Telos Blockchain Network — Weekly Report — December 21st, 2018
The Future Arrives
I have a saying that has always helped me get through big projects like Telos that often seem to be about a distant event that at times feels it may never actually occur. It’s, “The future arrives.” I often say this to remind myself or others not to kick a problem down the road because, eventually, you will have to deal with it. Sometimes I say it just to encourage the team that this long process will eventually come to an end. But more than anything, I use it to make it clear that the decisions we are making right now will have consequences that we will have to endure, or get to enjoy, someday. It’s a good reminder that there is always a goal in mind. And when the future arrived on those projects, I generally got a little kick out of saying, “See!”
The future has arrived for Telos. After more than six months of planning, discussing, and non-stop work, we have launched and now activated the chain. People have their tokens, are beginning to use them, even beginning to trade them on an exchange. The whole project has sprung to life. And we in the Telos Launch Group get to, mostly, be really happy about the times when we stuck to our guns and held up a high standard. And now we are moving on. With activation, the TLG disbands and we move on to working together a bit less closely now as competition creeps into the mix. The TLG members who are block producers are now competing with one another for the top 21 positions. Some are running against one another for seats on the Telos Foundation board. It’s a natural progression and one of the things that happens when the future arrives. In fact, it is the very thing that we’ve spent the past six months building towards.
And now that the future has arrived, what next? Another future, of course. Though the TLG is no longer together as an organization, the people are still working on Telos and many more have now joined us. For me, the focus is now on attracting users and apps to Telos — including building our own apps. I look forward to expanding the core developers team into its own DAC and to motivate future development of features like general-use IPFS, REX implementation, FOX, and a lot more little projects we have in mind. And I want to see how the Telos Foundation board promotes the chain going forward.
— Douglas Horn
PS. You may have noticed that we are moving publication of the Weekly Report to Fridays now. It just makes a lot more sense to have it at the end of the week. The format is also likely to change. I don’t know whether the Telos Foundation will have a weekly digest or not. I will keep writing this report but will be publishing it on the GoodBlock page rather than the Telos Foundation Medium now that the future has arrived and all. — DH
Here’s what we accomplished this week:
- Telos Mainnet Activates
- Telos Foundation Executive Board Elections Begin
- TLOS Tokens Start Trading on ChainRift
- Developer Updates
- Non-compliant BPs Kicked
- RAM Price Holds Steady
- Telos Launch Group Disbands
- Monitor Updates
- CODEX Exchange to List Multiple TLOS Key Pairs
- My EOS Wallet (MEOW) adds Telos Accounts
- Telos Joins Awake Wallet
- Telos World Recap
1. Telos Mainnet Activates
On Wednesday, December 19th, 2018 at 14:15:16 UTC, the Telos Blockchain Network passed block 1,000,040 and activated under the control of block producers (BPs) who have been elected by tokenholder voting over the past six days using the native Sqrl wallet. This marks one of the final milestones in the launch of the Telos Mainnet. With the elected block producers now controlling the mainnet and Telos members able to perform any action, the chain is truly live. The final milestone of launch will be when the first accounts to unstake tokens (which only became possible after chain activation) have those tokens become liquid and transferrable. The earliest liquid tokens should arrive December 22nd, after 14:15 UTC.
2. Telos Foundation Executive Board Elections Begin
On December 20th at 00:52 UTC, the election for the Telos Foundation Executive Board started the 24 hour nomination window, which is then be followed by a three day voting period. All TFEB election cycles use the Telos voting service called Trail, and any TFVT holder may nominate any Telos token holder to the Board. The Telos Foundation provides critical funding for grants and operations that are otherwise not supported, so voting for Board members is vital to ensuring that these funds are used properly and in the best interests of the Network. The Telos Foundation Executive Board will conclude on December 24th at 01:05 UTC.
Resources for Voting on the Telos Foundation Board: https://medium.com/@teloslogical/telos-activates-time-to-elect-the-tf-board-a9cb1f08852
3. TLOS Tokens Start Trading on ChainRift
On December 20th at approximately 9:30 UTC, the first publicly traded TLOS tokens were traded on the ChainRift exchange as a TLOS/EOS trade. ChainRift also has TLOS/BTC trades occurring. As of this writing, the price of TLOS on ChainRift is 0.2989 EOS or approximately $0.77 US. Trading volumes will remain low until TLOS tokens become liquid starting December 22nd at 14:15 UTC and these early trades should not be considered representative.
4. Development Updates
The Trail Service (Telos Voting) Contract and TFVT (Telos Foundtation Voting Token) contracts were updated this week in preparation for the Telos Foundation Executive Board vote. The development team also resolved a bug in the eosio.trail contract that allowed votes to be recast to candidates in an unsafe manner.
The Oak Update to v1.4.5 included a security patch which resolves a ram exploit discovered in the early December, which involved simply patching a bug found by B1 and moving the version number in sync with eos.io source code.
5. Non-compliant BPs Kicked
Several BPs have already been temporarily kicked from the network due to noncompliance or missed blocks, demonstrating the Network’s commitment to adhering to strict production standards and accountability guidelines.
Four BP candidates were removed for one week due to not meeting the requirement for having deployed on the Telos testnet for one week prior to registering as a producer on the mainnet. Seven were removed for two hours due to missing contact information or ownership disclosures. Of these, most have corrected these problems and are successfully registered as mainnet block producers as of this writing.
Read about the BP candidates that were kicked and restored: https://medium.com/@teloslogical/telos-mainnet-activates-at-block-1-000-040-c0af0d65bd41
Read here to learn the importance of maintaining strict standards for BP candidates and production guidelines: https://medium.com/@teloslogical/telos-block-producers-stewards-of-the-chain-f75bbfb71ddc
6. RAM Price Holds Steady
As of this writing, the price of Telos Mainnet RAM is 0.1024 TLOS/KB at 5.8 GB of the 12 GB supply purchased, which is 2.4% above the Publish Guidance Price (PGP) of 0.1000 TLOS/KB. The Telos Foundation RAM Administration Director may sell RAM from its holdings of approximately 5 GB any time that the price is above the PGP. RAM watchers should not be surprised to see a sale from the RAM administration in the near future.
Read more about how the RAM Administration and PGP keep RAM prices affordable and predictable on Telos: https://medium.com/@teloslogical/telos-ram-public-guidance-price-4d240dfb5fa6
7. Telos Launch Group Disbands
The Telos Launch Group (TLG) a group of over 125 contributors who worked together for six months to launch the Telos Blockchain Network has completed is mission and has disbanded. Its Slack channel is winding down and will be retired completely by December 31st. Many members continue to work together as block producers, developers, and Telos Foundation board candidates but this is occurring in new channels of communication which are open to those who chose not to join the TLG. (The TLG always had a policy of open membership and although later members did go through an onboarding process to gather information and verify identity, no applicant was ever turned away from joining.)
Notably, of the 43 Telos block producers who were found to be in compliance at the time of chain activation, 27 had been members of the TLG and 16 were not. The TLG’s remaining functions, such as business development, developer and user support, and promotion of the chain, will be taken up by the Telos Foundation.
8. Monitor Updates
The network monitor underwent crucial updates this week just in time for the newly-elected BPs. Automatic updating for P2P was enabled, the producer page now displays any errors in the bp.json file, and a contracts page for wallets such as Sqrl and Scatter was added.
Mainnet monitor: https://monitor.telosfoundation.io
Testnet monitor: https://mon-test.telosfoundation.io
9. CODEX Exchange to List Multiple TLOS Key Pairs
Telos BP Attic Lab announced that their decentralized exchange CODEX will be one of the first listings to include the TLOS token to US Dollar Tether stablecoin trading pair (TLOS/USDT) in addition to TLOS/EOS, TLOS/BTC, and TLOS/ETH.
Read the full press release: https://medium.com/@teloslogical/press-release-telos-to-list-on-codex-bbdea9326fc6
10. My EOS Wallet (MEOW) adds Telos Accounts
Altshiftdev’s My EOS Wallet (MEOW) now allows users to link their Telos accounts to cross-chain hardware wallets like Ledger Nano S (soon to include Trezor and Scatter).
Access MEOW: https://altshiftdev.com/telos
Learn how to migrate your Telos account onto Ledger Nano S: https://medium.com/@altShiftDev/migrating-your-telos-account-to-your-ledger-nano-s-with-meow-a05ea03ced7b
11. Telos Joins Awake Wallet
Awake, the mobile wallet developed by EosAwake, has announced that they will also begin listing Telos accounts. We are excited to partner with Awake, which will support functions including digital asset management and BP voting, and to expand Telos’ presence in the Chinese blockchain community.
Install Awake: https://www.pgyer.com/awake
12. Telos World Recap
Thanks to everyone who contributed to the during the first-ever Telos World Conference hosted by Telos21Zephyr and GoodBlock. The online event brought together Telos Launch Group contributors, from block producers to communications specialists, for insightful discussions about the network’s current features and future growth.
Watch the Conference sessions and subscribe to our Youtube Channel:
- Session #4: Wallets & Voting for Users: https://www.youtube.com/watch?v=VRMish_HGTg
- Session #5: Governance, Risk & Compliance: https://www.youtube.com/watch?v=CR-u7r1XrFs
- Session #6: Tokenomics: https://www.youtube.com/watch?v=YkrOVuhPQKM
- Session #7: Dapps…DApps…dApps…Apps: https://www.youtube.com/watch?v=zcSVjwpDP44
- Session #8: Community: https://www.youtube.com/watch?v=W6auwe3CnGU
- Session #9: Telos & EOSIO for New-to Blockchain: https://www.youtube.com/watch?v=XicFM6pd0RU
- Session #10: Telos & EOSIO for Ethereum Developers: https://www.youtube.com/watch?v=Fqjcoemr8wY
- Session #11: Telos for EOS Developers: https://www.youtube.com/watch?v=UOV3erJMBZQ
Join the Telos conversation and get more info!