What is a blockchain?
A block chain is a decentralized running digital ledger that tracks transactions in a chronological and publically transparent way. Blockchain currencies are a decentralized form of currency, because the blockchain is global network of computers not controlled by any one central datacenter or actor.
What does it mean to fork a blockchain?
A fork of a block chain occurs when there is a change or divergence from an already existing blockchain protocol or governance. The new chain is called a “fork” because both chains continue parallel to each other, while maintaining certain differences. Telos for example is a fork of the EOS.IO codebase, with EOS being the other primary blockchain utilizing the EOS.IO codebase. Although EOS and Telos share a codebase, they are otherwise unique permutations of a similar code due to significant differences in governance and operation, making Telos a unique currency which stands separate from EOS.
What is a block producer?
A block producer is an elected member of the Telos community who processes transactions and provides network security for the blockchain. Block producers are elected by token holders of TLOS. There are two types of block producers on Telos. Primary block producers are expected to have consistent uptimes on their node to ensure the blockchain is always stable and running. Standby producers exist to ensure that if a primary producer goes down, there is always a back up ready to step in and take their place.
Why should I vote for block producers?
If you hold Telos tokens, you should vote for block producers because they are a key part of the network. Decentralized voting is one way that the blockchain community maintains a decentralized network. If only a few voters elect the block producers, this challenges the decentralized principle of the Telos project. Whale accounts threaten the strength of the Telos mainnet, as we have seen with Eos which suffers from a few addresses controlling the vote for block producer, preventing the token holders voices from being heard. The developers of Telos hope that similar voting reform could help Eos overcome this challenge as well. Telos offers every token holder the right to vote on block producers, and block producers are important support members of the community. WIthout block producers, there would be no Telos.
What should I look for in a good block producer?
Good block producers provide transparent codes of conduct, demonstrate their technology, and support the Telos community. When looking for a block producer to support, you should look for organizations with a reputation and a history in either Telos or Eos, since Telos and Eos blocks work very similarly. Trust members of the community who have demonstrated a commitment to the blockchain. It is also important to ensure that block producers don’t have conflicts of interest, or stakes in other block producers. These conflicts of interest can lead to price manipulation and ethical violations, as we have seen on other blockchains.
New to Telos? Let us answer some questions for you!
What makes Telos unique from EOS?
Telos is a unique currency for a few reasons. Firstly, the Telos governance is uniquely democratic. The EOS ERC-20 genesis snapshot forked the Telos blockchain from the EOS blockchain, but it limited the conversion of EOS to TLOS to 40,000 tokens per address initially. They did this to ensure that every member of the Telos community has a voice in the democratic process from the start of Telos. This limit affected less than 1% of addresses, while elevating the voice of the 90% of voters who had little to no effective voice on EOS. This addresses a problem with the Eos network, whereby the block selection was done by a small minority of addresses, thus centralizing the network. This has resulted in price manipulation and other problems on the Eos network. Telos’s money supply will have 330,000,000 tokens, which is about three times the size of the Eos network equity. Telos also has several network improvements, such as adding more standby producers and cycling them in more often to ensure network stability. Telos also allows developers to create proprietary DApps. More can be read at: https://telosfoundation.io.
How can I get Telos tokens?
If you bought and registered EOS, you can acquire a matching amount of Telos up to 40,000 TLOS per address. You will be able to transfer and stake when the mainnet launches, and participate in the vote at mainnet launch for Telos.
Can I mine Telos?
You cannot mine Telos. Telos will be using the Eos snapshot with some changes. Telos inflates its currency through rewarding block producers and supporters of the currency for their hard work in supporting the blockchain. Once the mainnet launches you will be able to trade TLOS on exchanges, assuming it is accepted on the exchange, which it likely will be as Telos will be at least as good as EOS because it will not suffer from the same price manipulation Eos currently suffers from as a result of their whale addresses.
Will proprietary DApps be allowed on the Telos network?
Yes, proprietary DApps are allowed on the Telos network. Telos is interested in building a sustainable network, and the Telos community believes that proprietary DApps are an essential piece to a sustainable blockchain network and its real world applications. Users can choose to opt out of using proprietary smart contracts if they desire to only use open source applications.
Can I acquire more than 40,000 tokens, or is that a limit?
40,000 tokens is the initial limit for the genesis snapshot, however you can acquire more than 40,000 tokens after the launch of the Telos mainnet.