Swap.Online & Telos Collaboration: Atomic Swaps with ‘The First Significant Eos Fork’

As Swap.Online adheres to the over-the-counter vision of the listing process, we have no stringent criteria for project token integration. However, we are particularly interested in products (i) with long-term approaches to the development, (ii) highly skilled and motivated teams, as well as projects (iii) addressing acute problems of both crypto and real-world assets. That is why we have decided to establish cooperation with Telos (ticker: TLOS), the side-project of the EOS.IO community, which acts as an alternative or “sister” chain the EOS network.

EOS introduction

EOS.IO, as the decentralized operating system and dApps hosting itself, had been recognized by the community as one of the fairest and most technologically advanced blockchain projects ever. Backed by the former contributors of BitShares and SteemIt, it works on the delegated-proof-of-stake (dPoS) consensus algorithm. Within the framework of the consensus, the EOS holders vote for the block producers responsible for the maintenance of the whole network. This aura of users’ equality and freedom wasn’t the least of the factors that allowed the project to raise an extraordinary amount of $4B in 349 days during its ICO.

So, what was wrong with EOS and why did it fork?

First of all, it was the fact that EOS token distribution was not fair. With 90% of all tokens allocated to 1,6% of the holders, EOS is rather ‘whale-dominated’ network, as Douglas Horn (Telos architect and white paper author) notes. 10% of tokens are held by the Block.One foundation, the authors of EOS.IO protocol. Thus, the richest holders are much more influential in the procedure of electing block producers. This resulted in the multiple (regarding every third block producer) frauds reported by the users: some BPs do not publish any information about their teams or even have no websites. Thus, the Telos team decided to fork the EOS.IO code and create a new network.

What’s the difference between EOS and Telos?

Telos enforces minimum requirements for all block producers. In the Telos network, 21 main block producers are supported by 30 standby producers ready to maintain the network in case of failure (and having 50% of BPs as a reward).Telos standby block producers must regularly prove their readiness by rotating into production for 6 hours every 5 days. It gives each of the top 21 block producers 12 hours off per week to perform system maintenance. Any block producer that fails to produce blocks consistently is automatically replaced with a standby BP for 6 hours. Telos imposes a limit on the TLOS tokens amount: the holder’s genesis share is capped at 40K tokens per account. Telos issued approximately 333,000,000 tokens, meaning that each TLOS token will have three times the network equity of an EOS token. Initially, every genesis EOS holder receives TLOS 1:1 with their genesis EOS holdings.

Atomic Swaps on Telos: Swap.Online New Research

They have been excellent partners in helping to bring more trading options to Telos users. Swap.Online’s in-wallet atomic swaps are a revolutionary kind of exchange where users can quickly and inexpensively decide what tokens benefit them most in a given moment. It really is the height of convenience for many Telos users and offers a wide variety of choices where the user is in control. We are honored that they recognize the value and problem-solving that Telos brings to blockchain. — Douglas Horn, Telos Foundation contributor

In October, 2018 after successful integration of BTC, ETH, ERC-20 and USDT into the Swap.Online Atomic Swaps decentralized hot wallet, we are embarking on a new blockchains analysis. Our developers started and successfully finished Telos research. From now on project tokenholders could store their tokens in our wallet. And once Telos will launch their mainnet, we will also add telos-bitcoin atomic swap. Our projects have a lot in common, so we highly appreciate both the technological and ideological aspects of our cooperation.

Essential Links

Telos

Website: https://telosfoundation.io
Telegram: https://t.me/hellotelos
Twitter: https://twitter/hellotelos

Swap.Online

Website: https://testnet.swap.online
GitHub: https://github.com/swaponline
Email: team@swap.online
Telegram: https://t.me/swaponline
Facebook: https://www.facebook.com/Swaponline
Twitter: https://twitter.com/SwapOnlineTeam
Wiki: https://wiki.swap.online/
Bitcointalk: https://bitcointalk.org/index.php?topic=4636633