leave a like on the video if you gained value from it!
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00:00 – Telos crypto Introduction.
00:12 – Telos crypto project summary.
05:47- Telos crypto project outro.