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Introductions

Telos: EOS with a Fair Block Producer Governance System

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Recently released blockchain startup, Telos, has been smoothly operating on its main net for just over a month now. As a result I thought I would take a stab at introducing it to the Something Decent readers. For those not in the know, Telos is a blockchain system which uses the core EOS code-base, with modifications made to its governance system.

The Telos network is operated with their native TLOS token and its distribution saw EOS genesis holders receive an equal amount of TLOS to EOS tokens up to 40,000. The capping of the airdropped amount of tokens highlight’s the chain’s focus on equality and a truly fair governance system.

How Does Airdrop Capping Affect Equality?

Simply put, if you are aware of the EOS protocol and its DPOS system you will already know the answer to this question. If not, let me explain. The EOS blockchain (and its sister/side chains) uses what is known as a Delegated Proof os Stake mining system to secure its network. This system is one which replaces the PoW (Proof of Work) system employed by the likes of Bitcoin or the PoS (Proof of Stake) system which is to eventually be employed by Ethereum.

The DPOS system is one which can be seen as a hybrid of both PoW and PoS in that it uses miners (known as block producers) and it also uses staking (users stake tokens to vote on block producers). When a user stake’s their tokens and vote’s on a block producer they add weight to them. The total amount of weight each block producer receives determines their position in the producer list, which determines the amount of tokens they receive for lending their computer processing power to the network.

With the above in consideration is it easy to why Telos decided to cap the amount of TLOS received by holders of EOS tokens. If they didn’t they would have ended up with a similar block producer situation to EOS where he with the deepest pockets receives the highest rewards. In other words, the rich get richer and the poor get poorer.

How Else do They Differ from EOS?

Another aspect of the Telos network which can be seen as an improvement on EOS is their governance model, which has already seen its effectiveness demonstrated by the removal of a block producer who did not comply with the network’s block producer’s agreement .

Unlike EOS, and many of its sister chains, the team behind Telos have taken the bold step of outlining the minimum requirements of all those who wish to become a block producer, and implemented a means of removing those who do not. For example, failing to publish a valid JSON file containing select information will result in removal.

This is a huge point as it means that those who are tasked with securing the network are accountable for their actions and are not able to simply assume a position of power through simply buying tokens and voting on themselves. The team behind Telos have also taken the bold approach of banning exchanges from using their wallets to vote on block producers. Again, something which will prevent a select group of people controlling the entire network.

Further Information

If you would like to find out more information on the Telos protocol I have left a link to their official website below. Please do visit it and, as always, do your own research on the project before investing your hard earned money. But, in my opinion, this is one of the EOS chains which seem to be in it for the long haul.

Happiness.

Go to the Telos website

DaFingIs
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