What happens when Telos votes to launch?

The Telos Launch Group has committed to only launching the network when all the necessary pieces are ready. These pieces are reflected on the Telos Launch Checklist page: (https://telosfoundation.io/launch). Over the past weeks, the contributors have been working to finalize all of these promised improvements and as a result there are only a few items remaining until we are “Ready.” So what will happen once the Go/No-go vote is finally a “Go”?

(Update: the Founders Rewards Pool mentioned in this report is now closed.)

Milestones:

Launch — The new network is initiated.

Injection — The snapshot files containing information about accounts (account name, public key, balance) are added to the new network. (Snapshots are published at https://github.com/Telos-Foundation/snapshots.)

API Publishing — The connection information for the new network is shared so that BP candidates and users can connect to it. Users may create new accounts and vote at this point.

Validation — Independent parties can check to ensure that the new accounts injected into the chain are all present and correct, and that there are no extra accounts. If validation fails, the launch directors may correct a small number of accounts directly or a new launch and injection will be required for large-scale validation failures.

Activation — The network is now active. Users can perform any function including unstaking to make their tokens liquid.

Liquid Tokens — Staked tokens cannot be transferred. The process of unstaking tokens takes 3 days after which they are liquid and can be transferred.

Telos Activation Process

“GO” Vote

Launch directors and appointed block producers (ABPs) prepare for launch process.

Telos Launch Group (TLG) members finalize rewards submissions and arbitrations.

Go+1 hour: Telos Founders Reward Pool (TFRP) rewards system is closed. 
Final TFRP approval and arbitration begins.

Go+1 Day

Go+24 hours: All approval and arbitration for TFRP is finalized.
Creation of TFRP and Telos Foundation Voting Tokens (TFVT) CSV files.

Go+32 hours: TFRP and TFVT CSV files are finalized for review.
TFRP and TFVT CSV files released. 24 hour review period begins.
Launch directors may test CSV files (or inject pending final review).

Go+56 hours: Finalized TFRP and TFVT CSV files are locked.
(assuming no errors found — verified errors begin a new 24-hour review period.)

Launch commences.

Launch

Launch+1 hour

ABPs will:

  • Launch network
  • Inject snapshot accounts
  • Inject rewards accounts
  • Buy RAM for Telos Foundation RAM account
  • Create BP accounts
  • Set up multi-sig accounts
  • Freeze chain for validation
  • Publish network P2P and API of ABP nodes so others can attach to network.
  • Snapshot validation commences
  • Launch+2 Days
  • Upon publication of chain validations from non-ABPs, the chain will unfreeze
  • Users may create new accounts, but not unstake
  • Block Producer voting begins

Launch+4 Days

  • RAM Director publishes RAM Guidance Price
  • Account holders may create accounts and vote for block producers

Launch+7 Days

  • Block 1,000,000: Telos chain activation.
  • Telos mainnet is active for all uses.
  • Users may unstake TLOS from genesis accounts. 
    (Unstaked tokens become Liquid Tokens available to transfer after 3 days.)

Activation+3 Days

  • First accounts to unstake may now transfer tokens.
  • TLOS trading commences on first exchanges.

Activation+29 Days

  • Block 6,000,000: Telos Original Snapshot will be recorded capturing the TLOS balances of all Telos accounts that have opted-in with at least one transaction (e.g. voting, unstaking, transfering)

Please note that all times and schedules are estimates and goals of the process, and variables are to be expected. The Telos Blockchain Network is committed to releasing a strong, secure network and will do extra diligence when deemed important or required.